Miramar Resources has secured $1.49 million through a placement to accelerate drilling at its promising Gidji JV Gold Project and initiate copper-lead-silver exploration at Chain Pool. The company targets a potential JORC-compliant gold resource amid encouraging high-grade results.
- Raised $1.49 million via placement to fund exploration
- High-grade gold intersection of 3m @ 9.45g/t at Highway prospect
- Plans for follow-up RC drilling to define JORC-compliant resource
- Preparations underway for Chain Pool Cu-Pb-Ag auger drilling
- Leverages proximity to existing gold processing infrastructure
Capital Raise Fuels Exploration Momentum
Miramar Resources Limited (ASX:M2R) has successfully raised $1.49 million before costs through a placement, enabling the company to advance its exploration activities at two key Western Australian projects. The funds will primarily support further drilling at the Gidji Joint Venture (JV) Gold Project and initiate auger drilling at the Chain Pool copper-lead-silver project in the Gascoyne region.
Encouraging High-Grade Gold Results at Gidji
The Gidji JV, where Miramar holds an 80% interest, has delivered promising drilling results, notably a recent 3-metre intersection grading 9.45 grams per tonne gold at the Highway prospect. This follows a previously reported high-grade hit of 23.11g/t gold, underscoring the potential for a significant shallow supergene gold resource. The Highway prospect features a 500-metre zone of supergene gold mineralisation exceeding 2g/t, which remains open and sparsely drilled, indicating room for resource expansion.
Miramar’s Managing Director, Marion Bush, highlighted the strategic importance of these results, noting the potential to monetise a shallow gold resource given the project's proximity to multiple existing gold processing plants. This infrastructure could facilitate toll treatment, offering a lower-cost pathway to production.
Next Steps in Exploration and Resource Definition
Building on these results, Miramar plans a follow-up reverse circulation (RC) drilling programme aimed at delineating a JORC-compliant gold resource at the Highway prospect. The company is awaiting final assay results from recent drilling campaigns, which will inform the next phase of exploration and resource modelling.
Meanwhile, at the Chain Pool project, site preparations are complete for the first drilling programme targeting sediment-hosted copper, lead, and silver mineralisation. This initiative follows multiple high-grade rock chip samples and is scheduled to commence in late March or early April.
Strategic Positioning in Western Australia’s Eastern Goldfields
The Gidji JV Project is strategically located approximately 15 kilometres north of Kalgoorlie-Boulder within the prolific Eastern Goldfields Province. Despite being surrounded by established mining operations, Gidji has been underexplored due to challenging shallow transported cover and paleochannel geology. Miramar’s systematic exploration since 2020 has uncovered multiple supergene gold zones and defined several bedrock targets, raising the prospect of discovering a new gold camp with multiple deposits.
Miramar’s board brings extensive experience in mineral discovery and development across Australia and internationally, positioning the company well to advance these projects towards value creation for shareholders.
Bottom Line?
Miramar’s latest capital raise and drilling plans set the stage for defining a potentially valuable gold resource amid a supportive infrastructure landscape.
Questions in the middle?
- Will the upcoming assay results confirm a JORC-compliant resource at Highway?
- How might Miramar leverage toll treatment options to accelerate production timelines?
- What are the exploration targets and potential scale at the Chain Pool Cu-Pb-Ag project?