Investing

Gidji JV Exploration Update

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) provides the following update on exploration activities within the Company’s strategic Eastern Goldfields project portfolio.

RC drilling intersects “Paddington-style” dolerite at BlackfriarsPotential bedrock structures identified in aircore assay data

As previously advised, the Company secured a drill rig at short notice and completed a single RC drill hole at the high-priority Blackfriars prospect, within the Gidji JV Project (“Gidji”).

GJRC028 was drilled beneath aircore hole GJAC627 (1m @ 11.8g/t Au and 6g/t Ag EOH) and planned to intersect the dolerite footwall contact but was abandoned at 130m due to difficult drilling conditions associated with running sands in the overlying Gidji Paleochannel.

The hole intersected a quartz-dolerite unit, similar to the >2 million ounce Paddington gold deposit along strike to the north, with significant sulphide mineralisation and quartz-carbonate stringer veins from 113m downhole (Figure 1).

Samples of the last three metres before the hole was abandoned contain anomalous gold, silver and antimony along with the increase in sulphide mineralisation (Table 2).

Miramar’s Executive Chairman, Mr Allan Kelly, said the Blackfriars target remained untested at this stage.

“Frustratingly, we had to abandon the hole just when it was starting to look interesting,” he said.

“The reason that the Gidji Project has remained underexplored for so long, despite its prime location on a major highway between two major gold camps, is due in large part to the presence of extensive transported cover and the Gidji Paleochannel,” Mr Kelly said.

“This makes drilling more challenging than in other parts of the Goldfields but also means that any potentially significant bedrock gold mineralisation remains undiscovered,” he said.

“Given the favourable geology and structural setting, and the amount of shallow gold we have outlined from aircore drilling so far, we still believe Gidji has the potential to host significant bedrock gold mineralisation in one or more deposits,” he added.

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