Miramar Resources is advancing its exploration programs with planned drilling at the Gidji JV Gold Project and Chain Pool, backed by a $1.2 million placement and strategic board appointments.
- Preparation for RC drilling at Gidji JV’s Blackfriars and Highway targets
- Detailed magnetic/VTEM survey at Bangemall reveals multiple Norilsk-style conductors
- Option agreement signed to sell Randalls Project to Future Battery Minerals
- Successful $1.2 million capital raising completed
- Board refreshed with Jonathan Fisher as Non-Executive Chairman and Marion Bush as Managing Director
Exploration Momentum Builds at Gidji JV
Miramar Resources Limited (ASX – M2R) is set to kick off a targeted reverse circulation (RC) drilling campaign at its flagship Gidji JV Gold Project near Kalgoorlie. The upcoming program, scheduled to commence in late January 2026, will test two high-priority gold anomalies at Blackfriars and Highway that have not previously been explored with bedrock drilling. These targets lie within the Boorara Shear Zone, a prolific gold-bearing structure, and share geological similarities with the nearby 4 million ounce Paddington gold deposit.
Recent multi-element analysis of aircore drilling samples has refined the geological model and highlighted promising pathfinder element anomalies, bolstering confidence in the potential for significant gold mineralisation beneath the surface. The planned 10-12 hole program aims to delineate both supergene and bedrock gold resources, marking a critical step in Miramar’s exploration strategy.
Bangemall Survey Uncovers Norilsk-Style Targets
In the Gascoyne region, Miramar’s Bangemall Cu-Ni-PGE Project has benefited from a co-funded detailed magnetic and Versatile Time Domain Electromagnetic (VTEM) survey under the Western Australian government’s Exploration Incentive Scheme. The survey identified multiple large conductors reminiscent of the world-class Norilsk-Talnakh magmatic deposits in Siberia, known for their rich nickel, copper, and platinum group element mineralisation.
This geophysical breakthrough positions Bangemall as a compelling target for follow-up exploration, with Miramar already rationalising its tenement holdings to focus on the most prospective areas, thereby reducing holding costs and sharpening its project pipeline.
Strategic Portfolio Management and Corporate Refresh
Miramar has entered into an exclusive six-month option agreement with Future Battery Minerals Ltd to sell its Randalls Project, located east of Kalgoorlie. The deal includes upfront cash, shares, and a net smelter return royalty, with milestone payments tied to resource discoveries, reflecting Miramar’s intent to streamline its portfolio and focus on core assets.
On the corporate front, the company successfully raised approximately $1.2 million through a two-tranche placement priced at $0.0025 per share, providing essential funding for upcoming drilling programs. The placement includes attaching options exercisable at $0.0040, subject to shareholder approval.
Miramar also refreshed its board and executive leadership, appointing Jonathan Fisher as Non-Executive Chairman and Marion Bush as Managing Director, while Allan Kelly transitions to Executive Technical Director. These changes signal a renewed focus on technical excellence and market engagement as the company advances its exploration agenda.
Looking Ahead
With exploration approvals secured for both the Gidji JV and Chain Pool projects, Miramar is poised for a busy 2026. The company plans to execute its drilling campaigns, model geophysical data for Bangemall, and progress the Randalls transaction. Cash reserves of $0.7 million at quarter-end, supplemented by the recent capital raise, provide a runway for these activities.
Miramar’s strategic moves and exploration progress underscore its commitment to unlocking value in Western Australia’s mineral-rich regions, with the market watching closely for drill results that could reshape the company’s growth trajectory.
Bottom Line?
Miramar’s upcoming drill results and strategic asset moves will be pivotal in defining its next growth phase.
Questions in the middle?
- Will the upcoming RC drilling at Gidji JV confirm the presence of economically viable gold deposits?
- How will the market respond to the Randalls Project sale and associated milestone payments?
- Can the new board appointments accelerate Miramar’s exploration success and investor confidence?