Miramar Resources Launches $1M Plan to Accelerate 8 Mile Gold Drilling
Miramar Resources has announced a $1 million Share Purchase Plan to fast-track drilling at its promising 8 Mile gold prospect near Kalgoorlie, following recent significant mineralisation discoveries.
- Share Purchase Plan to raise up to $1 million
- Funds targeted to accelerate drilling at 8 Mile gold prospect
- Recent discovery of significant gold mineralisation near 314koz 8-Mile Dam deposit
- Eligible shareholders offered shares at 20% discount
- Additional exploration planned at Bangemall and Chain Pool projects
Miramar’s Strategic Capital Raise
Miramar Resources Limited (ASX – M2R) has unveiled a Share Purchase Plan (SPP) aiming to raise approximately $1 million to accelerate exploration activities at its 8 Mile gold prospect, part of the 80%-owned Gidji Joint Venture Project in Western Australia. This move follows the company’s recent announcement of significant gold mineralisation discovered along strike from the neighbouring 314,000-ounce 8-Mile Dam gold deposit.
Unlocking the Potential of 8 Mile
The 8 Mile prospect has emerged as a compelling target after Miramar’s initial drilling confirmed gold mineralisation extending onto its tenements. The company is currently awaiting assay results from the first drill hole and three additional reverse circulation holes that tested geophysical anomalies further north. Executive Chairman Allan Kelly highlighted the importance of these findings, noting that the presence of gold mineralisation linked with induced polarisation anomalies boosts confidence in the prospect’s potential.
Shareholder Opportunity and Terms
The SPP offers eligible shareholders in Australia and New Zealand the chance to purchase new fully paid ordinary shares at a 20% discount to the recent volume weighted average price, with a cap of $30,000 per shareholder. The company may accept oversubscriptions or scale back applications, depending on demand and regulatory limits. The offer opens on July 28 and closes on August 11, with new shares expected to be quoted on the ASX by August 15.
Broader Exploration Initiatives
Beyond 8 Mile, Miramar is preparing to commence a co-funded detailed airborne magnetic and VTEM survey at its Bangemall nickel-copper-platinum group elements project by the end of July. Additionally, further soil and rock chip sampling is planned at the Chain Pool copper-lead-zinc-silver project to extend known mineralisation. These activities underscore Miramar’s broader strategy to build a diversified portfolio of high-quality mineral assets in Western Australia’s prolific Eastern Goldfields and Gascoyne regions.
Looking Ahead
With drilling underway and assay results pending, Miramar is poised to systematically test multiple targets at 8 Mile, leveraging a drill-for-equity agreement with Topdrill to maximise its exploration budget. The company’s recent discoveries and ongoing work position it well to potentially establish a new gold camp within the Gidji JV Project, a prospect that has remained underexplored despite its proximity to established mining operations.
Bottom Line?
Miramar’s $1 million capital raise signals a decisive push to define the scale of its 8 Mile gold discovery, with upcoming assay results set to shape the company’s next exploration chapter.
Questions in the middle?
- What will the pending assay results reveal about the size and grade of the 8 Mile gold mineralisation?
- How will Miramar balance funding between 8 Mile and its other projects like Bangemall and Chain Pool?
- Could the drill-for-equity agreement with Topdrill significantly extend Miramar’s drilling capacity?
