Miramar Resources has completed a 19-hole RC drilling program at its Gidji JV Gold Project, revealing extensive shallow gold mineralisation including high-grade hits. The company also progressed project sales and acquisitions, supported by a $1.49 million capital raise and board reshuffle.
- 19-hole RC drilling extends shallow gold at Gidji JV
- Randalls Project sale to Ore Resources completed
- Exclusive option secured on South Ashburton gold-copper project
- $1.49 million placement funds exploration activities
- Board reshuffle appoints Jonathan Fisher as Chairman
Extensive Shallow Gold Mineralisation at Gidji JV
Miramar Resources (ASX:M2R) has wrapped up a 19-hole reverse circulation (RC) drilling campaign at its flagship Gidji JV Gold Project near Kalgoorlie, drilling 2,431 metres across the Blackfriars and Highway prospects. The program confirmed coherent shallow gold mineralisation extending over 600 metres at the Highway Prospect, highlighted by a standout intercept of 3 metres at 9.45 grams per tonne (g/t) gold, including 1 metre grading 23.11 g/t. These results build on previous aircore drilling, defining a potential shallow supergene gold system that the company is now evaluating for JORC-compliant resource definition.
In parallel, Miramar identified the new Claypan Prospect approximately 200 metres east of the Goldfields Highway, along strike from the Crossroads deposit and the Kanowna Belle gold mine. Historical drilling here shows sporadic bedrock gold mineralisation over a strike length of about one kilometre, and Miramar plans follow-up RC drilling after receiving approval for its program of works.
The company’s focus on Gidji aligns with its strategy to capitalise on shallow, near-surface gold deposits in proximity to established mining infrastructure, a theme reinforced by the ongoing work at the project and the recent $1.49 million capital raise to fund further drilling and exploration.
Portfolio Rationalisation: Randalls Sale and South Ashburton Option
Miramar has completed the sale of its Randalls Project to Ore Resources Limited (ASX:OR3), a transaction first announced in late 2025 and finalised in early April 2026. The deal includes upfront cash and shares totaling A$250,000, a 1% net smelter return royalty with a buy-back option, and milestone payments linked to resource announcements. This divestment supports Miramar’s strategy to streamline its Eastern Goldfields and Gascoyne project portfolio and concentrate resources on higher-priority assets.
Meanwhile, the company secured an exclusive six-month option to acquire the South Ashburton gold, copper, and antimony project in the Gascoyne region. This underexplored 188-square-kilometre tenement lies within a geological province hosting significant deposits like Paulsens and Mt Olympus. With no drilling since 1991, South Ashburton offers potential for new discoveries. Miramar plans to conduct on-ground exploration following tenement grant, with a site visit scheduled alongside upcoming Chain Pool auger drilling.
Chain Pool and Bangemall Projects Progress
Preparations for an auger drilling campaign at the Chain Pool Project, targeting the high-grade Joy Helen copper-lead-silver prospect, were completed during the quarter. The prospect has seen no drilling since 1964, and recent soil sampling indicates potential for sedimentary exhalative-style mineralisation extending beneath cover. The drilling was delayed by weather and logistical issues but is now planned for Q2 2026.
At Bangemall, Miramar is poised to ground-truth multiple large conductors identified by magnetic and VTEM surveys conducted in 2025, aiming to generate drill targets for Noril’sk-style magmatic copper-nickel-PGE mineralisation. No fieldwork occurred this quarter, but the upcoming field campaign is a key step in advancing these Proterozoic projects.
Corporate Restructure and Capital Position
The quarter saw significant board and management changes. Jonathan (Jono) Fisher was appointed Non-Executive Chairman, bringing two decades of resources and capital markets experience. Marion Bush transitioned from Technical Director to Managing Director, taking full operational responsibility. Allan Kelly stepped down from Executive Chairman to focus on technical leadership as Technical Director. These changes aim to sharpen governance and operational focus as Miramar advances its exploration agenda.
Financially, the company raised approximately A$1.49 million through a placement at A$0.0025 per share, issuing 596 million new shares and attaching options exercisable at A$0.0040. This capital injection supports ongoing work at Gidji and other projects. At quarter end, Miramar held A$1.13 million in cash and minor listed investments, with exploration expenditure representing a consistent 70%+ share of cash outflows since listing.
Miramar’s cash runway stands at about 1.2 quarters at current expenditure levels, with management evaluating future capital needs and anticipating an R&D tax refund to supplement funding. This tight liquidity underscores the importance of timely exploration milestones and potential asset monetisations.
Planned 2026 Exploration Activities
Looking ahead, Miramar plans to drill shallow resources and new targets at Gidji, conduct auger drilling at Chain Pool, advance ground truthing and target generation at Bangemall, and progress the Glandore Mining Lease application while engaging with potential buyers. These programs are contingent on regulatory approvals and funding availability.
The company’s approach balances advancing its flagship gold project with strategic portfolio management, including project sales and new acquisitions, aiming to unlock value across multiple commodities and geological settings.
Miramar’s recent activities build on a series of encouraging results, including the extension of shallow gold mineralisation at Gidji extends shallow gold zone and the completion of a $1.49 million raise to accelerate drilling raises $1.49M placement. The finalisation of the Randalls sale also provides a clearer focus on core projects completes Randalls sale.
Bottom Line?
Miramar’s promising drilling results and strategic portfolio moves position it for potential resource definition, but limited cash reserves demand careful capital management and timely progress on exploration milestones.
Questions in the middle?
- Will resource definition at Gidji translate into a JORC-compliant gold resource in the near term?
- How will Miramar balance exploration expenditure with its limited cash runway beyond the next quarter?
- What impact will the South Ashburton acquisition have on the company’s project mix and exploration priorities?