Miramar Resources

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With the explosive growth of the electric vehicle market and the global push for sustainability, demand for battery metals is skyrocketing. This has created significant upside potential for exploration, particularly where copper and nickel are concerned.

Miramar Resources (ASX:M2R) intends to leverage that potential to the fullest. Led by an experienced board with a proven track record of successful exploration and discovery, the company has acquired multiple projects with the potential to host world-class mineral deposits. These discovery opportunities span Australia’s Eastern Goldfields and Capricorn Orogen, a rapidly emerging yet largely underexplored mineral province.

Proterozoic orogens are well-established as hosting major mineral deposits. Capricorn is no exception. It’s highly prospective for multiple commodities and deposit types.

This is something Miramar has recognized for years, driving the company to acquire two large and highly prospective landholdings: the Whaleshark Iron-Oxide-Copper-Gold (IOCG) project and the Bangemall Nickel-Copper-PGE projects. In addition to these, Miramar maintains two gold projects in the Eastern Goldfields, one of which — Gidji JV — has the potential to become a new gold camp in the region.

Miramar’s strategy is simple — to create shareholder value through the discovery of world-class deposits. It’s well-positioned to do exactly that, with active exploration programs, a tight share register and low enterprise value. The company is also quite well-funded, owing to a recent $2 million round of capital raising.

Company Highlights

The current focus on battery metals creates significant upside opportunities for exploration, particularly on copper and nickel.Australian exploration company Miramar Resources is well-positioned to take advantage of the battery metals opportunity. Led by an experienced board with a track record of successful discovery, development and production, Miramar has acquired multiple potential world-class deposits, including:Large, shallow IOCG targets at WhalesharkMultiple nickel-copper-PGE targets at BangemallMultiple strategic Eastern Goldfields projects, including one with the potential to become a new gold campMiramar is an active explorer with regular news flow, a tight share register and low enterprise value.

Key Assets

Whaleshark (Ashburton)

Located roughly 40 kilometers east of Onslow in the Ashburton region of Western Australia, Whaleshark displays similar geology to several projects with significant iron-oxide-copper-gold (IOCG) deposits, including Ernest Henry, Starra, Carrapateena and Prominent Hill. It was acquired by Miramar as part of its initial public offering in 2020.

Miramar recently secured $180,000 in Exploration Incentive Scheme (EIS) funding from the Western Australia Government to fund diamond drilling and project development at Whaleshark.

Project Highlights:

IOCG Prospectivity: Whaleshark displays all the necessary characteristics for the presence of a large iron-oxide-copper-gold deposit, including:Proterozoic granite with nearby iron-rich rocksOverlapping magnetic anomalism and gravityStrong anomalous “interface” geochemistrySodic and potassic alterationHigh-Priority Drilling: Miramar has identified multiple high-priority bedrock drill targets which comprise overlapping:Mobile metal iron (MMI) surface geochemical anomalism over roughly 1.2 square kilometersGravitational anomalism crosscut by a northwest-trending structureStrongly elevated copper, cobalt, gold and silver results gathered from “interface” aircore drillingAdvantageous Geology: Whaleshark’s geology is incredibly similar to the large Ernest Henry IOCG in Queensland, including the scale, suite and magnitude of elements. However, Whaleshark also displays much shallower cover compared to Ernest Henry.

Bangemall/Mount Vernon (Gascoyne)

Located within the Proterozoic Capricorn Orogen in Western Australia’s Gascoyne region, Miramar’s 100-percent-owned Bangemall projects cover approximately 1,920 square kilometers. Both the Geological Survey of Western Australia and Geoscience Australia have identified the area as being highly prospective for numerous types of mineral deposits. Geology at the project is characterized by multiple Kulkatharra Dolerite sills intruding into sulfidic sediments. To date, the company has three main projects in the Bangemall: Mount Vernon, Dooley Downs and Blue Bar.

In early 2022, Miramar flew a detailed magnetic and electromagnetic survey over the Mount Vernon project, identifying multiple late-time anomalies potentially related to nickel-copper-PGE sulphide mineralization.

The company is currently in the process of submitting an application for EIS funding for drilling at Mount Vernon. Provided it is successful, Miramar plans to commence drilling in December 2023.

Project Highlights:

Mount Vernon potential: Miramar’s VTEM survey at Mount Vernon confirms historic exploration at the project, which identified:Nickel, copper and platinum group elements soil anomaliesSignificant nickel-copper in rock chipsDrilling which intersected elevated nickel-copper-PGEs in doleriteCurrent Work: The company is planning the following at Mount Vernon:Rock chip and/or soil sampling along the basal contactOrientation ground EM surveys over selected airborne EM anomaliesFinalizing drill hole locations based on the above resultsFuture Plans: Identifying more drill targets for testing

Gidji JV Project (Eastern Goldfields)

Located roughly 15 kilometers north of Kalgoorlie, Gidji is a highly prospective yet underexplored gold project with potential nickel mineralization. Miramar has been actively exploring the project since October 2020, resulting in the identification of several new targets and outlining large aircore gold anomalies at Marylebone, Blackfriars and Highway/Piccadilly, each of which could host a significant gold discovery. The Marylebone target is the highest priority target as it has the same geology, structural setting and scale as the 4-Moz Paddington gold deposit which is also located in the ‘Boorara Shear Zone’ to the north and where Miramar discovered high-grade gold in a quartz vein. At the Marylebone target alone, Miramar has outlined a large shallow gold “exploration target” of 1.4 to 3.2 million tons (Mt) @ 1.2 to 1.5 grams per ton (g/t) gold. The company believes Gidji has the potential to become a new gold camp.


Multiple High-potential Gold Targets: Potential mineralization at Marylebone ranges from 1.4 to 3.2 Mt @ 1.2 to 1.5 g/t gold. Other gold anomaly targets include Blackfriars, Highway-Piccadilly and Railway. Miramar is currently refining bedrock targets for further deep drilling. Potential Nickel Sulphide Mineralization: Through re-analysis of multiple aircore holes, Miramar has produced significant platinum and palladium assays commonly associated with high nickel and copper results.

Glandore (Eastern Goldfields)

Situated 40 kilometers east of the Kalgoorlie Gold Field, Miramar’s 100-percent-owned Glandore project displays the potential for significant high-grade gold mineralization. Previous exploration of the project area identified a large aircore gold footprint along with significant gold anomalism. Diamond drilling in 2005 returned results that included 4 meters @ 44.3 g/t gold.

In 2022, Miramar completed a diamond drilling program at the high-grade “Glandore East’ target, at the edge of the salt lake, with results returning high-grade gold mineralization and visible gold. Multiple parallel mineralized structures have been outlined beneath a very large aircore gold footprint and bedrock gold mineralization is present over 600 meters of strike and open. A UAV magnetic survey identified multiple northeast-trending structures. More surveys are planned to further refine and assist in targeting.

Management Team

Allan Kelly – Executive Chair

Allan Kelly is a geologist and manager with over 25 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Kelly graduated in 1994 with a Bachelor of Science (with honors) in applied geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada, and has previously held senior exploration positions at Western Mining Corporation and Avoca Resources.

In 2009, he founded Doray Minerals, which was listed on the ASX in early 2010. Under Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years. He subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold in 2014.

In 2014, Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. He is a fellow and former councilor of the Association of Applied Geochemistry (AAG), a member of the Australian Institute of Geoscientists (AIG), and a member of the Institute of Brewing and Distilling (IBD).

Marion Bush – Technical Director

Marion Bush is a geologist with over 25 years’ experience in senior management, directorship, commercial management, analyst and marketing roles within the UK, Australia, Africa and South America. She was the former CEO of TSX-V listed Cassidy Gold and a former mining analyst.

Bush holds a Bachelor of Science (geology) from Curtin University, a Master of Science (mineral project appraisal) from the University of London (Imperial College) and is a member of the AIG.

Terry Gadenne – Non-executive Director

Terry Gadenne has over 30 years’ experience in military and civilian aviation, agriculture and mining management. He was the chief pilot of Mackay Helicopters and managing director of Mining Logic, located in Queensland. Over the course of his career, Gadenne has had various board positions in not-for-profit organizations.

He holds a Bachelor of Aviation Studies (management) from the University of Western Sydney, completed the Company Directors Course with AICD and was a former army and navy pilot.

Mindy Ku – Company Secretary

Mindy Ku has over 15 years’ international experience in financial analysis, financial reporting, management accounting, compliance reporting, board reporting, company secretarial services and office management across multiple jurisdictions (Australia, Malaysia, UK, Sweden and Norway) including ASX-listed public and private companies.

Ku holds a Bachelor of Science in computing from the University of Greenwich, United Kingdom, is a member of Certified Practising Accountant Australia and a fellow member of the Governance Institute of Australia.

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