Miramar Resources (ASX:M2R) reports its exploration target at the Gidji Joint Venture Gold Project has “more than doubled”.
The updated target totals 6.19 to 7.56 million tonnes grading 0.40 to 1.50 grams per tonne gold for 124,871 to 325,125 ounces across six targets, including Marylebone, Powerline, Blackfriars, Highway, and Railway.
The company notes the estimate uses data from 939 aircore holes totalling 53,362m, 26 reverse circulation holes for 4,007m, and one diamond hole of 190.75m.
Managing Director Marion Bush says outlining the gold endowment through an exploration was a key milestone 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,” Bush says.
“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.”
The Highway target contains the largest component with 2.25 to 2.75 million tonnes grading 0.70 to 1.50g/t gold for 50,561 to 132,421 ounces.
Miramar has engaged a resource geologist to examine drilling data for potential JORC-compliant mineral resource estimates.
It is also preparing a mineralisation report for mining lease applications while early-stage discussions with potential development partners are underway.
Miramar holds an 80% interest in the Gidji project, which sits 15km north of Kalgoorlie adjacent to the Goldfields Highway and multiple gold processing facilities.
The project contains approximately 15km of strike along the Boorara Shear Zone.
Miramar Resources is a Western Australia-focused explorer concentrating on gold, copper, and nickel-copper-platinum group element deposits in the Eastern Goldfields and Gascoyne regions.
Write to Paula Fabe at Mining.com.au
Images: Miramar Resoruces
