A large initial gold exploration target has been estimated for the Marylebone target. Pic via Getty Images
Miramar’s initial exploration target for Marylebone at Gidji JV signals there’s a lot more gold to be found
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An initial exploration target of 1.3 to 3.1 million tonnes, at a grade of 1.2 – 1.5 g/t gold has been estimated for the Marylebone target within the Gidji JV Project in WA.
The exploration target was estimated from aircore, RC and diamond drilling conducted by Miramar (ASX:M2R) since beginning exploration at Gidji in late 2020.
According to the parameters of the exploration target, Marylebone could contain 55,000 – 155,000 ounces of gold and appears to be similar to the historic Panglo gold deposit, which had a maiden supergene gold resource of around 117,000 ounces in 1987.
Other large aircore footprints similar in size to Marylebone, including the Blackfriars and Highway targets, have not been included due to a lack of drilling data when compared with Marylebone.
Gold endowment potential
Miramar’s executive chairman Allan Kelly says the exploration target underscored the significant gold endowment potential of the project.
“After our first aircore drilling campaigns at Gidji, we recognised that there could also be significant shallow supergene and/or alluvial gold mineralisation which could potentially be developed in the short term, given the proximity to the Goldfields Highway and various gold processing operations,” he says.
“The amount of shallow supergene and/or alluvial gold discovered to date, along with multiple other targets, also implies a significant bedrock source nearby – which is yet to be discovered.”
What’s next?
Additional work will be required to convert the initial exploration target estimate to a JORC-compliant mineral resource.
In the meantime, Miramar plans to continue exploring for bedrock gold mineralisation at Gidji, including under the Marylebone exploration target.
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.
