Shares in Miramar Resources (ASX:M2R) more than doubled today on news the company has applied for a new gold prospective tenement in Western Australia.
Miramar has submitted the new application over an 11km long aircore gold anomaly at its wholly owned Lake Yindarlgooda Project, which shares similarities to the more than 2-million-ounce Invincible gold deposit within the St Ives Gold Camp.
Shares reached an intra-day high of $0.025, rallying over 127% from Monday’s close of $0.011.
Meanwhile, the company is currently working towards a maiden drilling program at its Bangemall nickel-copper-cobalt-platinum group element project.
A program of work has already been approved by the Department of Energy, Mines, and Industry Regulation and Safety regarding the drilling program.
Other works being pursued at Bangemall include completion of a heritage survey, systematic rock chip sampling and/or further ground geophysics.
Pending receipt of all approvals, the company anticipates drilling will be completed in mid-2024.
Concurrently, Miramar has outlined targets for reverse circulation drill testing at its Gidji Joint Venture Gold Project north of Kalgoorlie. The company sees potential to uncover a new gold camp at the project.
“Since listing in 2020 with a portfolio of highly prospective early-stage gold, nickel and copper projects in Western Australia, we have systematically advanced our key projects up the exploration value chain, added to our land position through strategic tenement applications and relinquished those tenements which lacked significant discovery potential,” Executive Chairman Allan Kelly says.
“In a record gold price environment, the inherent value of our gold projects, including our flagship Gidji JV Project, where we have made multiple new gold discoveries immediately along strike from one of the richest patches of earth on the planet, is significant.”
“We’ve also advanced our Bangemall projects from the initial concept to high priority drill targets which could define a new style of nickel mineralisation in a new mineral province.”
Miramar Resources is a Western Australia-focused explorer focused on gold, copper, and multi-element deposits in the Eastern Goldfields and Gascoyne regions.
Write to Adam Drought at Mining.com.au
Images: Miramar Resources
