Miramar Resources (ASX:M2R) - Executive Chairman, Allan Kelly
Executive Chairman, Allan Kelly
Source: Business News
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  • Miramar Resources (M2R) has begun reverse circulation (RC) and aircore drilling at the Gidji joint venture (JV) project in WA
  • The company will drill six RC holes to test several targets at the project, including Marylebone
  • The Marylebone target extends for a strike of roughly 1.2 kilometres and remains open to the northwest and southeast
  • To aid with the RC drilling, Miramar engaged geophysical contractor Core Geophysics to complete a ground magnetic survey over Marylebone
  • This survey identified a northwest-trending contact between magnetic and non-magnetic stratigraphy and a north-south trending structure that disrupts the stratigraphy
  • Drilling is expected to take three weeks to complete with results expected shortly after
  • Miramar has ended the day in the grey with shares trading at 21 cents

Miramar Resources (M2R) has begun reverse circulation (RC) and aircore drilling at the Gidji joint venture project.

The Gidji Project lies around 15 kilometres north of Kalgoorlie-Boulder in the eastern Goldfields region of Western Australia.

It consists of three granted tenements and 14 applications than span a 12-kilometre strike.

Miramar will drill six RC holes, for roughly 1000 metres, to test several targets at the project, including Marylebone.

The Marylebone target extends for a strike of roughly 1.2 kilometres and remains open to the northwest and southeast.

“We intersected high-grade gold in a quartz vein at Marylebone with our first aircore program and the second phase aircore drilling grew that target footprint and upgraded the results,” Executive Chairman Allen Kelly said.

“The magnetic data we have collected appears to show magnetite destruction that may be a result of gold mineralisation, so we are very excited about testing this target at depth for the first time,” he added.

To aid with the RC drilling, Miramar engaged geophysical contractor Core Geophysics to complete a ground magnetic survey over Marylebone.

This survey identified a northwest-trending contact between magnetic and non-magnetic stratigraphy and a north-south trending structure that disrupts the stratigraphy.

Pending the results from this upcoming drilling program, Miramar will extend the magnetic survey to the northwest.

Miramar has also received results from the recently completed phase two aircore drilling program which aimed to extend and upgrade the targets identified in phase one work.

The best result came from the Piccadilly target where up to one metre at 4.53g/t gold was intersected.

The results from Piccadilly highlight a target that is 600 metres long and up to 250 metres wide.

Drilling is expected to take three weeks to complete with results expected shortly after.

Miramar has ended the day in the grey with shares trading at 21 cents in an $11.56 million market cap.

M2R by the numbers
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