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Multi-minerals explorer Miramar Resources Ltd (ASX:M2R) has upgraded the 8-Mile target within its Gidji joint venture project near Kalgoorlie based on reprocessed geophysical data, saying that indicators from the latter suggest an extension of Northern Star Resources Ltd’s 8 Mile Dam deposit in Gidji.
Northern Star’s 8 Mile Dam contains 7 million tonnes 1.4 grams per tonne gold for 313,977
contained ounces, and abuts the 8-Mile target which is located at Gidji’s southern boundary.
A well-defined gravity and induced polarisation (IP) anomaly north of 8 Mile Dam has been identified through this data, and the anomaly seems offset by a southwest-northeast trending fault.
In addition, the anomaly underlies a suite of strong aircore and end-of-hole (EOH) drilling results.
Miramar executive chairman Allan Kelly said it was the combination of the multiple coincident datasets which suggested the possibility of an extension to the 8 Mile Dam deposit within Gidji.
“We have multiple high-grade end of hole aircore gold results overlying an IP and gravity anomaly which looks very similar to the 8 Mile Dam gold deposit immediately south of our tenement boundary,” he said.
“The geophysical data suggests that the deposit may extend into our ground but has been offset approximately 400 metres to the northeast by a fault.
“The 8-Mile offset target is within reach of RC drilling and, unlike the targets further north, there is no paleochannel covering the basement geology.”
This recent work is a boost to Miramar’s previously mixed results at Gidji, with the company running drilling work over the 8 Mile target three years ago, but intersecting only minor gold mineralisation, although the same geological package as 8 Mile Dam was identified.
Miramar has been trading at 1 cent.
