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- Gidji JV gold exploration target doubled
- Strategic location near gold processing plants
- Planned activities include resource estimation and ML application
- Potential for additional mineralisation through deeper drilling
Miramar Resources (ASX:M2R) has unveiled a significant increase to the gold exploration target within the company’s 80%-owned Gidji JV gold project north of Kalgoorlie.
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The updated “exploration target” at Gidji is based on drilling across multiple targets including Marylebone, Powerline, Blackfriars, Highway and Railway and comes with an upper range total of 325,125 ounces of gold.
MD, Marion Bush, said that outlining the existing and potential gold endowment at Gidji via an exploration target was a key milestone in progressing the project towards potential development.
“This update has been estimated using actual drilling and assay data and has more than doubled the gold exploration target at Gidji, with further potential identified in areas with little or no deep drilling to date,” Ms Bush said,
“This gives us reason to believe there is potential for a significant maiden mineral resource estimate and we’re currently working with resource geologists who are reviewing our drilling data.
“Being located so close to the Goldfields mining hub of Kalgoorlie and adjacent to the Goldfields Highway opens the door to multiple options to monetise the gold we have found to date, especially at the current gold price.
“Whilst we continue to investigate options to monetise the shallow gold we’ve discovered so far, our longer- term aim remains to find one or more large bedrock deposits at Gidji. With Northern Star Resources indicating they are continuing to progress the 8 Mile Dam Project abutting our southern boundary, we believe the Gidji Project has substantial value not currently being recognised by the market.”
The company has engaged a resource geologist to examine the drilling data with a view to estimating one or more JORC-compliant mineral resources and advise on infill drilling if necessary
It is also in the early stages of discussions with potential development partners.
Using the drilling data gathered to date, the company is preparing a mineralisation report for use in applying for a Mining Lease over the main mineralised areas under the Gidji Paleochannel.
Recent aircore drilling at Gidji has outlined additional supergene and/or paleochannel gold mineralisation at the Powerline, Blackfriars and Highway prospects resulting in a significant increase to the total Gidji JV exploration target.
The updated estimate used a subset of the Miramar drilling database, comprising 939 aircore holes (53,362m), 26 RC holes (4,007m) and one diamond hole (190.75m), as well as limited historical drilling data from various previous tenement holders but does not include 8 Mile or the northern targets
In addition to the updated exploration target, the company has identified potential for additional gold mineralisation of two types.
M2R is steady at 0.3¢. Mkt cap $5.273M.
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