Miramar Resources could be on the cusp of a new gold camp as first RC hole at Blackfriars wraps up

Miramar Resources completes a single RC hole at the Blackfriars prospect
The Blackfriars prospect sits between two major gold camps and has had minimal previous exploration
A new exploration licence has expanded M2R’s land position along the Randall Fault

Special Report: A single reverse circulation (RC) drill hole has wrapped up at Blackfriars, a prospect that boasts the same geological setting as the >2Moz Paddington gold deposit along strike to the north.

Miramar Resources’ (ASX:M2R) Blackfriars prospect is one of multiple gold discoveries that have been identified at the Gidji JV project within WA’s Boorara Shear Zone in the Eastern Goldfields.

The project, 80% owned by M2R, sits between the Kalgoorlie Super Pit and the >2Moz Paddington gold deposit, now operated by Norton Gold Fields after it acquired the mine from Barrick Gold in 2007.

M2R has been actively exploring Gidji since listing in 2020 and believes there’s potential for the discovery of one or more significant new gold deposits within its 60km2 land package, 15km north of Kalgoorlie.

RC testing

A single RC drill hole (GJRC028) has been carried out at Blackfriars, testing beneath a previous aircore hole which ended in black shale with quartz-carbonate veining and sulphides, returning a 1m @ 11.8g/t gold and 6g/t silver result.

GJRC028 was terminated at 130m due to difficult drilling conditions associated with running sands in the overlying Gidji Paleochannel but the Blackfriars target remains a high priority given it shares the same geological setting as the >2Moz Paddington gold deposit along strike to the north.

M2R says Blackfriars aircore gold footprint stretches for at least 1km at greater than 1g/t Au and remains open along strike to the northwest on the other side of the Goldfields Highway.

Underexplored gold opportunity

“Gidji is in a fantastic location within a major mineralised structure, between two major gold camps,” M2R executive chairman Allan Kelly says.

“Despite this and the record gold price, the project has had minimal effective historic exploration, and virtually no deep drilling as evidenced by our ability to discover high-grade bedrock gold mineralisation with shallow aircore drilling only 150m from a major highway.”

Approvals for drilling

Samples from the RC hole have been sent for analysis and further aircore and RC drilling is planned.

In the meantime, the explorer is working towards obtaining approvals for drilling of other high-priority targets at Gidji including Marylebone (where hits up to 6m at 2.2g/t gold and up to 28g/t gold have been received), Roaster, Eight-mile, and The Jog.

Project portfolio increases

M2R has also expanded its strategic Eastern Goldfields tenement portfolio with a new exploration licence application south of the recently acquired Lake Yindarlgooda project.

The “Venetian” Target, E25/649, covers a package of mafic rocks immediately adjacent to the Randall Fault and contains historic RAB drill holes with anomalous gold results within and along strike of E25/649.

Miramar will compile all historical data and work towards grant of the tenement.

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.