01 Dec 2021

Large Gold Footprint Outlined at Glandore

ASX: M2R | 1 December 2021 ASX: M2R | ABN 34 635 359 965 | Unit 1, 22 Hardy Street, South Perth, Western Australia 6151 PO Box 810, South Perth WA 6951 | miramarresources.com.au | info@miramarresources.com.au | +61 (8) 6166 6302 VERY LARGE GOLD FOOTPRINT OUTLINED AT GLANDORE • L ake drilling out lines shallow supergene g old over almost 5km of strike • Multiple holes end in >0.25g/t Au, including 2m @ 1.04g/t Au (GDAC037 ) • High - grade “ Glandore East ” prospect extend ed by at least 1km • M ultiple new targets outlined including potential “Majestic - style” mineralisation • Follow - up aircore and diamond drilling planned for 2022 Miramar Resources Limited (ASX:M2R , “Miramar” or “ the Company”) is pleased to announce that lake aircore drilling at its 100% - owned Glandore Project , in the Eastern Goldfields region of W A , ha s outlined coherent shallow supergene gold anomalism over almost 5km of strike and across multiple targets . The results from the first lake aircore drilling campaign follow on from significant results from the first land - based aircore drilling programme by Miramar ( see ASX announcement dated 8 September 2021 ). The recent drilling targeted the southern and western margins of an interpreted granodiorite pluton w hich intrudes into a layered mafic sill . H igh - grade gold mineralisation up to 6m @ 29g/t Au has previously been intersected in shallow diamond drilling on the eastern side of the granodiorite at the “Glandore East” target . The recent drilling by Miramar ha s extended the Glandore East footprint to the south by at least 1 kilometre whilst multiple holes across the project returned and/or ended in results >0.25g/t Au including GDAC037 which intersected 6m @ 0.62g/t Au from 12m and ended in 2m @ 1.04g/t Au (Figure 1) . GDAC0 61 intersected 4m @ 0. 46 g/t Au and 4m @ 0.61g/t Au and is approximately 400m south of historical aircore holes which intersected 6m @ 1.33g/t Au and 9m @ 1.10g/t (EOH) . The Glandore East footprint now extends for over 3km towards historic gold workings and remains open . On line 6,589,700mN, consecutive holes ended in weathered granite with bottom of hole results >0. 1 g/t Au over a width of 350m (Figure 2), whilst s everal other target areas remain open in at least one direction. Strongly anomalous Ag is also seen in several holes along interpreted NE - trending structures, indicating a likely relationship to bedrock gold min eralisation. All drilling to date is shown in Figure 1 with significant drilling results listed in Table 1. Miramar’s Executive Chairman, Mr Allan Kelly, said the recent lake drilling had identified a very substantial gold system at Glandore and greatly incr eased the potential for the discovery of gold mineralisation including that like the nearby Majestic and Trojan deposits. “Our first pass lake drilling has outlined coherent supergene gold anomalism within multiple targets over almost five kilometres of strike whi ch is a considerable proportion of the entire project area,” Mr Kelly said. “Today’s results indicate the presence for multiple NE - trending mineralised structures within the granodiorite pluton extending over a significant strike length, along with cohere nt gold mineralisation across several other targets which will need to be followed up early in the new year,” Mr Kelly said. “ G old mineralisation at Majestic and Trojan is also hosted in NE - striking structures within granitic intrusions , so our recent resul ts indicate significant potential for a similar discovery at Glandore,” he added. The Company will now plan for follow - up aircore drilling in the new year, and then plan for diamond drilling. ASX Announcement 1 December 2021 2 Figure 1. Glandore Project showing recent drilling and historical holes ( shown as squares ) . ASX Announcement 1 December 2021 3 Figure 2. Cross section 6589700mN showing multiple 100m - spaced holes ending in gold anomalism. For more information on Miramar Resources Limited, please visit the company’s website at www.miramarresources.com.au or contact: Allan Kelly Margie Livingston Executive Chairman Ignite Communications info@miramarresources.com.au margie@ignitecommunications.com.au This announcement has been authorised for release by Mr Allan Kelly, Executive Chairman, on behalf of the Board of Miramar Resources Limited. ASX Announcement 1 December 2021 4 Table 1. Significant results >0.1g/t Au from Glandore lake aircore drilling Hole Easting Northing EOH Depth From To Interval Au (g/t) COMMENTS GDAC037 394703 6588799 18 12 18 EOH 6 0.62 Open to NE including 16 18 EOH 2 1.04 GDAC038 394596 6588799 28 12 16 4 0.28 GDAC039 394496 6588797 37 16 20 4 0.12 GDAC040 394400 6588796 36 20 24 4 0.37 GDAC041 394303 6588803 39 27 28 1 0.22 GDAC045 393801 6589005 50 32 34 2 0.35 and 44 48 4 0.12 GDAC047 393990 6589008 30 20 30 EOH 10 0.23 including 28 30 EOH 2 0.45 GDAC049 394197 6589008 31 20 2 8 8 0.1 6 GDAC050 394304 6589010 42 24 26 2 0.11 GDAC051 394401 6589013 52 20 22 2 0.14 GDAC052 394508 6589014 36 20 24 4 0.10 GDAC053 394602 6589014 29 16 20 4 0.19 GDAC055 394489 6589200 65 20 24 4 0.59 Open to NE GDAC056 394400 6589204 60 20 23 3 0.30 GDAC061 394401 6589399 64 24 28 4 0.46 Open to E and 36 40 4 0.61 GDAC062 394300 6589399 45 40 45 EOH 5 0.17 GDAC063 394200 6589400 47 40 44 4 0.26 GDAC064 394100 6589401 48 24 28 4 0.23 GDAC065 394101 6589698 51 48 51 EOH 3 0.28 GDAC067 394130 6589700 52 48 52 EOH 4 0.15 Open to E GDAC068 393998 6589698 50 44 50 EOH 6 0.15 GDAC069 393896 6589694 51 48 51 EOH 3 0.28 GDAC070 393797 6589695 59 36 40 4 0.18 GDAC071 393697 6589694 62 32 44 12 0.25 GDAC092 393301 6590658 36 28 32 4 0.37 GDAC118 393242 6590958 27 16 20 4 0.10 GDAC132 393083 6592360 37 28 32 4 0.65 GDAC140 392837 6592780 28 8 12 4 0.98 and 24 28 EOH 4 0.23 GDAC147 393697 6593560 38 36 38 EOH 2 0.11 GDAC148 393460 6593562 21 12 21 EOH 9 0.11 GDAC152 393537 6593755 27 24 27 EOH 3 0.23 Open to E GDAC153 394199 6592146 68 56 60 4 0.21 GDAC154 394302 6592142 52 40 52 EOH 12 0.12 GDAC156 394410 6592144 57 48 52 4 0.63 Open to NE GDAC157 394499 6592144 57 48 57 EOH 9 0.41 Open to NE GDAC159 394549 6591819 55 48 55 EOH 7 0.27 Open to NE ASX Announcement 1 December 2021 5 Hole Easting Northing EOH Depth From To Interval Au (g/t) COMMENTS GDAC161 394352 6591823 58 48 52 4 0.33 GDAC16 3 394252 6591604 54 44 48 4 0.25 GDAC164 394357 6591605 58 24 28 4 0.22 GDAC165 394456 6591604 34 28 32 4 0.12 GDAC168 394646 6591614 54 36 40 4 0.24 Open to E GDAC170 394597 6591412 59 56 59 EOH 3 0.12 O p en to E GDAC172 3 94300 6591400 47 28 32 4 0.11 GDAC174 394199 6590356 53 24 28 4 0.29 GDAC184 394173 6589 948 66 43 44 1 0.13 GDAC185 394079 6589954 46 36 40 4 0.20 Notes: • All holes drilled vertically to blade refusal • Coordinates in MGA Zone 51S • Intervals reported above 0.1g/t Au lower cut - off with maximum 1 sample internal dilution • Holes not listed had no results >0.1g/t Au COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Targets or 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 Resource s and Ore Reserves’. Mr Kelly consents to the inclusion in this Announcement of the matters based on his information and in the form and context in which it appears. Historical exploration results for the Glandore Project, including JORC Table 1 and 2 inf ormation, is included in the Miramar Prospectus dated 4 September 2020. ASX Announcement 1 December 2021 6 About the G la ndore Project The Glandore Project is located within the E astern Goldfields, approximately 40km east of Kalgoorlie, Western Australia. Miramar purchased 100% of the Project as part of the 2020 IPO. The highest priority western part of the P roject is underlain by a layered mafic sill intruding into basalt and sedi mentary rocks. The dolerite sill comprises various varieties of dolerite and gabbro analogous to the Golden Mile Dolerite and has been intruded by a later granodiorite. The prospective geology is overlain by lake sediments which thin towards the west. Expl oration has been mostly limited to the south western part of the project, within the Prospecting licences, and has been sporadic since the late 1980’s. D rilling by previous explorers identified gold mineralisation at the eastern contact of the granodiorite associated with quartz - pyrite veins and ankerite - sericite - pyrite alteration. ASX Announcement 1 December 2021 7 About Miramar Resources L imited Miramar Resources Limited is a WA - focused mineral exploration company with exploration projects in the Eastern Goldfields, Murchison and Gascoyne regions and listed on the ASX in October 2020, following a heavily oversubscribed $8 million IPO. The Company is currently focussed on exploring its two highly prospective but underexplored flagship projects in the Eastern Goldfields of WA: the Gidji JV and Glandore Projects. Miramar’s Board has a track record of successful discovery, development and production wi thin Australia, Africa, and North America, and aims to create shareholder value through discovery of high - quality mineral deposits. ASX Announcement 1 December 2021 8 JORC 2012 Table 1 – Glandore Aircore Drilling Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appro priate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulati on drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commoditie s or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • 4m composite samples co mpiled from individual 1m sample piles • Samples average 3kg in weight • Samples with significant results are resplit by taking individual 1 m samples for re - assay Drilling techniques • Drill type (eg core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether core is oriented and if so, by what method, etc). • Aircore drilling to “blade refusal” Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Comments recorded for samples with low recovery Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the • Samples were logged for colour , weathering, grain size, geology, alteration and mineralisation where p ossible ASX Announcement 1 December 2021 9 Criteria JORC Code explanation Commentary relevant intersections logged. Sub - sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub - sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in - situ material collected, including for instance results for field duplicate/second - half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • 4m composite samples combined from individual 1m sample piles to achieve app roximately 3kg of sample • Samples with significant results are resplit by taking individual 1m samples for re - assay Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • Samples were assayed using a n aqua - regia digest followed by analysis of gold and multi - elements by ICPMS with lower detection limit of 1ppb Au • Aqua - regia analysis is considered a “partial” analysis, but suitable for reconnaissance aircore drilling • QAQC samples inserted at frequency o f 4 QAQC samples (i.e. standard, blank duplicate) per 100 samples Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Samples with >0. 25 g/t Au will be re - assayed as 1m re - splits Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Hole collar locations were recorded with a handheld GPS in MGA Zone 51S • RL w as also recorded with handheld GPS but accuracy is variable Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been • Drill holes w ere planned at an average spacing of 10 0m on lines 200 - 400m apart • The spacing is appropriate for the stage of exploration • 1m sample piles were composited over 4m • Samples with significant results are resplit by taking individual 1m samples for re - assay ASX Announcement 1 December 2021 10 Criteria JORC Code explanation Commentary applied. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orie ntation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Drill lines were completed perpendicular to the trend of the main geological units and parallel to previous drill lines • It is likely that the mineralized structures trend at a different orientation to the regional geology Sample security • The measures taken to ensure sample security. • Samples were transported from site directly to the laboratory by Miramar staff Audits or reviews • The results of any audits or reviews of sampling techniques and data. • No audits have been undertaken Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The exploration was conducted on the following tenements which are owned 100% by Miramar Goldfields Pty Ltd : o P25/2385 o P25/2387 o P25/2381 o P25/2384 o P25/2383 o P25/2430 o P25/2431 • Miramar Goldfields is a wholly owned subsidiary of Miramar Resources Limited Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • Exploration has been previously completed by other companies including Harmony and AngloGold Ashanti , and included auger RAB, aircore and limited diamond drilli ng Geology • Deposit type, geological setting and style of mineralisation. • The target is Archaean greenstone - hosted mesothermal gold mineralisation. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimu th of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should • See Figure 1 for location of all drilling to date and Table 1 for summary of all significant results ASX Announcement 1 December 2021 11 Criteria JORC Code explanation Commentary clearly explain why this is the case. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut - off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the proce dure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • Intervals reported over 0. 1 g/t Au with max imum of 1 sample of internal dilution Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • No assumptions about true width or ori entation of mineralisation can be made from the current programme Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • See attached Tables and Figures Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • All holes shown in Figure 1 Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but no t limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • No other relevant data Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large - scale step - out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Further aircore +/ - diamond drilling planned
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