Miramar Resources Launches $1.25M Raise to Drill Bedrock Beneath Gidji Gold Find
Key Takeaways
- Miramar Resources has received firm commitments for a $1.25 million placement priced at $0.00175 per share — a 12.5% discount to last traded price — to fund RC drilling at the 80%-owned Gidji JV Gold Project.
- The maiden Inferred Gold Resource of 1Mt at 1.20 g/t Au for 39,764oz, announced 20 August 2026, sits within JORC-compliant optimised pit shells, while the broader block model estimates 116,561oz at 0.73 g/t Au — the gap between those two numbers is what the upcoming drill program is designed to close.
- RC drilling is targeted to commence Q4 CY2026 across three prospects — Marylebone, Highway, and Lake — with average drillhole depth across the project currently less than 60m, meaning bedrock remains largely untested.
- The Highway deposit carries a geological analogy to the 6-million-ounce Kanowna Belle gold deposit located approximately 13km to the east, with sulphide mineralogy including pyrite, arsenopyrite, and pyrrhotite already intersected in RC drilling.
- The Lake prospect will receive its first RC drilling in over 20 years, targeting bedrock beneath a structure with historic gold intersections and a significant arsenic pathfinder anomaly approximately 1.5km along strike from the historic ~30koz Gidji Dam deposit.
Miramar receives firm commitments for $1.25 million placement to drill the bedrock beneath its maiden Gidji gold resource
Miramar Resources has received firm commitments for a $1.25 million placement to fund RC drilling at its 80%-owned Gidji JV Gold Project, located 15km north of Kalgoorlie. The raise comes weeks after the company announced a maiden 39,764oz Inferred Gold Resource at Gidji on 20 August 2026, with management viewing that resource as the opening chapter of a potentially much larger bedrock gold system.
The placement is priced at $0.00175 per share, representing a 12.5% discount to the last traded price on 11 September 2026 and to the 15-day volume weighted average price of $0.002. Proceeds will fund RC drilling at the Marylebone and Lake prospects, targeted to commence in Q4 CY2026, alongside infill and extensional drilling at the Highway and Marylebone deposits.
Placement structure and timetable
The raise is structured across two tranches. Tranche One comprises 527,397,477 new shares to raise approximately $0.92 million, utilising the company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Tranche Two comprises approximately 44,031,095 new shares to raise approximately $0.08 million, plus a directors’ commitment to subscribe for 142,857,143 new shares at the offer price to raise $250,000. Tranche Two is subject to shareholder approval at the Annual General Meeting anticipated in mid-November 2026.
Taurus Capital Group Pty Ltd acted as Sole Lead Manager and Bookrunner to the placement, and will receive a fee of 6% of all capital raised by it and 4% for the management of the directors’ participation. Taurus will also be issued 60 million unlisted options at an issue price of $0.00001, with an exercise price of $0.003 each, expiring 3 years from the date of issue, subject to shareholder approval at the AGM.
The indicative timetable for the placement is:
- Settlement of new shares: 23 September 2026
- ASX quotation of new shares: 24 September 2026
- Annual General Meeting (Tranche Two approval): anticipated mid-November 2026
Marion Bush, Chief Executive Officer
“The Maiden Inferred Gold Resource we announced last month is just the beginning. The shallow gold we’ve discovered at Gidji has real value and we’ve started investigating early development options which leverage off of Gidji’s prime location just 15km from the Goldfields mining hub of Kalgoorlie… Our wider block model estimates that we have 116,561oz of shallow gold at Gidji, and we believe there is an opportunity for us to bring more of this gold into the Resource with further shallow drilling… We’re really happy to have the support of Taurus Capital and to receive their follow-on investment along with that of our existing shareholders.”
When big ASX news breaks, our subscribers know first
What the Gidji JV project looks like right now
The Gidji JV Project sits approximately 15km north of Kalgoorlie-Boulder in Western Australia’s Eastern Goldfields Province, a region that hosts some of the world’s most productive gold operations. Miramar holds an 80% interest in the project, which covers approximately 15km of strike along the Boorara Shear Zone.
Despite being surrounded by active gold mining and processing operations, Gidji has historically been underexplored. The primary reason is the extensive shallow transported cover and the Gidji Paleochannel, which crosscuts the most prospective basement geology and has obscured the bedrock potential beneath.
The maiden resource and what lies beyond it
The Inferred Mineral Resource Estimate, announced on 20 August 2026, defined a maiden Inferred Gold Resource of 1Mt at 1.20 g/t Au for 39,764oz, contained within optimised pit shells. These pit shells satisfy the JORC requirement of “reasonable prospects of eventual economic extraction” (RPEEE).
It is important to distinguish this figure from the company’s wider block model. The broader block model estimates 4.98Mt at 0.73 g/t Au for 116,561oz — gold sitting outside the RPEEE-constrained optimised pit shells is included here but not yet in the formal resource. Converting this block model material into resource ounces through infill drilling is one of Miramar’s stated near-term priorities.
The company previously announced a gold Exploration Target at Gidji of 125koz to 325koz at 0.6 to 1.3 g/t Au (announced 29 June 2026). As required under the JORC Code, the Exploration Target is conceptual in nature, has been prepared based on actual drilling data, but there has been insufficient exploration drilling to estimate a Mineral Resource. It is uncertain whether further exploration drilling will result in the estimation of a JORC-compliant Mineral Resource.
Three drilling targets and why each one matters
With an average drillhole depth across the project of less than 60m, bedrock at Gidji remains largely untested. The upcoming RC campaign targets three prospects where geology and pathfinder data suggest primary gold sources may be present beneath the shallow supergene mineralisation already defined.
Marylebone — shallow high-grade with bedrock signals
Marylebone hosts shallow high-grade gold over 1.2km of strike, with three optimised open pits containing gold mineralisation totalling over 12,000oz. The deposit is hosted in mafic and ultramafic rocks within the Boorara Shear Zone.
A 2025 SAM (Sub-Audio Magnetics) survey identified sulphides in the underlying dolerite, and lithogeochemical data shows significant alteration including Tellurium pathfinder anomalism. Both signals point toward a potential primary bedrock gold source up-stream from the known supergene mineralisation.
Highway — the largest deposit, with a Kanowna Belle geological analogy
Highway is the largest and most contiguous resource defined at Gidji to date, totalling over 10,000oz. It is characterised by a porphyritic diorite intruding into the Black Flag Beds, with NW-trending faults interpreted from drilling and geophysical data along the western margin of the intrusion.
Recent RC drilling recorded the presence of sulphides including pyrite, arsenopyrite, and pyrrhotite across several holes. The source announcement notes that the geology, scale, and structural setting are described as similar to the 6-million-ounce Kanowna Belle gold deposit, located approximately 13km to the east. Drilling to date has been relatively wide-spaced and mostly vertical aircore, making infill and extensional RC drilling the logical next step.
Lake — first RC drilling in over 20 years
The Lake prospect is located approximately 1.5km along strike from the historic approximately 30koz Gidji Dam deposit. Geology is characterised by a folded felsic intrusion crosscut by structure, with historical wide-spaced RC drilling returning significant gold intersections alongside a larger arsenic anomaly within the structure. Arsenic is a gold pathfinder element that can be indicative of bedrock gold mineralisation.
The announcement explicitly states that Miramar plans to conduct the first RC drilling at Lake in over 20 years, targeting the bedrock in late 2026.
Miramar’s three stated growth pillars at Gidji are:
- Convert block model ounces to Resource via infill drilling
- Discover primary bedrock source(s) beneath shallow supergene gold
- Test untested bedrock targets, including Lake and Claypan
| Prospect | Resource Ounces | Key Geology Signal | Drilling Plan |
|---|---|---|---|
| Marylebone | Over 12,000oz (3 optimised pits) | Sulphides in dolerite (SAM survey); Tellurium pathfinder anomalism | Infill and extensional RC; bedrock target testing Q4 CY2026 |
| Highway | Over 10,000oz (largest contiguous deposit) | Pyrite, arsenopyrite, pyrrhotite in RC drilling; similar setting to Kanowna Belle | Infill and extensional RC drilling planned |
| Lake | No current resource defined | Historic gold intersections; arsenic anomaly (gold pathfinder); ~1.5km from ~30koz Gidji Dam deposit | First RC drilling in over 20 years, planned late 2026 |
The next major ASX story will hit our subscribers first
Next steps on the path toward development
Miramar is focused on progressing the Gidji JV Gold Project toward potential development. The company’s stated next steps are:
- Infill and/or extensional resource drilling at Marylebone, Highway, and Lake
- Application for a Mining Lease
- Discussions with potential development partners
- RC drilling campaign commencing Q4 CY2026
The company is simultaneously investigating early development options. Management has specifically noted Gidji’s location 15km from Kalgoorlie’s existing mining hub as a factor underpinning early development optionality. The company is investigating these options, not announcing a development decision, and no formal development timeline has been disclosed.
With bedrock largely untested across a project that has already yielded nearly 40,000oz of shallow gold from limited drilling depth, the upcoming RC campaign will be a material test of management’s conviction that the supergene mineralisation at Gidji is the surface expression of something substantially larger below.
Don’t Miss the Next ASX Gold Breakout Near Kalgoorlie
Breaking ASX gold news lands in your inbox within minutes of release, complete with in-depth analysis already done. Big News Blast delivers FREE real-time alerts to 30,000+ subscribers across Australia’s most active mining and energy sectors. Click the “Free Alerts” button at Discovery Alert to stay ahead of the market the moment news breaks.