Miramar finds bedrock gold targets beneath Gidji aircore results

• Aircore drilling hits multiple intercepts grading 1-6g/t gold
• Multiple bedrock conductors picked up via a SAM survey
• RC drilling is underway to test for extensions to the 314,000oz 8-Mile Dam deposit

Special Report: Miramar Resources has fielded multiple results of 1 to 6g/t gold from aircore drilling across the Highway and Blackfriars targets at the Gidji JV that coincide with completion of a sub-audio magnetic (SAM) survey.

Both programs were designed to help Miramar Resources (ASX:M2R) map mineralised bedrock structures beneath the Gidji paleochannel.

During April, May and June, the company carried out a program of 200 infill and extensional aircore holes totalling 11,900m with all assays now received.

When combined with previous results, new drilling at the Highway target has outlined gold mineralisation over a strike length of about 1300m, which remains open to the northwest.

Along with multiple results above 1g/t Au, Highway also exhibits widespread anomalous silver, tungsten and sulphur, all indicative of a relationship to bedrock gold mineralisation.

Similarly, at the Blackfriars target, drilling has outlined gold mineralisation, including multiple results >2g/t, over a strike length of 1200m along and crosscutting the contact between the Boorara Shear Zone and the Black Flag Beds.

Blackfriars also shows mineralisation in multiple gold pathfinders including silver, antimony, bismuth and tungsten, as well as multiple significant sulphur results.

SAM survey results

Meanwhile, Miramar commissioned Gap Geophysics to conduct a SAM survey, which is a high resolution, active source geophysical method that channels current into conductive sub-surface features generating an electromagnetic field detected at the surface.

Unlike a traditional magnetic survey, which maps structures using the earth’s magnetic field, SAM creates an artificial magnetic field that can be oriented to preferentially target structures in one or more directions.

Gap completed the survey as four separate blocks using a grounded transmitter dipole and an unmanned aerial vehicle (UAV) to collect data for each block.

Several key features were highlighted during the process including a 900m long conductor beneath multiple >1g/t Au and elevated sulphur results at Highway and an 1800m long conductor at the contact between the Boorara Shear Zone and the Black Flag Beds.

A strong 2000m long conductor between magnetic units within the Boorara Shear Zone and adjacent to several 1-2g/t Au aircore results within the Marylebone target was also identified.

Miramar plans to carry out additional processing of the SAM data and use the results to target further drilling.

“Focused on finding the source”

M2R executive chairman Alan Kelly said the Gidji JV project had the potential to host significant bedrock gold mineralisation under the Gidji Paleochannel, with the stripped weathering profile providing a challenging exploration environment but also hiding mineralisation from previous explorers.

“Even a relatively large gold deposit like Paddington can have a small footprint once the overlying weathered material is stripped away, so a tighter drill spacing is often required to map the basement geology and structures,” he said.

“Along with gold, we also use multiple pathfinder elements such as silver, bismuth, antimony and tellurium to identify potential bedrock gold mineralisation and the new SAM survey helps us see bedrock structures and conductors through the paleochannel.

“We continue to receive significant aircore gold results every time we drill at Gidji and we are focused on finding the source of all that shallow gold.”

What’s next?

RC drilling is underway at the 8 Mile target within the Gidji JV gold project under a drill-for-equity agreement with Topdrill, whereby the company can elect to pay for up to 40% of the direct drilling costs with shares, up to a maximum of $500,000.

Preparations are also underway to begin the EIS co-funded detailed airborne magnetic and VTEM survey at the Bangemall Ni-Cu-PGE projects by the end of July.

Meanwhile, a field trip to conduct further soil and rock chip sampling is planned for the high-grade Chain Pool copper-lead-zinc-silver project following completion of RC drilling at Gidji.

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.