Miramar Resources (ASX:M2R) secures option over underexplored Ashburton Au Cu Sb Project

Miramar Resources has moved to expand its Gascoyne footprint with an exclusive 6 month option over the South Ashburton gold, copper and antimony project in Western Australia, targeting a belt that already hosts several known Au Cu Sb deposits.

The transaction adds a new tenement scale opportunity while the company continues active drilling and target generation work across its existing portfolio.

Highlights

• Exclusive 6 month option to purchase the South Ashburton Au Cu Sb Project
• Single tenement application E08/3790 covering 188 km2 in the Ashburton Basin
• Region hosts the Paulsens, Mt Olympus and Mt Clement Au Cu Sb deposits
• Project area contains outcropping Au Cu Sb gossans
• No fieldwork in the last 10 years and no drilling since 1991
• Multiple significant historic gold, copper and antimony rock chip results reported
• Option terms include $25,000 upfront, $50,000 on exercise, $150,000 in shares at $0.0025 and a 1% GSR royalty

The South Ashburton Project sits within the Ashburton Basin, described in the release as the same geological province that hosts the Paulsens, Mt Olympus and Mt Clement Au Cu Sb deposits.

The project comprises a single tenement application covering 188 km2 and is supported by multiple historic rock chip results across gold, copper and antimony, drawn from referenced historic reports and summarised in the company’s tables and maps.

Historic sampling reported a wide spread of results including values up to 4.25 ppm Au and copper results up to 13.0% Cu, alongside elevated antimony and associated bismuth and lead in selected samples.

The company states that no verification of these historic results has been completed at this stage, but the dataset provides a technical base for follow up work once tenure is granted.

Management describes the geological setting as comparable in style to established deposits in the basin, while also noting that most of the ground has not been explored using systematic or modern exploration techniques.

As Managing Director Marion Bush said,

“The mineralisation style is analogous to the Paulsen’s gold deposit, which played a foundational role in the success of Northern Star Resources Limited, and the Mt Olympus deposit, however most of the Project has not been explored using systematic or modern exploration techniques meaning immediate target generation is possible using modern methods.”

From a corporate perspective, the structure of the option is staged and defined.

The company will pay $25,000 for the option and, if exercised, make a further $50,000 cash payment and issue $150,000 in shares at an issue price of $0.0025, with 50% of those shares subject to a 3 month escrow.

The vendor will also retain a 1% GSR royalty on mineral production from the tenement and future tenements covering the project.

During the option period, Miramar will manage the tenement application and progress heritage agreements, while compiling data to support on ground exploration activities once the tenement is granted.

The company also confirms that this transaction does not shift operational attention away from existing programs.

RC drilling is ongoing at the Blackfriars and Highway targets within the Gidji JV Gold Project, with several batches of samples submitted to laboratories in Kalgoorlie, and preparations are underway for an auger drilling programme at the Chain Pool Cu Pb Ag project where high grade mineralisation has been outlined.

In practical terms, the South Ashburton option represents a portfolio expansion within Miramar’s WA focus, adding a project with historic results and limited recent work, while current drilling and target testing programs continue across its other assets.

The next phase will depend on tenement grant and the application of modern exploration methods across ground that has seen little activity for more than 10 years.

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