THE BOURSE WHISPER: Miramar Resources (ASX: M2R) has been granted Exploration Licence E08/3166, located 40 kilometres east of Onslow in Western Australia.
The EL contains the Whaleshark gold project that is characterised by a large folded Banded Iron Formation (BIF) complex intruded by granite and buried under approximately 100m of sediments of the northern Carnarvon Basin.
Previous exploration of the project area has been limited with a number of companies having undertaken previous exploration, providing Miramar with the belief the project may possess unrealised potential for the discovery of BIF-hosted gold and/or IOCG mineralisation.
Miramar has identified a number of key targets including a ‘pressure shadow’ to the southwest of the granite intrusion.
The company plans to conduct grid surface geochemical sampling using partial and/or selective leach analysis and, given the apparent relationship between the gold mineralisation and sulphides, examine possible options for further ground EM surveys.
Miramar will also look at the potential to conduct further gravity surveys to assist in the identification of potential IOCG targets.
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