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.