Miramar’s Whaleshark project is looking similar to Havieron
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Miramar is building up a clearer picture of its Whaleshark project’s potential after first pass surface geochemical sampling identified several large targets.
Significantly, the Mobile Metal Ion (MMI) analysis of samples from the anomalies returned a suite of elements similar to those observed at the recently discovered Havieron gold-copper deposit, which has a contained resource of 3.4 million oz of gold and 160,000t of copper.
Adding interest, Miramar Resources (ASX:M2R) said the size of the anomaly footprints also compare favourably with Havieron.
“The Whaleshark magnetic anomaly is a large target, so a technique like MMI potentially enables us to focus on areas of interest before progressing to more expensive bedrock drill testing,” executive chairman Allan Kelly said.
“To obtain strong and coherent anomalies like these, similar to Havieron, gives us the confidence to progress to the next stage of exploration.”
During July, the company collected 272 samples over a wide-spaced 1000m by 500m grid with lines orientated in a north-south direction at Whaleshark in Western Australia’s Gascoyne region.
This covered the prominent magnetic anomaly related to a large, complex folded Banded Iron Formation (BIF) beneath about 120m of sediments of the Carnarvon Basin.
Due to the depth of cover, the samples were analysed using MMI, which provides low-level results for 53 elements, including base metals, pathfinders and rare earth elements.
Data indicated positive correlations between copper and several rare earth elements and, to a lesser extent, with gold and silver.
The company notes that this group of elements is suggestive of iron-oxide-copper-gold (IOCG) mineralisation that was the original target of historical exploration by Western Mining Corporation in the 1990s.
The north eastern anomaly and the larger copper-rare earth elements anomaly both coincide with areas of structural complexity at the margin of the granite intrusion.
Miramar will now field check the anomalies and plan infill sampling.
Existing gravity data will also be re-examined and extended/infilled if deemed necessary.
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.