Miramar Resources Wins EIS Lottery to Drill Whaleshark

THE DRILL SERGEANT: Miramar Resources (ASX: M2R) has received a yes from the Western Australian Government’s Co-Funded Exploration Drilling Program “Exploration Incentive Scheme” (EIS).

Miramar Resources applied for co-funding of diamond drilling to be undertaken at the company’s 100 per cent-owned Whaleshark IOCG project in the Ashburton region of Western Australia.

To that end the company has picked up a handy $180,000 that it will put towards direct drilling costs, including mobilisation charges, subject to signing of a Funding Agreement.

Miramar explained the co-funded diamond drilling program will test a coincident gravity and aircore geochemical anomaly within a Proterozoic granite and Banded Iron Formation complex under sediments of the Northern Carnarvon Basin.

“The Whaleshark project presents a unique opportunity for discovery of a large IOCG deposit under cover and within the relatively under-explored Capricorn Orogen of Western Australia,” Miramar Resources executive chairman Allan Kelly said in the company’s ASX announcement.

“The discovery of a large IOCG deposit at Whaleshark could have a significant impact on exploration activities across the wider Gascoyne mineral province, similar to the discovery of the giant Olympic Dam deposit in the 1970s and the Prominent Hill and Carrapateena IOCG discoveries in the 2000s.

“We are very excited to be drill testing this highly prospective target and it is fantastic to have the support of the Western Australian Government.”

Miramar indicated it is now preparing for completion of heritage surveys over the proposed drill sites and, in line with the terms of the EIS funding, the co-funded diamond drilling will commence in June.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE