New IOCG Targets Ignite Exploration Potential at Whaleshark
Miramar Resources Limited (ASX:M2R) has announced the identification of multiple new Iron Oxide Copper-Gold (IOCG) targets at its 100%-owned Whaleshark Project through advanced geophysical remodelling techniques. This development significantly enhances the IOCG potential of the project, located approximately 40km east of Onslow in Western Australia's Ashburton region.
Advanced Geophysical Modelling Reveals Promising New Targets
The Miramar Resources Ltd Whaleshark Project exploration has taken a significant step forward with the application of sophisticated Magnetisation Vector Inversion (MVI) modelling. This advanced technique has identified several new targets characterised by overlapping gravity and magnetic anomalies – a key signature found in many significant IOCG deposits worldwide.
Previous exploration at Whaleshark has already established promising indicators of IOCG mineralisation. Aircore drilling in 2022 intersected geochemical anomalism and alteration suggestive of IOCG potential, while EIS co-funded diamond drilling in 2023 confirmed the presence of chalcopyrite (copper sulphide) in two holes, including within an iron-rich northwest-trending structure cutting through granodiorite.
"At Whaleshark, we have strongly anomalous copper, gold and other IOCG pathfinders, IOCG-style alteration and copper sulphide mineralisation associated with iron-rich rocks," stated Miramar's Executive Chairman, Allan Kelly.
A significant competitive advantage for the Whaleshark Project is its relatively shallow depth to the prospective basement rocks – approximately 100 metres of Cretaceous basin sediments – compared to other IOCG provinces such as South Australia's Stuart Shelf, where cover sequences can be substantially thicker.
Understanding Magnetisation Vector Inversion: A Game-Changer for Exploration
The MVI technique represents a significant advancement over traditional magnetic modelling methods. While conventional 3D susceptibility modelling assumes subsurface magnetisation occurs solely by induction in the direction of Earth's inducing field, MVI can account for magnetic remanence and other anisotropic phenomena that often distort magnetic fields.
This capability is crucial because magnetic remanence is now recognised as far more prevalent than previously thought, affecting both crustal rocks and mineralised zones. The MVI method has already proven its value globally, contributing to several significant major copper gold discovery by providing more reliable representations of subsurface geology.
At Whaleshark, MVI analysis has enabled:
- Detailed structural analysis
- Identification of collapse structures
- Mapping of hydrothermal migration patterns
- Recognition of pervasive alteration zones
- Delineation of deep fluid pathways that create favourable host environments for larger deposits
Strategic Next Steps at Whaleshark and Across Miramar's Portfolio
Miramar is methodically advancing its exploration strategy across multiple projects:
Whaleshark Project:
- Refining and prioritising bedrock IOCG targets before further drilling
- Planning infill gravity surveys
- Considering ground and/or airborne magnetotelluric (MT) surveys
Gidji JV Gold Project (80% owned):
- Currently drilling to refine bedrock gold targets under the Gidji Paleochannel
- Approximately two-thirds of the program completed
- First assay results expected in coming weeks
Bangemall Ni-Cu-PGE Project:
- Recent field trip completed in Western Australia's Gascoyne region
- Previous drilling confirmed mafic cumulate rocks and nickel and copper sulphides over approximately 35km strike length
- Secured geophysical contractor for detailed magnetic and electromagnetic survey
- Survey co-funded through WA Government's Exploration Incentive Scheme
- Survey expected to commence in early July, taking approximately 4 weeks to complete
The IOCG Exploration Model Explained
Iron Oxide Copper-Gold (IOCG) deposits represent some of the world's most significant mineral resources. These deposits are sought after by mining companies globally due to their potential to host substantial quantities of copper and gold along with various other valuable elements.
Key Characteristics of IOCG Deposits
IOCG deposits typically feature:
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Magnetite-hematite associations: Early and deeper magnetite often transitions to later and shallower hematite mineralisation. This relationship is clearly illustrated in Figure 4 of the ASX announcement, showing how magnetite and hematite interact in different IOCG deposit settings.
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Hydrothermal alteration: These deposits form through extensive hydrothermal processes, creating large alteration halos surrounding mineralised zones. These alteration signatures can be detected through geochemical sampling and geophysical techniques.
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Structural controls: Major fault systems often control fluid flow and mineralisation, creating pathways for metal-bearing fluids to migrate through host rocks.
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Geophysical signatures: IOCG deposits typically generate coincident gravity and magnetic anomalies, which are precisely what Miramar has identified at Whaleshark through its recent modelling work.
The overlapping gravity and magnetic anomalies revealed in Miramar's modelling are particularly significant as they represent a characteristic signature found in major IOCG deposits globally. Figures 2 and 3 in the ASX announcement clearly demonstrate these overlapping anomalies at the T8, T9, T11 and T12 targets.
Investment Thesis: Why Whaleshark Matters
The Miramar Resources Ltd Whaleshark Project exploration presents several compelling attributes that distinguish it within Miramar's portfolio and the broader IOCG exploration space:
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Confirmed mineralisation indicators: The project has already demonstrated strongly anomalous copper, gold and other IOCG pathfinder elements, along with IOCG-style alteration and copper sulphide mineralisation.
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Favourable geology: The presence of magnetite-rich banded iron formation and crosscutting structures provides an ideal setting for IOCG mineralisation.
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Shallow cover: At approximately 100m, the relatively shallow depth to basement rocks significantly reduces exploration costs compared to other IOCG provinces.
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Outstanding infrastructure: The project is surrounded by critical infrastructure including:
- North West Coastal Highway
- Dampier-Bunbury Natural Gas Pipeline
- Port facilities at Onslow, Mardie and Cape Preston
- Operating DSO and magnetite iron mining and processing operations
- Proposed green energy projects
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Advanced targeting: The application of sophisticated MVI modelling has significantly refined the targeting process, potentially reducing drilling costs and improving discovery probability.
Why Investors Should Follow Miramar Resources
Miramar Resources represents a compelling opportunity for investors interested in junior exploration companies with multiple potential catalysts:
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Diversified project portfolio: The company is actively exploring for gold, copper, and Ni-Cu-PGE deposits across Western Australia's Eastern Goldfields and Gascoyne regions.
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Technical expertise: The company's Board has a strong track record of discovery, development and production within Australia, Africa, and North America.
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Multiple near-term catalysts:
- Upcoming assay results from Gidji JV Gold Project
- Geophysical survey results from Bangemall Ni-Cu-PGE Project
- Further refinement of IOCG targets at Whaleshark
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Government funding support: The company has successfully secured co-funding through the WA Government's Exploration Incentive Scheme, effectively extending their exploration budget.
The Miramar Resources Ltd Whaleshark Project exploration is systematically advancing with significant discovery potential, employing cutting-edge exploration techniques, and maintaining a disciplined approach to target generation and testing. Recent high grade gold at Fortitude North and two major gold copper discoveries in Queensland highlight the growing interest in Australian exploration. Furthermore, with several active programs and upcoming results, the company offers investors exposure to multiple potential discovery opportunities across diverse commodity types, similar to recent high-grade gold project acquisitions in the sector. Additionally, companies like EcoGraf completing environmental planning for major projects demonstrate the industry's commitment to responsible development.
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