Miramar Resources May Have Unearthed A Large Magnetite Iron Prospect In WA

Miramar Resources (ASX:M2R) could have a 1.5 billion tonne magnetite deposit on its hands in the Ashburton region of Western Australia.

A review of drill holes by Western Mining Corporation in the 1990s has unearthed interesting possibilities.

WMC was exploring iron oxide copper gold at the project now owned by Miramar and intersected magnetite iron grading over 25%.

What provides excitement are the similarities to the 1.6 billion tonne Maitland River and Miaree magnetite iron deposits.

Miramar pored over Perth’s core GSWA core library, finding the historic WMC drill holes.

The Whaleshark project has seen limited drilling. The average cover is 25-30 metres.

There is also potential for gold and uranium mineralisation in the under-explored Gascoyne region but it’s the magnetite iron that is immediately tantalising.

While it’s early days, WMC’s work provides a leg up for Miramar to get on with exploration in 2024.

The company’s chair Alan Kelly founded Doray Minerals Limited, which merged with Silver Lake Resources. It moved from discovery to production within a speedy three and a half years. And merged with Silver Lake Resources in a $420 million deal.

With a market capitalisation of $3 million and cash of $1 million, Miramar will look to fund upcoming exploration.

 

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