Miramar Resources Mobilises Drilling at High-Grade Chain Pool SEDEX Prospect

First Drilling in Over Six Decades at Chain Pool

Miramar Resources Limited (ASX:M2R) is mobilising an auger drilling rig to the Joy Helen prospect within its Chain Pool Project in Western Australia's Gascoyne region, marking the first drilling activity there since 1964. This move follows a series of high-grade rock chip samples collected in 2024, which confirmed significant copper, lead, silver, and gold mineralisation over a strike length of approximately 300 metres.

The Joy Helen prospect’s mineralisation bears striking similarities to the Lady Loretta SEDEX deposit in Queensland, a renowned high-grade sedimentary exhalative base metal system. Miramar’s Managing Director Marion Bush highlighted the excitement of finally advancing exploration after delays caused by Cyclone Narelle and fuel restrictions, with drilling expected to commence imminently and run for about two weeks.

High-Grade Mineralisation and Exploration Targets

Rock chip assays from Joy Helen returned standout grades including 73.48g/t silver, 5.48% copper, and 42% lead in one sample, alongside notable antimony and zinc values. The company’s grid soil sampling and further rock chip work have revealed potential strike extensions beyond the initial 300 metres and possible parallel mineralised zones to the east and west, attributed to folding post-mineralisation. This opens the door to expanding the known mineralised footprint significantly.

The Chain Pool Project sits at the geological boundary between the Durlacher Supersuite granite and the Edmund Basin, hosting styles of mineralisation beyond SEDEX, such as carbonate-hosted Mississippi Valley Type (MVT) lead-zinc deposits and magmatic Ni-Cu-Co-PGE sulphides in dolerite dykes. This diverse mineralisation potential enhances the project’s exploration appeal.

Strategic Exploration Amid Portfolio Streamlining

This drilling campaign is part of Miramar’s broader strategy to focus on high-potential Western Australian projects, following recent portfolio rationalisation moves including the sale of the Randalls Project. The Chain Pool drilling complements ongoing work at the Gidji JV Gold Project, where Miramar recently completed a 19-hole RC program revealing extensive shallow gold mineralisation. The company’s recent $1.49 million capital raise is supporting these active exploration efforts.

Miramar’s technical team, led by Competent Person Allan Kelly, is leveraging detailed geological models and historical data to guide the drilling. The SEDEX exploration model, including carbonate alteration halos similar to those at Lady Loretta, underpins the targeting approach. Soil sampling at Joy Helen has already exhibited zoned carbonate alteration halos with increasing base metal values, reinforcing the prospect’s potential.

Awaiting Drilling Results and Next Steps

The upcoming auger drilling will test beneath shallow cover to delineate the extent and continuity of the high-grade mineralisation. While historical rotary air blast drilling in 1964 provided some data, this will be the first systematic modern drilling campaign at Chain Pool. Results from this program will be critical in assessing the project’s resource potential and guiding future exploration phases.

Miramar’s progress at Chain Pool follows its recent advances at Gidji JV, where high-grade gold results have bolstered the company’s exploration momentum. The company’s ability to integrate multiple project developments simultaneously will be a key factor in unlocking value from its Western Australian portfolio. Investors will be watching closely as assay results from Chain Pool’s maiden drilling emerge in the coming months.