Miramar Resources (ASX:M2R) has reported the emergence of two ‘large’ IOCG targets at its Whaleshark Project following surface geochemical sampling.
The infill soil sampling program, comprising 294 samples across a 250m x 250m grid, was carried out to test two areas of interest generated by first-pass sampling in July 2021, with results ‘greatly increasing’ the chance of buried IOCG mineralisation.
Speaking on the result, Miramar Resources Executive Chairman Allan Kelly said “We now have two large coherent surface geochemical anomalies at Whaleshark, with strongly coincident copper, uranium and rare earth elements overlying a Proterozoic granitoid intrusion.
Unlike IOCG targets currently being explored in places like the Paterson Orogen and the Stuart Shelf in South Australia, we only have about 100m of cover, not 500-800m, which will make it much easier to cost effectively drill test these targets.
With much shallower cover, the potential to commercially exploit any new discovery is also greatly increased.”
The samples were analysed via the MMI technique, which uses a a partial digest method to extract loosely-bound metal ions that have potentially travelled through transported cover and deposited in surficial material.
This resulted in the identification of two ‘large’ areas of coincident Cu-U-REE anomalism with associated Pb, Zn +/- Au and Ag anomalism:
- Target A – NW trending 1.5km x 800m anomaly with elevated Cu, REE, U, Au, U, Pb and Zn
- Target B – NW trending 4km x 1.3km anomaly with elevated Cu, REE, U, Pb and Zn
The company notes that the association of copper, rare earth elements and uranium is ‘strongly suggestive’ of buried IOCG mineralisation.
The Whaleshark project, located within Western Australia’s Gascoyne region, is characterised by a large folded BIF complex buried under approximately 100m of Carnarvon Basin sediments.
Miramar holds a single exploration license (E08/3166), which was granted and announced to market in February 2021.
The project has been subject to limited historic exploration, with WMC Resources intersecting gold mineralisation via a limited diamond drilling program around 25 years ago. EM survey work was carried out in 2017, without followup.
Images: Miramar Resources Limited