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Miramar Resources (ASX:M2R) - Executive Chairman, Allan Kelly - The Market Herald
Executive Chairman, Allan Kelly
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  • Miramar Resources (M2R) has struck more success with a recent drilling program at its 80-per-cent owned Gidji JV Project in Western Australia
  • The company has been taking on a diamond program at the 8-Mile target, which is part of the Runway deposit just south of the Gidji project boundary
  • The results from the first two holes of the program confirm the presence of the "Runway Porphyry", which suggests an extension of the unit that hosts the Runway deposit
  • What's more, one of the holes showed several specks of visible gold at 124.7 metres downhole
  • Meanwhile, the company's phase-two aircore drilling program at the Gidji Project is now over halfway complete
  • The company has upgraded its new Picadilly target in the project area thanks to the high-grade hits from this aircore program
  • Shares in Miramar Resources closed 5.22 per cent higher today at 24 cents per share

Miramar Resources (M2R) has struck more success with a recent drilling program at its 80-per-cent owned Gidji JV Project in Western Australia.

The company has been taking on a diamond drilling program at a target in the Gidji area dubbed "8-Mile", which is part of the 314,000-ounce Runway deposit, immediately south of the Gidji project boundary.

Miramar's recent diamond drilling program confirmed the presence of the "Runway Porphyry" at the 8-Mile target, 60 metres north of the nearest diamond hole.

This is important because the drilling intersections are interpreted to represent an extension of the unit that hosts the Runway deposit, with two diamond holes intersecting numerous quartz/sulphide veins in the hanging wall sandstone unit.

What's more, one of the holes showed several specks of visible gold at 124.7 metres downhole.

On top of this, several quartz veins with high-grade gold results up to four metres at 5.96 grams per tonne of gold were recorded in holes drilled by the Gidji project's previous owner, Kalgoorlie Consolidated Gold Mines.

Miramar Executive Chairman Allan Kelly said the company is "very excited" about the potential of the 8-Mile target.

"Importantly, both holes intersected the Runway porphyry at a shallower depth to that seen to the south, lending weight to the idea of a southerly plunge," Allan said.

"The fact that we are seeing visible gold and widespread alteration and sulphide mineralisation in our first two diamond holes has us very excited about the potential of this target," he said.

Meanwhile, the company's phase-two aircore drilling program at the Gidji Project is now over halfway complete, with results to date already showing hits like a four-metre intersection at 1.1 grams per tonne of gold from 52 metres.

As a result of this aircore program, Miramar has upgraded its new Picadilly target in the project area thanks to the high-grade hits.

"We look forward to completing these two drill programmes and reporting results from both the diamond and aircore drilling across the various targets," Allan said.

"We still have about 50 per cent of the project tenements yet to be granted, and these areas hold additional highly prospective targets."

Shares in Miramar Resources closed 5.22 per cent higher today at 24 cents each. The company has a $10.22 million market cap.

M2R by the numbers
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