Miramar Targets Deep Gold and Base Metals in 2026 Drilling Push

Miramar’s 2026 Exploration Outlook

Miramar Resources Limited (ASX, M2R) is gearing up for a significant exploration push in the first quarter of 2026, targeting key gold, copper, lead, and silver prospects across Western Australia. The company’s planned drilling campaign will test high-priority targets within its 80%-owned Gidji Joint Venture (JV) near Kalgoorlie and the Chain Pool Project in the Gascoyne region.

Executive Chairman Allan Kelly expressed enthusiasm about the upcoming work, highlighting the potential to unlock substantial value from Miramar’s portfolio following a successful capital raise in 2025. The campaign will include reverse circulation (RC) drilling at the Blackfriars and Highway gold prospects, as well as auger drilling at the Joy Helen copper-lead-silver prospect.

Deeper Drilling at Gidji’s Gold Targets

The Gidji JV Project, located just 15 kilometres north of Kalgoorlie, has been a focus for Miramar since 2020. The company has identified multiple gold anomalies through shallow aircore drilling, with several results exceeding 1 gram per tonne (g/t) gold over strike lengths of approximately one kilometre. However, until now, these targets have not been tested at depth.

The upcoming RC drilling program will comprise 10 to 12 holes, totaling around 2,500 to 3,000 metres, designed to probe beneath the Gidji Paleochannel to discover potential large bedrock gold deposits. Blackfriars, in particular, is geologically analogous to the nearby Paddington gold deposit, which boasts around 4 million ounces of gold. This similarity raises expectations that Miramar could delineate a significant new deposit.

Highway, another priority target, has yet to see any RC drilling despite promising aircore results and geophysical anomalies suggesting the presence of an intrusion within the Black Flag Beds. The program has already secured regulatory approvals and a drill rig, with work scheduled to commence in late January.

Advancing Base Metals at Chain Pool

In parallel, Miramar is preparing an auger drilling campaign at the Joy Helen prospect within the Chain Pool Project. This site has yielded impressive rock chip samples with ore-grade copper, lead, and silver values, including assays such as 7.23% copper, 54.5% lead, and up to 73.48 grams per tonne silver. Soil sampling has revealed alteration halos consistent with sedimentary exhalative (SEDEX)-style mineralisation, suggesting a folded stratigraphy that may repeat these high-grade zones.

The upcoming auger drilling will test the main Joy Helen trend and adjacent parallel trends, marking the first drilling activity at Chain Pool since 1964. This initiative follows the Gidji drilling and is planned for late in the first quarter.

Strategic and Corporate Developments

Alongside its exploration efforts, Miramar is refreshing its board and corporate structure, signaling a strategic repositioning aimed at maximising shareholder value. While details remain forthcoming, this move aligns with the company’s ambitions to capitalise on its growing asset base amid favourable commodity price trends, particularly the recent uplift in silver prices which enhances the economics of the Chain Pool project.

Miramar’s portfolio benefits from proximity to established infrastructure, including several gold processing plants near Gidji, offering multiple pathways to monetise any discoveries. The company’s methodical approach, progressing from shallow aircore to deeper RC drilling, reflects a disciplined exploration strategy designed to unlock the full potential of its tenements.