Ore Resources has secured an option to acquire six tenements adjacent to its Miriam Gold Project, expanding its landholding along the Miriam Shear Zone and reviving interest in underexplored historical gold prospects.
- Binding option to acquire four mining leases and two prospecting licence applications
- Historical drilling at Devils Playground shows consistent gold mineralisation
- New tenure enables step-out drilling east of Forrest prospect
- Underexplored northern prospects include Bell Bird and Tartan
- Strong cash position of A$9.6 million supports exploration plans
Strategic Expansion Along Miriam Shear Zone
Ore Resources Ltd (ASX:OR3) is moving to consolidate its foothold in the Eastern Goldfields by securing an option to acquire six additional tenements contiguous to its Miriam Gold Project. This acquisition, if exercised, would extend the company's tenure along the 6.2-kilometre Miriam Shear Zone, a key structural corridor hosting its flagship Forrest gold prospect.
The new package includes four granted mining leases, M15/1255, M15/1819, M15/1818, and M15/1352, and two prospecting licence applications. Notably, two of these leases sit immediately east of Forrest, opening the door for step-out drilling to test extensions of the mineralised system and potential linking structures that could expand the known gold footprint.
Historical Drilling Highlights Untapped Potential at Devils Playground
Historical reverse circulation drilling at the Devils Playground prospect, located on tenement M15/1255, revealed a 300-metre-long mineralised trend with encouraging intercepts such as 12 metres at 1.9 grams per tonne (g/t) gold from 47 metres depth and 9 metres at 1.00 g/t from 68 metres. Despite these promising results, exploration there has lain dormant for over two decades, with no modern geochemical or geophysical surveys conducted.
Ore’s Managing Director Nick Rathjen emphasised the significance of this underexplored ground: "The Devils Playground prospect highlights the potential for future drilling to unlock linking structures between these two mineralised zones," referring to the connection between the new tenure and Forrest. This opportunity to revisit and systematically explore historic targets fits with Ore’s proven low-cost exploration approach.
Northern Tenements Offer Fresh Targets Near Established Prospects
The northern leases M15/1818 and M15/1352 encompass multiple historical prospects, including Bell Bird, Tartan, Burbanks Welcome, and Aurifer, that have seen little to no modern exploration. Preliminary fieldwork has confirmed the presence of old workings and shafts, but no drilling or geophysical surveys have been conducted, marking these as prime candidates for first-pass exploration.
Moreover, the prospecting licence applications include P15/5775, which lies adjacent to Maritana Minerals’ Burbanks deposit (466,000 ounces at 2.4 g/t gold), potentially benefiting from proximity to an established mining operation. This geographic advantage could accelerate target generation and drilling prioritisation.
Well-Funded and Ready to Accelerate Exploration
Ore Resources is financially well placed to advance its exploration ambitions, holding a robust cash balance of A$9.6 million and zero debt as of 31 March 2026. The company has already completed regional aircore drilling at its Burbanks East Gold Project and commenced aircore drilling at Miriam, targeting key prospects such as Jungle, Forrest North, Burbanks Monarch, and Goroke.
The binding option agreement requires a non-refundable A$50,000 fee for an exclusive three-month option period, with the exercise price set at A$500,000 payable partly in cash and partly in Ore Resources shares subject to escrow. The company plans to commence exploration on the new tenure following heritage surveys and regulatory approvals, positioning itself for a busy second half of 2026.
This move builds on Ore’s recent momentum in expanding the Forrest gold system, where extensive drilling has confirmed down-dip and strike extensions. The consolidation of tenure adjacent to Forrest and Devils Playground could prove pivotal in unlocking new mineralised zones along the Miriam Shear, complementing the company’s ongoing extensive drilling and strategic acquisitions and regional aircore drilling programmes.
Bottom Line?
Ore’s tenure consolidation around Miriam strengthens its exploration runway but hinges on option exercise and follow-up drilling to validate historical indications.
Questions in the middle?
- Will Ore Resources exercise the option and how swiftly will exploration commence?
- Can modern drilling confirm and extend the historical gold mineralisation at Devils Playground?
- How will the underexplored northern prospects contribute to Miriam’s overall resource potential?