Drilling Approval at Chain Pool Raises Stakes Amid Exploration Uncertainties

Drilling Approval Marks New Chapter for Chain Pool

Miramar Resources Limited (ASX – M2R) has taken a significant step forward in its exploration efforts by securing Programme of Work approval to commence auger and aircore drilling at the Joy Helen prospect within its Chain Pool Project. Situated approximately 275 kilometres northeast of Carnarvon in Western Australia’s Gascoyne region, Joy Helen is emerging as a compelling target for sedimentary exhalative (SEDEX) style base metal mineralisation.

The approval allows Miramar to undertake an initial drilling campaign consisting of 100 auger and 150 aircore holes, marking the first systematic drilling at Joy Helen since shallow rotary air blast holes were drilled in 1964. This renewed focus follows encouraging rock chip sampling results from 2024, which revealed high-grade copper, lead, zinc, silver, and gold mineralisation over a strike length of at least 300 metres.

High-Grade Mineralisation Echoes Major SEDEX Deposits

The Joy Helen prospect exhibits many hallmarks of classic SEDEX deposits, which are responsible for some of the world’s most prolific base metal mines, including Australia’s Lady Loretta deposit. Miramar’s sampling returned impressive grades such as 54.5% lead, 7.23% copper, and 59.49 g/t silver in individual rock chips, underscoring the prospect’s potential. Moreover, soil sampling has identified a zoned carbonate alteration halo consistent with SEDEX mineralisation models, suggesting the presence of a substantial mineralised system.

Historic workings and recent geochemical surveys hint at the possibility of extending the known mineralisation along strike by an additional 700 metres, as well as discovering parallel mineralised zones to the east and west. This spatial potential could significantly enhance the scale and value of the deposit if confirmed by drilling.

Strategic Location and Diverse Mineralisation Potential

The Chain Pool Project straddles a geologically complex boundary between granite formations and sedimentary basins, hosting not only SEDEX-style copper-lead-zinc-silver mineralisation but also potential for carbonate-hosted Mississippi Valley Type deposits and magmatic nickel-copper-cobalt-PGE sulphides. This diversity broadens the exploration upside for Miramar, positioning the company well within a region known for significant mineral discoveries.

Executive Chairman Allan Kelly highlighted the untapped potential of Joy Helen, noting the absence of recent systematic exploration despite the prospect’s promising characteristics. The upcoming drilling program aims to fill this gap and provide critical data to assess the economic viability of the mineralisation.

Looking Ahead

As Miramar embarks on this drilling campaign, the market will be watching closely for assay results that could validate Joy Helen as a major new base metal discovery. The project’s proximity to known mineralised systems and the quality of initial sampling results provide a solid foundation for optimism, though the inherent uncertainties of early-stage exploration remain.