A review of historical drilling core has returned the possibility that Miramar Resources Ltd (ASX:M2R) could have “very significant” magnetite iron opportunities at its 100%-owned Whaleshark Project in the Ashburton region of Western Australia.
A recent re-examination of holes from drilling conducted at Whaleshark by Western Mining Corporation (WMC) in the 1990s, while exploring for iron oxide copper-gold, intersected significant widths of magnetite-rich banded iron formation averaging more than 25% iron beneath younger sediments.
The review followed the completion of the ASX-lister’s own diamond drilling campaign, which found several of the historical holes ending in mineralisation.
Magnetic image of Whaleshark showing magnetite iron targets.
“Very significant” discovery
Miramar executive chairman Allan Kelly said the magnetic anomalies seen at Whaleshark were similar in scale to the 1.5 billion tonnes Maitland River and Miaree magnetite iron deposits in the Pilbara region.
“The recognition of two potentially very large magnetite iron deposits is very significant for Miramar, especially given the location of the Whaleshark Project with respect to existing infrastructure,” he added.
Kelly was referring to the large and virtually untested magnetite target on the south side of Whaleshark and a second magnetic anomaly, where aircore holes completed by the company in 2022 ended in 18-32% iron.
Comparison of magnetite-rich banded iron formation from the Cleaverville Formation (centre) with samples from historic Whaleshark diamond drill holes (left and right).
Upcoming work
Miramar believes there is potential for multiple styles of mineralisation within the Whaleshark Project, including banded iron and/or intrusion-related gold, iron oxide copper-gold, magnetite iron ore and roll-front uranium.
At this point, the company is finalising exploration work to be completed in 2024, which will include a low-cost passive seismic survey to map the depth to basement across the project, a heritage survey covering potential drill sites, and further aircore drilling to map the basement geology.
The Whaleshark project is surrounded by significant infrastructure, including a major highway, gas pipeline and a new port facility in the coastal town of Onslow.
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