Miramar Resources Limited (ASX:M2R, 'Miramar' or 'the Company') is pleased to announce the commencement of the maiden drilling campaign within the Company's 100%-owned Bangemall Project portfolio in the Gascoyne region of WA.
The initial RC drilling campaign is co-funded through the Western Australian government's Exploration Incentive Scheme (EIS) and will test several airborne +/- ground EM anomalies at Mount Vernon and Trouble Bore highlighted by Miramar's exploration programmes.
Miramar is the first explorer to specifically target Norilsk-style mafic intrusion-hosted nickel, copper, cobalt and platinum group element (Ni-Cu-Co-PGE) mineralisation within WA's Capricorn Orogen. Miramar's Executive Chairman, Mr Allan Kelly, said mafic intrusion-hosted magmatic Ni-Cu-Co-PGE deposits were some of the largest and most valuable metal deposits in the world, remaining profitable at low nickel prices and therefore worth exploring for, even in the current depressed nickel market.
'The Edmund and Collier Basins are recognised by the GSWA, Geoscience Australia and the CSIRO as displaying all the key ingredients for Norilsk-style mineralisation: major deep crustal-scale structures, Warakurna-age dolerite sills and extensive sulphide and/or sulphate-rich sedimentary units,' he added. 'In addition to providing financial assistance, the EIS funding is further endorsement of the merits of Miramar's geological model and targeting to date,' he added. 'We've spent the last 3 years gathering data and developing these targets, so we're excited to be commencing our maiden drill campaign and testing our concepts,' he said
Previous exploration in the area, including RC drilling conducted in 1997, has been almost exclusively for sediment-hosted Cu-Pb-Zn mineralisation and did not have the benefit of either the 2013 Capricorn regional airborne electromagnetic (EM) survey, or more detailed project-scale airborne or ground EM data. The initial drilling programme will comprise approximately 2500m and should take 2-3 weeks to complete. Miramar has recently expanded its land position through the application for a new Exploration Licence, E52/4380, adjacent to the Trouble Bore Project. The new Application covers a folded Kulkatharra Dolerite sill underlain by a large Bouguer gravity anomaly which could represent a buried magma chamber. There has been minimal reported exploration over the area covered by the new Application. The Company notes that Teck Resources Limited has recently increased its tenement holding adjacent to Miramar's tenements and is reportedly also exploring for Ni-Cu-Co-PGE's in the Kulkatharra Dolerite.
Contact:
Email: info@miramarresources.com.au
COMPETENT PERSON STATEMENT
The information in this report that relates to Exploration Results is based on information compiled by Allan Kelly, a 'Competent Person' who is a Member of The Australian Institute of Geoscientists. Mr Kelly is the Executive Chairman of Miramar Resources Ltd. He is a full-time employee of Miramar Resources Ltd and holds shares and options in the company. Mr Kelly has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to Qualify as a 'Competent Person' as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
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