Miramar face to face with “Highway” - a giant new gold target at Gidji JV

A review of historical data has plucked out a 1km-long gold anomaly called “Highway” next to the Marylebone and newly outlined Blackfriars targets.

Miramar Resources‘ (ASX:M2R) Gidji JV project is in a prime geological position, along strike from several large deposits like Paddington (4Moz) near historic Kalgoorlie where gold was probably invented.

The Gidji outcrop is minimal with the most prospective geology and structures obscured by transported material.

The northern half of the project is also covered by recent lake sediments, leading the Miramar team to conclude effective exploration in the past has been minimal.

Underexplored and geologically verbose

“Over the last 12 months, we have shown how underexplored this project is with significant new results coming from every drill programme and the identification of several new targets beneath shallow cover, each capable of hosting a significant new gold deposit,” managing director Allan Kelly says.

Marylebone alone is of similar geology, structure and scale to nearby Paddington and has an aircore footprint of similar scale to De Grey’s (ASX:DEG) Hemi discovery.

“The identification of a large new target straddling a major highway is further evidence of how underexplored the Gidji Project is and the significant opportunity we are uncovering,” Kelly says.

Highway: the omens are good

The main part of the newly identified Highway target has not been tested by historical or recent drilling, however two historic aircore holes at the western and northern edges of the target both intersected significant anomalous gold.

In addition, several aircore holes completed by Miramar at the southern end of the target — testing the Piccadilly target — increase in grade in a northwesterly direction towards the main part of the auger anomaly.

2022 exploration blitz

Miramar is standing by on results from the Phase Five aircore drilling programme completed in late 2021.

A substantial exploration programme at Gidji is planned during 2022, including:

RC bedrock testing of the Marylebone target in the first quarter of 2022;
Extending the detailed ground magnetic survey over the northern Boorara Shear Zone;
Aircore (+/- RC) drilling of various targets including Blackfriars (infill), Highway, Boorara North, and Boorara South;
Refining ‘The Jog’ target for RC and/or diamond drill testing.

This article was developed in collaboration with Miramar Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.