Miramar Resources (ASX:M2R) extends gold strike with first drill hole at 8 Mile Target

Miramar Resources Limited (ASX:M2R) has confirmed a high-grade gold intersection in its first RC drill hole at the 8 Mile target, part of the Gidji Joint Venture Project just 15 kilometres north of Kalgoorlie.

The result has extended gold mineralisation from the neighbouring 8-Mile Dam Deposit onto Miramar’s ground for the first time, confirming the company’s geophysical targeting strategy and opening the door to further exploration success.

Executive Chairman Allan Kelly answers key investor questions about the discovery, its implications, and what’s next across the company’s Western Australian portfolio.

What makes the gold discovery at the 8 Mile target significant for Miramar?

The results from GJRC029 are significant because they mark the first time Miramar has intersected meaningful gold mineralisation within its own ground at this part of the project.

The hole returned an interval of 18 metres at 0.94 grams per tonne gold from 480 metres depth, including 1 metre at 6.04 grams per tonne, and ended in mineralisation with a final 3 metres grading 0.52 grams per tonne, suggesting potential continuity at depth.

“This is the first time we have discovered significant gold mineralisation on our side of the fence, even though the drill hole didn’t end up exactly where we planned it to.”

Although the drill hole deviated significantly from its planned path and terminated around 75 metres north of the tenement boundary, it intersected the same steeply west-dipping, sulphide-rich mafic unit seen in the adjacent 8-Mile Dam Deposit.

As a result, Miramar has now confirmed the extension of mineralisation more than 100 metres into its tenement, which enhances the prospectivity of the target and demonstrates the effectiveness of its exploration model.

How does the 8 Mile discovery relate to the nearby 8-Mile Dam Deposit owned by Northern Star?

The 8-Mile Dam Deposit, located immediately south of Miramar’s ground, is reported to contain 7 million tonnes at 1.4 grams per tonne gold for a total of 313,977 ounces, based on publicly available data from 2017.

Hole GJRC029 was drilled to test an induced polarisation (IP) anomaly along the boundary and mirrored a historical diamond drillhole by KCGM that had intersected mineralisation in the same host rock.

“The hole intersected a thick section of the steep westerly-dipping and highly altered 8 Mile mafic unit with widespread sulphide mineralisation, including disseminated magnetite and coarse-grained arsenopyrite, pyrrhotite and chalcopyrite, similar to the 8 Mile Dam Deposit.”

These geological similarities confirm that the mineralised structure present at 8-Mile Dam extends northward into Miramar’s ground.

Moreover, the IP anomaly targeted by GJRC029 was validated, indicating that similar anomalies across the Gidji JV Project may also represent gold-bearing systems.

What are the next steps now that high-grade gold has been confirmed in the first hole?

The company is currently awaiting assay results from the remaining section of GJRC029, specifically from 64 to 448 metres depth, which were not included in the priority analysis.

The first batch of assays covering the final 56 metres, was selected based on the presence of sulphides, magnetic susceptibility, and elevated arsenic levels measured by handheld XRF, and analysed using fire assay at Bureau Veritas in Kalgoorlie.

“The significant deviation of GJRC029 away from the planned target increases the potential strike length of gold mineralisation on Miramar’s ground.”

In parallel, Miramar is finalising the broader RC drilling program across two other IP targets within the Gidji JV.

Once all results are received and compiled, the company will plan follow-up RC and diamond drilling to further define the dip and strike of the mineralised zone intersected in GJRC029.

How does this discovery impact the overall potential of the Gidji JV Project?

This discovery provides strong validation of the company’s long-term exploration model at Gidji, which covers approximately 15 kilometres of strike along the Boorara Shear Zone a highly prospective corridor known to host multiple gold deposits.

While the project has been underexplored historically due to shallow transported cover and the presence of the Gidji Paleochannel, systematic work by Miramar since 2020 has led to several new discoveries.

The 8 Mile result confirms that bedrock gold mineralisation extends onto Miramar’s ground and supports the effectiveness of the IP targeting method.

When combined with earlier supergene discoveries, the project now presents a compelling case for the emergence of a new gold camp, potentially comprising multiple deposits within a concentrated area.

What exploration work is underway or planned across Miramar’s other projects?

While the Gidji JV remains a major focus, Miramar is actively progressing work at its other Western Australian projects.

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

This program is supported by Exploration Incentive Scheme (EIS) co-funding and aims to define new drill targets.

A field trip to the Chain Pool Project is also being planned to carry out additional soil and rock chip sampling following completion of the Gidji RC program.

This project is known for its copper-lead-zinc-silver potential, and additional sampling will help refine future exploration targets.

Together, these activities reflect Miramar’s diversified strategy, with work advancing across multiple high-potential assets in the gold, base metal, and battery metals sectors.

Expanding the discovery horizon

With confirmation of gold mineralisation in its first drill hole at the 8 Mile target, Miramar Resources has opened up a new strike zone extending more than 100 metres north of the 8-Mile Dam Deposit.

“We have extended the strike of gold mineralisation for over 100m on to our tenements.”

This outcome not only validates the company’s geophysical exploration model but also demonstrates that high-grade systems can be identified and extended within its tenement holding.

The success of hole GJRC029 significantly enhances the broader potential of the Gidji JV and paves the way for more targeted follow-up drilling aimed at defining continuity and scale.

Coupled with upcoming programs at Bangemall and Chain Pool, Miramar is advancing a well balanced portfolio with multiple catalysts for discovery, underscoring its commitment to delivering long-term value through systematic exploration.

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