M2R’s 8-Mile offset target is within reach of RC drilling and, unlike the targets further north, there is no paleochannel covering the basement geology. Pic via Getty Images
Mining
Special report: Reprocessed geophysical data has highlighted a well-defined anomaly to the north of Northern Star’s 8 Mile Dam, increasing the possibility of an extension to the 313,000oz gold deposit into Miramar’s ground.
Miramar’s (ASX:M2R) 80% Gidji JV project sits within the Boorara Shear Zone between the Kalgoorlie pit and the 18.53Mt Paddington gold mine in WA’s Goldfields region.
Gidji boasts Paddington-style host rocks at the Blackfriars prospect, which has remained underexplored due in large part to the presence of extensive transported cover and the Gidji paleochannel.
M2R’s 8 mile target is on the southern boundary of Gidji and abuts Northern Star Resources (ASX:NST) 8 Mile Dam gold deposit.
Recent reprocessed data has outlined a well-defined gravity and induced polarisation anomaly to the north of NST’s 8 Mile Dam resource, which appears to have been offset by a SW-NE trending fault and underlies numerous significant aircore end of hole results.
M2R executive chairman Allan Kelly says the combination of multiple coincident datasets have increased the potential for an extension to 8 Mile.
“We have multiple high-grade aircore gold results overlying an IP and gravity anomaly which looks very similar to the 8 Mile Dam gold deposit immediately south of our tenement boundary,” he says.
“The geophysical data suggests that the deposit may extend into our ground but has been offset approximately 400 metres to the northeast by a fault.
“This 8-Mile offset target is within reach of RC drilling and, unlike the targets further north, there is no paleochannel covering the basement geology.”
According to publicly available information, the 8 Mile Dam project contains 7Mt at 1.4g/t gold for 313,977 contained ounces.
In early 2022, following the takeover of KCGM, NST began diamond drilling at the 8 Mile Dam deposit, immediately south of the tenement boundary.
Miramar staff observed that the new drilling was oriented towards the southwest, in the opposite direction to most of the drilling conducted by KCGM, implying that Northern Star were targeting a different geological model.
M2R is reviewing options for testing the offset 8-Mile target including aircore drilling and/or RC drilling.
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.
