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Miramar Resources (ASX:M2R) has uncovered 600 metres of shallow gold strike with drilling at Highway within the Gidji gold project in Western Australia, and is now talking about becoming a self-funded explorer.
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The mineralisation includes several high-grade results up to three metres at 9.45 grams per tonne at the prospect just 15 kilometres north of Kalgoorlie.
Miramar’s managing director, Marion Bush, said when combined with previous aircore drilling, the new RC holes define coherent shallow gold mineralisation of at least 600m and at vertical depths from 47 metres to 56 metres.
A second parallel trend has also been observed further to the west, where two aircore holes 100m apart intersected around two g/t gold at shallow depths.
Ms Bush said the company is now assessing the potential for the definition of one or more shallow gold resources at Gidji. “The shallow gold at Gidji, in particular at the Highway prospect, presents us with the potential to become a self-funded explorer. We’ve now engaged a resource geologist to help us review what we’ve already discovered and to help plan our next steps,” she explained
The Miramar chief continued: “A key strength of Gidji is the abundance of shallow gold so close to the Goldfields mining hub of Kalgoorlie. Our proximity to the Goldfields Highway and several processing plants opens the door to multiple options to monetise any-sized deposit, especially at the current gold price.”
Featuring an average spacing of ~50 metres, Mirramar’s drilling at Highway is still considered relatively broadly spaced when it comes to a resource.
“We anticipate our next steps will be to conduct closer-spaced RC drilling. We have some really encouraging intersections at Highway, and closer spaced drilling will likely focus on these intersections first, to outline the grade and thickness of the shallow gold,” Ms Bush said on Tuesday morning.
The company is also preparing to test the Claypan prospect at Gidji as it accelerates exploration there. Miramar’s ongoing compilation of historical exploration data at Gidji has highlighted the potential of Claypan, which is located approximately 200m east of the Goldfields Highway and along strike from the Crossroads deposit and the world-class Kanowna Belle gold deposit.
Beyond that, Miramar is planning for an auger drilling campaign at the Chain Pool project in the Gascoyne region of Western Australia, where sampling has outlined high-grade sedimentary exhalative-style copper, lead and silver mineralisation, along with extensive alteration, at the Joy Helen prospect.
This will be the first drilling at the project since 1964 and will test for covered SEDEX-style mineralisation related to alteration halos outlined in recent soil.
Miramar holds an 80% stake in Gidji. The Western Australian company has already made several gold discoveries there since CY20.
M2R has quickly been down -16.7%, to 0.3cps today.
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