Miramar Resources Bolsters Highway Gold Footprint to Over 600m Strike
- Noel Ong
- 1 day ago
- 7 min read
This latest ASX release from Miramar Resources Limited (ASX: M2R) at the Gidji JV Gold Project is very interesting.
The core of the release is about the latest RC drilling results that management has highlighted as a defined continuous zone of shallow gold mineralisation extending over 600 metres at the Highway Prospect.
The programme confirmed multiple mineralised intersections, including higher-grade zones such as 3m @ 9.45 g/t Au (Figure 1).
Figure 1: Plan view showing Highway Prospect drill results and 600m strike extent.(Source: Miramar Resources Limited)
The results do build on earlier aircore drilling and support the interpretation of a coherent shallow gold system.
I have always liked this project from way back in 2021 when Alan Kelly came on our Coffee with Samso " Mineral Exploration - Creating Value Organically ", Episode 68; however, the hidden mention of Claypan has made me take notice.
For me, the Gidji project just needs money spent on the ground and the process of exploration will do its job. Personally, the best thing for Miramar is to let management do their job and go find the mystery mineralisation source (I am a shareholder anticipating a discovery).
The notes that was in the release about Claypan is very interesting. The concept of something else in the project will always be a place of interest so the more of these "new prospects' the more I will be following the progress.
About Miramar Resources
Miramar Resources is operating within the Eastern Goldfields of Western Australia, a well-established gold-producing region with existing infrastructure and processing capacity.
The Gidji JV Project sits within a structural corridor that hosts multiple known deposits, and recent work is focused on defining shallow mineralisation that may be amenable to near-surface development pathways.
Shallow Gold Mineralisation Defined at the Highway Prospect Near Kalgoorlie
The Gidji JV Project is located approximately 15 kilometres north of Kalgoorlie and contains around 15 kilometres of strike along the Boorara Shear Zone, a structure associated with multiple gold deposits in the region (Figure 2). Exploration since 2020 has identified several zones of shallow gold beneath transported cover, with recent RC drilling now providing clearer definition of mineralisation at the Highway Prospect.
Figure 2: The Gidji JV project. (Source: Miramar Resources Limited)
The latest drilling confirms that gold mineralisation occurs at shallow depths between approximately 47m and 56m and extends over a strike length exceeding 600 metres (Figure 3).
Figure 3: Long section showing vertical distribution of shallow gold mineralisation. (source: Miramar Resources Limited)
RC Drilling Confirms Coherent Shallow Gold System Over 600m Strike
RC drilling has outlined shallow gold mineralisation over a strike length exceeding 600 metres at the Highway Prospect (Figure 1).
Mineralisation occurs at shallow depths (47m–56m), consistent with earlier aircore results.
Higher-grade intersections include:
3m @ 9.45 g/t Au (GJRC043), including 1m @ 23.11 g/t Au
Additional intercepts such as 3m @ 1.13 g/t Au and multiple intervals above 0.5 g/t Au.
A second parallel trend west of the main zone is indicated by aircore drilling results exceeding 2 g/t Au.
Drill spacing remains relatively wide (~50m), indicating further drilling is required to define continuity and grade distribution.
Figure 4 below outlines some of the significant intercepts from the drilling.
Figure 4: Summary of significant drill intersections (>0.25 g/t Au). (source: Miramar Resources Limited)
An Interesting New Prospect ?
The management comments regarding the potential of the "Claypan" Prospect, within 200 meters of the Goldfields Highway and along the strike from the Crossroads deposit and the renowned Kanowna Belle gold deposit (Figure 5) is good news.
Good news, not in the sense that I feel a discovery is in sight, but good news in that there are learnings coming out from the exploration activities that gives shareholders a better chance for discovery.
For those who have been working in the Kalgoorlie region, the Black Flag Beds have been a target or a word association for gold explorers for as long as I can remember as a follower of all things mineral exploration.
Although it is by no means a "sure thing" to deliver a discovery, it is nice to know that the geology in the Gidji area is in the right geological associations. Major gold deposits at Kanowna Belle and Binduli is nice to be associated with so this brings an educated hope for my investment :-).
Figure 5: Regional location of Claypan relative to Kanowna Belle and Crossroads. (source: Miramar Resources Limited)
As mentioned in the ASX release, it is good to see that previous RAB, aircore, and RC drilling have revealed sporadic bedrock gold mineralisation over a strike length of about 1 kilometre, linked to the contact between a mafic intrusive unit and a granite, which is offset by a north-south fault (Figure 6).
Current drilling is relatively wide-spaced compared to the nearby Crossroads deposit, which has a total strike length of roughly 300 meters. I will be eager to get more news of any drilling after the completion of the heritage survey.
Figure 6: Claypan drilling and geological interpretation. (source: Miramar Resources Limited)
Management Commentary
The Company has indicated that the current drilling supports the potential for defining shallow gold resources at the Highway Prospect. Work has commenced to review existing data and plan further drilling, including engaging a resource geologist.
The proximity of the project to infrastructure, including the Goldfields Highway and nearby processing plants, is noted as providing multiple pathways for potential development scenarios depending on scale.
Near-term Milestones to Watch
Closer spaced RC drilling at the Highway Prospect to define grade continuity and thickness
Evaluation of shallow resource potential with input from resource geologist
RC drilling at the Claypan Prospect following heritage clearance
Auger drilling programme at the Chain Pool Project targeting SEDEX-style mineralisation
Samso Concluding Comments
The results presented in this announcement show that the Highway Prospect is moving along and that is pretty much you can ask for from management. It is good to see the recognition of the 600 metres of strike which means there is still some form of evidence to find the elusive Holy Grail.
The shallow depth of the mineralisation is a good consistent feature across the drilling programme which, for me, is consistent with the historical drilling interpretation.
The engagement of a resource geologist would indicate that Miramar Resource is beginning to organise its data towards potential resource evaluation, which will largely depend on the outcomes of further drilling.
I like the mention of the Claypan Prospect as it adds another layer to the project, with geological features such as the unconformity and structural setting providing a basis for additional targets. Historical drilling indicates mineralisation over a longer strike length, but the spacing of data means that further work is required to establish continuity.
If the project becomes a supergen play, then so be it. A modest volume in this market is going to be lucrative as the shallow aspect of the potential resource will be economical with not much doubt.
Market Implications
The market seem to have not done much for Miramar at this stage which may be good to top up for anyone who wants to go for a "punt". With a market capitalisation of just over AUD $5M, a discovery will be impactful for valuations. The great part of the Miramar story is that a modest resource of 100,000 ounces will be sufficient for value creation. Anything in 7 figures will be significant value creation. One can only hope.
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