Miramar Completes 11,500m Drilling at Gidji JV, Secures EIS Co-Funding for Bangemall

Exploration Momentum at Gidji JV

Miramar Resources Limited (ASX – M2R) has maintained a robust exploration pace during the June quarter, highlighted by the completion of an 11,500-metre aircore drilling campaign at its flagship Gidji JV Gold Project in Western Australia's Eastern Goldfields. This program, designed to probe beneath the Gidji Paleochannel for mineralised bedrock structures, marks a critical step in advancing the project’s potential to host significant gold deposits near established mining operations.

Complementing this drilling effort, Miramar initiated a high-resolution Sub-Audio Magnetic (SAM) survey using unmanned aerial vehicles, aiming to generate detailed images of conductive subsurface features that could indicate gold mineralisation. Results from this survey are anticipated shortly and are expected to refine target zones for upcoming drilling phases.

Strategic Partnerships and Funding

In a move to optimise capital deployment, Miramar entered into a drill-for-equity agreement with Topdrill Pty Ltd, a leading drilling contractor. This arrangement allows Miramar to issue shares to Topdrill in lieu of cash payments for drilling services, effectively extending the company’s exploration budget while advancing critical reverse circulation and diamond drilling at the high-priority 8 Mile target within the Gidji JV.

Financially, the company bolstered its position with a $1.8 million placement completed during the quarter, leaving it with approximately $1.1 million in cash at quarter-end. This capital injection underpins planned exploration activities and reflects investor confidence in Miramar’s strategic direction.

Expanding Footprint in Base Metals and IOCG Targets

Beyond gold, Miramar is actively progressing its base metals portfolio in the Gascoyne region. The company secured co-funding under the Western Australian government’s Exploration Incentive Scheme (EIS) for a detailed magnetic and electromagnetic (VTEM) survey over the Bangemall Ni-Cu-Co-PGE projects. This survey, set to commence imminently, aims to delineate targets analogous to world-class Noril’sk-style magmatic deposits.

Meanwhile, at the Whaleshark project, remodelling of historical magnetic data has unveiled multiple shallow iron oxide copper-gold (IOCG) targets. These findings could open new avenues for exploration in a region already showing promising geochemical signatures.

Looking Ahead

Miramar’s exploration strategy for the remainder of 2025 includes follow-up drilling at Gidji JV, completion of the EIS co-funded surveys at Bangemall, and further sampling at Chain Pool’s Joy Helen occurrence. The company is also advancing mining lease applications and tenement grants, which are critical for unlocking the full potential of its project pipeline.

Executive Chairman Allan Kelly emphasised the company’s commitment to maximising exploration expenditure through a lean corporate structure and strategic partnerships, aiming to deliver value through discovery. As assay results and survey data emerge, Miramar’s progress will be closely watched by investors seeking exposure to early-stage exploration upside in Western Australia.