Miramar Resources Ltd (ASX:M2R) has been granted an exploration incentive scheme (EIS) application to co-fund drilling costs of up to $180,000 at the Whaleshark Iron-Oxide Copper-Gold (IOCG) Project in Western Australia.
The West Australian Government’s EIS initiative is designed to stimulate resource exploration to discover new mineral and energy sources, increase knowledge of the state’s geology and resources, and increase employment opportunities.
The $180,000 grant will go to direct drilling costs of a diamond drilling campaign at Whaleshark, including mobilisation charges.
M2R’s program will test a coincident gravity and aircore (AC) geochemical anomaly within a Proterozoic granite and Banded Iron Formation (BIF) complex under sediments of the Northern Carnarvon Basin within the Whaleshark project.
Targeting Olympic Dam-style discovery
“The Whaleshark Project presents a unique opportunity for discovery of a large IOCG deposit under cover and within the relatively under-explored Capricorn Orogen of Western Australia,” Miramar Resources executive chair Allan Kelly said.
“The discovery of a large IOCG deposit at Whaleshark could have a significant impact on exploration activities across the wider Gascoyne mineral province, similar to the discovery of the giant Olympic Dam deposit in the 1970’s and the Prominent Hill and Carrapateena IOCG discoveries in the 2000s.
“We are very excited to be drill testing this highly prospective target and it is fantastic to have the support of the West Australian Government.”
Miramar is now preparing to complete heritage surveys over the planned drilling sites, with the drilling program beginning sometime after June 1.
Whaleshark magnetic image showing proposed diamond drilling in relation to gravity, soil and interface aircore anomalism.