Man's hand holding a piece of copper to examine it for industrial use
Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Miramar Resources Ltd (ASX:M2R) – which is seeking precious and base metals in Western Australia – has reported grades of up to 5.48%c copper, 54.5% lead and 73.48 grams per tonne silver through sampling at its new ‘Chain Pool’ project in the state’s Gasgoyne region.

And the market seemed pleased with the news, sending its shares up sharply, sitting at 1.5 cents by 13:49 AEDT – a rise of 87.49% since the market opened.

Sampling was conducted at various sites across the project as part of initial reconnaissance work there, with samples from the ‘Joy Helen’ prospect pulling up grades such as 5.49% copper, 42.0% lead and 73.48 grams per tonne silver from one sample; and 5.43% copper, 36.7% lead, 36 grams per tonne silver and 0.27% zinc in another.

A sample containing 54.4% lead was also picked up at the prospect.

Joy Helen is prospective for all four of these metals, and contains historic workings and costeans over a strike length of approximately 400 metres, with the prospect itself situated 275 kilometres northeast of Canarvon.

Despite its potential – with interpretations suggesting its mineralisation to be of the ‘Mississippi Valley Type’, similar to the Abra lead-zinc-silver deposit in the same region – Joy Helen has experienced little modern exploration work, with the last drilling there being done in the 1960s.

Executive Chairman Allan Kelly said this conformed with Miramar’s other Gascoyne region projects, which had potential for various commodities and deposit types but have been under-explored previously.

“For example, there has not been any modern and/or systematic exploration or drilling at the Joy Helen Prospect despite the presence of high-grade base metal mineralisation,” he said.

“We look forward to getting this tenement granted and uncovering the potential of the Project,” he added.

M2R by the numbers
More From The Market Online
A man with a copper nugget in his hands

IP anomaly thrills Cannindah with project extension hopes in QLD

Cannidah Resources has carried out geophysical work at its flagship project in Queensland which highlighted an…
Aussie cash

Cyprium nets A$9M from sale of surplus generators at Nifty copper mine

Cyprium Metals (ASX:CYM) has come out of left field with a quick bit of cash on…
Blockchain concept

Fatfish raising cash to accelerate blockchain and gaming asset development

Fatfish Group (ASX:FFG) has announced its launch of a placement to accelerate development of 'blockchain and…