Explorer Miramar Resources has outlined two large Iron Oxide Copper Gold (IOCG) targets from follow-up surface geochemical sampling at its Whaleshark project in WA.
The sampling used the MMI technique, a partial digest technique which extracts loosely bound metal ions that may have travelled through transported cover and deposited in surficial material.
It outlined two large areas of coincident copper-uranium-rare earth elements (REE) anomalism with associated lead, zinc +/- gold and silver anomalism:
- Target A – NW trending 1.5km x 800m anomaly with elevated copper, REE, uranium, gold, lead and zinc; and
- Target B – NW trending 4km x 1.3km anomaly with elevated copper, REE, uranium, lead and zinc.
The association of copper, REEs and uranium is strongly suggestive of buried IOCG mineralisation.
Miramar Resources (ASX:M2R) says the peak values and anomaly thresholds compare favourably with MMI sampling carried out over Greatland Gold’s 3.4Moz Havieron and Antipa Minerals (ASX:AZY) 2.1Moz Calibre deposits.
Shallow cover means cost effective drilling
Executive chairman Allan Kelly said the new results confirmed and upgraded the anomalies generated from the first pass sampling and had greatly increased the likelihood for the presence of buried IOCG mineralisation at Whaleshark.
“We now have two large coherent surface geochemical anomalies at Whaleshark, with strongly coincident copper, uranium and rare earth elements overlying a Proterozoic granitoid intrusion,” he said.
“Unlike IOCG targets currently being explored in places like the Paterson Orogen and the Stuart Shelf in South Australia, we only have about 100m of cover, not 500-800m, which will make it much easier to cost effectively drill test these targets.
“With much shallower cover, the potential to commercially exploit any new discovery is also greatly increased.”
The company plans to re-examine the existing gravity data over the area with a view to collecting new geophysical data to help in refining drill targets for testing in 2022.
This article was developed in collaboration with Miramar Resources Limited, 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.