Miramar Resources (ASX:M2R) commences RC drilling to test Northern extensions of 8-Mile Dam gold deposit

Miramar Resources Limited (ASX:M2R) has commenced reverse circulation (RC) drilling at the high priority 8-Mile gold target within its Gidji Joint Venture Project, located approximately 15 kilometres north of Kalgoorlie in Western Australia.

The program is designed to test for potential northern extensions of the adjacent 8-Mile Dam gold deposit, which has delivered strong historical gold intersections and remains an area of significant exploration interest.

In this Q&A, Miramar’s Executive Chairman, Allan Kelly, discusses the significance of the RC drilling campaign, the geological context, the strategic benefits of a recently signed drill–for-equity agreement, and the Company’s broader exploration strategy aimed at creating long term shareholder value.

What is the significance of the current RC drilling program at the 8 Mile Target?

The RC drilling underway at the 8 Mile Target is an important step in Miramar’s efforts to test for potential northern extensions of the adjacent 8-Mile Dam gold deposit.

The 8-Mile Dam deposit, based on the most recent publicly available data, contains approximately seven million tonnes at 1.4 grams per tonne gold for nearly 314,000 ounces of contained gold.

Significant drill intersections have been recorded immediately south of our tenement boundary, including 281 metres at 1.03 grams per tonne gold and 217 metres at 2.06 grams per tonne gold.

Miramar’s earlier diamond drilling intersected the 8-Mile Dam geology, though it appeared the mineralisation may have been displaced by faulting.

Following this, the Company conducted Induced Polarisation (IP) surveys and aircore drilling, which helped define the location of possible extensions.

The current RC drilling will allow us to test these targets more effectively with deeper holes.

“We now have a better idea of where to target our drilling and the recently signed drill-for-equity agreement with Topdrill allows us to maximise our drilling budget with deeper drilling and more holes.”

How does the drill-for-equity agreement with Topdrill benefit Miramar and its shareholders?

The drill-for-equity agreement with Topdrill is an innovative arrangement that allows Miramar to stretch its exploration budget further.

Under this agreement, Topdrill will cover 40 percent of the drilling costs, up to a maximum of $500,000, in exchange for Miramar shares.

This approach enables the Company to undertake additional holes and deeper drilling without the immediate need to draw further on existing cash reserves, which is particularly valuable for a junior explorer.

The agreement also signals Topdrill’s belief in the potential of Miramar’s exploration activities, with both parties aligned towards the success of the project and potential discovery.

Can you explain the geological context of the 8-Mile Target and why it is prospective for gold?

The 8 Mile Target is located adjacent to Northern Star’s 8-Mile Dam gold deposit, where three distinct styles of gold mineralisation are present.

These include a shallow, flat lying supergene gold zone known as the Runway deposit, quartz-carbonate-sulphide veins with visible gold within the hanging wall sediments, and a highly altered mafic unit crosscut by massive quartz veins containing visible gold, chalcopyrite, arsenopyrite, sphalerite and galena.

Miramar’s earlier drilling confirmed that the favourable geological units associated with gold mineralisation at 8-Mile Dam extend into the Company’s ground.

However, structural faulting is believed to have offset the mineralisation.

To better target drilling, Miramar completed several IP surveys and extensive aircore drilling, which identified chargeability anomalies and significant pathfinder elements.

“Given the association between gold mineralisation and sulphides at 8-Mile Dam, we conducted a series of Induced Polarisation (IP) surveys to locate the gold mineralisation on our side of the tenement boundary.”

The current RC drilling is designed to test these refined targets with the potential to identify new zones of mineralisation.

What other exploration activities are currently underway across Miramar’s portfolio?

In addition to the RC drilling at 8 Mile, Miramar has completed an aircore drilling program and a Sub-Audio Magnetic (SAM) survey at the Gidji JV Project. Results from these programs will be released once received and compiled.

Preparations are also underway for a detailed airborne magnetic and VTEM survey at the Bangemall nickel-copper-PGE projects, scheduled to commence in mid July.

This work is supported by the Western Australian Government’s Exploration Incentive Scheme. Following the completion of the RC program at Gidji, the Company also plans to conduct additional soil and rock chip sampling at its high-grade Chain Pool copper-lead-zinc-silver project.

What is the long-term vision for the Gidji JV Project, and how could it create value for shareholders?

Miramar’s long term vision for the Gidji Joint Venture is to unlock the potential for a new multi deposit gold camp within the highly productive Eastern Goldfields Province.

The Project covers approximately 15 kilometres of strike length along the Boorara Shear Zone, which hosts several gold deposits in the region.

Despite being surrounded by active mining operations, the Gidji Project has been underexplored due to the presence of shallow transported cover and the Gidji Paleochannel.

Since commencing exploration in late 2020, Miramar has made several supergene gold discoveries and identified multiple bedrock targets for deeper drilling.

The Company believes there is a clear opportunity to discover additional gold deposits within the project area.

“Miramar believes there is potential for the discovery of a new gold camp, with multiple gold deposits, within the GidjiJV Project.”

The proximity to existing processing infrastructure could enhance any future development scenarios, adding further value for shareholders through discovery, potential resource growth, and possible development partnerships.

Advancing exploration to unlock shareholder value

Miramar Resources remains focused on systematic, data driven exploration with the goal of making meaningful mineral discoveries that can drive long term shareholder value.

The RC drilling at the 8 Mile Target represents an important step towards realising this vision.

Together with multiple exploration programs across its broader portfolio, the Company is building momentum for what could be an active and transformative period ahead.

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