Miramar Doubles Gidji Gold Target and Advances Chain Pool Drilling
Miramar Resources has doubled its gold Exploration Target at the Gidji JV near Kalgoorlie and completed its first drilling program at Chain Pool in over 60 years, while finalising the sale of Randalls Project and securing government grants to fund ongoing exploration.
- Gidji JV gold Exploration Target more than doubled
- First drilling at Chain Pool since 1964 identifies new mineralisation
- Randalls Project sale completed with up to A$800k consideration
- Received A$238K R&D tax refund and $438K Junior Minerals credits
- Secured up to $180K EIS co-funded drilling grant for Whaleshark
Gidji JV Gold Target Surges on New Drilling
Miramar Resources (ASX:M2R) has more than doubled the gold Exploration Target at its 80%-owned Gidji JV project, located just 15 kilometres north of Kalgoorlie. This updated target, now ranging between 127,000 and 330,000 ounces of gold, incorporates recent drilling and assay results from multiple prospects including Marylebone, Powerline, and Highway. The company is actively working with resource geologists to assess the potential for one or more shallow gold resources, aiming to convert this conceptual target into a JORC-compliant resource.
Managing Director Marion Bush emphasised the project's untapped potential, noting limited drilling below 60 metres depth and the proximity to Northern Star Resources' 8 Mile Dam Project, which borders Gidji's southern boundary. Miramar is preparing a Mineralisation Report to support a Mining Lease application over the main mineralised zones, marking a step towards potential development.
Chain Pool Drilling Revives Historic Base Metals Prospect
After more than six decades, Miramar has resumed drilling at the Chain Pool Project in the Gascoyne region, targeting the Joy Helen copper-lead-silver prospect. The recent 116-hole auger drilling program extended known mineralisation from 300 metres to a potential 700 metres strike length and identified new parallel structures through soil sampling. Assay results received post-quarter have upgraded bedrock drill targets, suggesting a broader mineralised footprint.
Complementing the drilling, a detailed gravity survey uncovered two residual gravity anomalies east of the historic workings, which remain untested by drilling. High-grade grab samples near these anomalies have returned impressive results, including up to 14.7% copper and 42% lead. Miramar is now planning further exploration including geophysics and the first dedicated bedrock drilling campaign at Chain Pool, aiming to unlock the potential for a significant SEDEX-style base metal deposit. These findings build on earlier work that confirmed the prospect's sedimentary exhalative characteristics and align with the company's strategic focus on base metals in the region.Joy Helen copper-lead-silver assay results
Randalls Project Sale Completes, Boosting Cash Position
Miramar finalised the sale of its Randalls Project to Ore Resources Limited (ASX:OR3) in April 2026, receiving A$125,000 in cash, an equivalent value in OR3 shares, and potential milestone payments up to A$500,000 upon resource delineation. The company retains a 1% net smelter return royalty with a buy-back option. This divestment aligns with Miramar's strategy to streamline its portfolio and concentrate on near-term value drivers such as Gidji and Chain Pool.
Government Grants and Exploration Incentives Support Activity
Post-quarter, Miramar received a refundable Research and Development tax incentive refund of A$238,456, supporting exploration at the Bangemall and Whaleshark projects. Additionally, the company announced A$438,703 in Junior Minerals Exploration Incentive credits to eligible shareholders from 2026 financial year capital raises. Miramar also secured up to A$180,000 in co-funded drilling grants under the WA Government's Exploration Incentive Scheme for the Whaleshark IOCG project, bringing total EIS support across its projects to nearly A$800,000. These funds bolster Miramar’s capacity to advance multiple exploration fronts amid a tight cash position of A$0.53 million at quarter-end.
Exploration Outlook and Funding Considerations
In 2026, Miramar plans shallow resource drilling at Gidji to progress towards JORC resource definition, further geophysical and bedrock drilling at Chain Pool, and ground truthing of Bangemall anomalies. The company is also advancing a Mining Lease application for Glandore while engaging potential buyers. Despite a cash runway estimated at less than one quarter based on current expenditure, Miramar is evaluating capital needs and intends to raise funds to sustain exploration activities. The company’s track record of securing government grants and tax incentives provides some buffer, but upcoming drilling results and resource updates will be critical catalysts.
Bottom Line?
Miramar’s doubling of the Gidji gold target and renewed Chain Pool drilling mark key milestones, but limited cash reserves highlight the urgency of upcoming capital raises to maintain exploration momentum.
Questions in the middle?
- Will Miramar convert the Gidji Exploration Target into a JORC-compliant resource this year?
- How will assay results from planned bedrock drilling at Chain Pool influence the project’s valuation?
- What funding strategies will Miramar pursue to extend its cash runway beyond the next quarter?
