Hooked on Whaleshark: Miramar’s New IOCG Targets Signal a Game-Changer. A Copper-Gold Monster?
- Noel Ong
- Jun 16
- 5 min read
Announcement
As someone who’s followed Miramar Resources (ASX: M2R) since its IPO, I’ve always been intrigued by the Whaleshark Project. Located about 40km east of Onslow in Western Australia’s Ashburton region, this project has been on my radar due to its promising geology. But the recent announcement has taken my interest to a whole new level.
Miramar has identified multiple new Iron Oxide Copper-Gold (IOCG) targets at Whaleshark through advanced geophysical remodelling techniques (Figure 1). This development significantly enhances the IOCG potential of the project. The application of sophisticated Magnetisation Vector Inversion (MVI) modelling has revealed several new targets characterised by overlapping gravity and magnetic anomalies—a key signature found in many significant IOCG deposits worldwide.
Figure 1:Oblique view (looking southwest) of Whaleshark magnetic inversion model and new targets in relation to granodiorite pluton (red polygon) and drilling (black dots). (source: M2R)
Previous exploration at Whaleshark had already established promising indicators of IOCG mineralisation. Aircore drilling in 2022 intersected geochemical anomalism and alteration suggestive of IOCG potential, while EIS co-funded diamond drilling in 2023 confirmed the presence of chalcopyrite (copper sulphide) in two holes, including within an iron-rich northwest-trending structure cutting through granodiorite.
Mr Allan Kelly, Executive Chair of Miramar, explained that the advanced modelling had outlined new targets defined by coincident gravity and magnetic highs (Figures 2 and 3), aligning with geophysical characteristics typical of major IOCG deposits (Figure 4):
"At Whaleshark, we have strongly anomalous copper, gold and other IOCG pathfinders, IOCG-style alteration and copper sulphide mineralisation associated with iron-rich rocks."
“A key advantage of exploration at Whaleshark is that the prospective basement rocks are much shallower than in other IOCG provinces, such as the Stuart Shelf in South Australia.”
Figure 2: Cross Section of T8 and T9 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models. (source: M2R)
Figure 3: Cross Section of T11 and T12 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models in proximity to 2023 diamond hole WSDD003. (source: M2R)
Figure 4: Examples of IOCG deposits showing relationship between early and/or deeper magnetite and later and/or shallower hematite mineralisation (Skirrow, 2022) (source: M2R)
Decoding the MVI Advantage - The chase for Copper and Gold
The MVI technique represents a significant advancement over traditional magnetic modelling methods. While conventional 3D susceptibility modelling assumes subsurface magnetisation occurs solely by induction in the direction of Earth's inducing field, MVI can account for magnetic remanence and other anisotropic phenomena that often distort magnetic fields.
This capability is crucial because magnetic remanence is now recognised as far more prevalent than previously thought, affecting both crustal rocks and mineralised zones. The MVI method has already proven its value globally, contributing to several significant copper-gold discoveries by providing more reliable representations of subsurface geology.
At Whaleshark, MVI analysis has enabled:
Detailed structural analysis
Identification of collapse structures
Mapping of hydrothermal migration patterns
Recognition of pervasive alteration zones
Delineation of deep fluid pathways that create favourable host environments for larger deposits
The Landscape of Opportunity
The Whaleshark Project is strategically located in the Ashburton region of Western Australia, approximately 40km east of the coastal town of Onslow. The project area is characterised by a banded iron formation and granite intrusion beneath approximately 100m of Cretaceous sediments of the Northern Carnarvon Basin. This geological setting provides an ideal environment for the formation of IOCG deposits.
Figure 5: Location of Miramar’s Whaleshark Project (source: M2R)
Samso Concluding Comments
Miramar Resources' recent advancements at the Whaleshark Project exemplify the dynamic nature of mineral exploration and the pivotal role of innovative geophysical methods in uncovering hidden mineral wealth. The successful identification of new IOCG targets through MVI modelling not only enhances the project's value but also sets a precedent for future exploration endeavours.
There is good merit in taking a close look at Miramar as they're sitting at under a market capitalisation of AUD $4M. A discovery of a decent target, as is hoped for by Miramar, will make some investors very happy. I have always felt that this region of Western Australia is a heaven for major discoveries.
The issue for Miramar will be to chase the gold targets at Gidji JV or take a punt and drill some holes here. The fact that the targets are shallow is a double-edged sword, as you don't want preservation issues. This is said with some personal experience with the shallow target story. Sometimes, the targets are deep for a very good reason, and that is that the mineralisation is still preserved.
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