Miramar Resources Limited (ASX:M2R)

Miramar Resources Limited (ASX:M2R) announced that RC drilling is underway at its 80%-owned Gidji JV Gold Project, located about 15 kilometres north of Kalgoorlie in Western Australia, with the current program focused first on the high-priority Marylebone bedrock gold target and then planned to move to the Lake prospect and resource infill and extensional drilling at the Highway deposit. At Marylebone, where several shallow Inferred Resources total more than 20,000 ounces around a 20 metre basement high within the Gidji Paleochannel, Miramar believes earlier shallow supergene gold may have been sourced from a basement high associated with the untested “Marylebone Dolerite”, identified through lithogeochemical data, elevated end-of-hole gold and tellurium anomalies, and conductive SAM geophysical responses that may indicate sulphides and gold mineralisation; the initial Marylebone RC program is about 1,500 metres over roughly 500 metres of strike and is expected to take one to two weeks. The Lake prospect, about 1.5 kilometres along strike from the circa 30,000 ounce Gidji Dam deposit, will then be tested with about 1,100 metres of RC drilling targeting a folded felsic intrusion and structural zone where historic wide-spaced RC drilling returned significant gold and a broader arsenic anomaly, with mineralisation interpreted to dip southwest, plunge gently north and remain open. The company said the work is aimed both at discovering a significant bedrock gold deposit and at upgrading or extending shallow resources as part of efforts to monetise the Gidji asset, while reinforcing Miramar’s view that Gidji has potential to become a new gold camp along the Boorara Shear Zone.