THE BOURSE WHISPERER: Miramar Resources (ASX: M2R) caused a market stir when it announced having received multiple high-grade gold results from the Marylebone target within the company’s 80 per cent-owned Gidji JV project in the Eastern Goldfields region of Western Australia.
Miramar Resources declared the new results from 1m resplits of a Phase 3 aircore drilling program carried out earlier this year confirm the potential for Paddington and/or Panglo-style gold mineralisation at Marylebone.
1 metres at 6.92 grams per tonne gold (48-49m);
3m at 2.61g/t gold (45-48m), including 1m at 6.16g/t gold;
1m at 3.54g/t gold (53-54m);
4m at 1.11g/t gold (46-50m), including 1m at 3.55g/t gold; and
1m at 5.15g/t gold (52-53m).
Miramar explained that holes GJAC306 and GJAC315, which both intersected +6g/t gold, are located approximately 300m apart along the “Paddington contact”, whilst the +3g/t gold intersections in GJAC318 and GJAC325 are located 200m apart and appear equivalent to the position of the Panglo deposit.
The northwest trending contacts are crosscut by later north-south trending faults, like that seen at Paddington.
The footprint of the Marylebone target now extends for over 1.9 kilometres and remains open to the northwest on the recently granted Gidji JV tenements.
Miramar Resources executive chairman Allan Kelly said in the company’s ASX announcement that the new results continued to reinforce the significance of the Marylebone target and the potential for a large new gold discovery close to Kalgoorlie.
“The new results include the most significant gold numbers received from Gidji to date and have also helped us identify the structures with the closest similarities to the Paddington and Panglo gold deposits along strike to the northwest,” Kelly said.
“Our aircore drilling is still relatively wide spaced, given the stripped weathering profile present beneath the transported material, and the average hole depth to date at Marylebone is only about 60 metres, whereas the primary mineralisation at Paddington reportedly starts at about 70 metres, just below the supergene enriched gold zone.
“We are very excited about the opportunity for a new discovery at Marylebone and also look forward to testing the newly granted tenements along strike to the northwest, where the same geology seen at Marylebone continues for at least another 1.4 kilometres but is virtually undrilled.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE