Miramar Resources has secured an exclusive six-month option to acquire the underexplored South Ashburton gold, copper, and antimony project in Western Australia’s Ashburton Basin, adding a promising asset to its Gascoyne portfolio.
- Exclusive 6-month option to purchase South Ashburton Au-Cu-Sb project
- Project located in Ashburton Basin, analogous to major deposits like Paulsens and Mt Olympus
- No recent exploration or drilling since 1991, offering potential for modern target generation
- Option exercise involves cash payment, share issuance, and 1% gross royalty
- Miramar continues drilling at Gidji JV Gold Project and advancing Chain Pool Cu-Pb-Ag project
Miramar Expands Footprint in Gascoyne Region
Miramar Resources Limited (ASX – M2R) has taken a significant step in its corporate growth strategy by securing an exclusive six-month option to purchase the South Ashburton gold, copper, and antimony project. Situated within the Ashburton Basin of Western Australia, this underexplored project covers a substantial 188 square kilometres and is geologically analogous to some of the region’s most notable mineral deposits, including Paulsens, Mt Olympus, and Mt Clement.
The Ashburton Basin is known for its rich mineral endowment, but the South Ashburton project has seen little modern exploration activity, with no drilling conducted since 1991 and no fieldwork in the past decade. This presents Miramar with a unique opportunity to apply contemporary exploration techniques to a project with promising historical rock chip results indicating significant gold, copper, and antimony mineralisation.
Terms of the Option Agreement
Under the terms of the agreement, Miramar has paid an initial $25,000 for the exclusive option period during which it will manage the tenement application process and heritage agreements. To exercise the option, Miramar will pay an additional $50,000 in cash and issue shares valued at $150,000 at a price consistent with its recent capital raising. The agreement also includes a 1% gross royalty on mineral production from the tenement and any future mining leases covering the project area.
Half of the issued shares will be subject to a three-month escrow, reflecting a balanced approach to shareholder value and vendor alignment. Upon grant of the tenement, the vendor will assist with the transfer process, enabling Miramar to commence on-ground exploration activities promptly.
Strategic Fit and Ongoing Activities
Miramar’s Managing Director, Marion Bush, emphasised that the South Ashburton project complements the company’s existing portfolio in the Gascoyne region without detracting from its focus on the Gidji JV Gold Project in the Eastern Goldfields. Drilling programs at Gidji continue, with recent samples sent to Kalgoorlie laboratories, while preparations are underway for an auger drilling campaign at the Chain Pool copper-lead-silver project, where high-grade mineralisation has been identified.
This strategic expansion reflects Miramar’s broader corporate and board refresh strategy aimed at generating new project opportunities and leveraging modern exploration methods to unlock value in underexplored regions.
Looking Ahead
With the South Ashburton project’s historical data indicating multiple outcropping gossans and significant rock chip assay results, Miramar is well positioned to generate immediate exploration targets. The company’s approach will likely focus on systematic and modern exploration techniques to validate and expand on these early indications.
While the project’s potential is promising, it remains subject to the successful grant of the tenement and the inherent risks of exploration. Nonetheless, Miramar’s experienced board and technical team bring a track record of discovery and development that could unlock substantial value for shareholders.
Bottom Line?
Miramar’s option on South Ashburton marks a calculated expansion into a promising but underexplored terrain, setting the stage for a potentially transformative exploration campaign.
Questions in the middle?
- When will the South Ashburton tenement be granted and exploration commence?
- What modern exploration techniques will Miramar deploy to advance target generation?
- How might the 1% gross royalty impact project economics if significant mineralisation is found?