Miramar Resources Doubles Gold Exploration Target at Gidji JV

Miramar Resources Doubles Gold Exploration Target at Gidji JV Project

Miramar Resources (ASX: M2R) has reported a substantial increase in the Exploration Target for its 80%-owned Gidji JV Gold Project, lifting the estimate to 124,871 to 325,125 ounces of gold across six target domains. According to the ASX announcement dated 29 June 2026, the revised target is more than double the earlier estimate and is based on recent drilling and assay data from a project located 15 kilometres north of Kalgoorlie.

The update matters because it moves Gidji closer to the next major milestone in the project life cycle: a potential maiden JORC-compliant Mineral Resource estimate. In the announcement, Miramar said it has already engaged a resource geologist to review the drilling data and advise whether additional infill drilling is needed before a formal resource can be estimated.

"This update has been estimated using actual drilling and assay data and has more than doubled the gold Exploration Target at Gidji, with further potential identified in areas with little or no deep drilling to date," said Marion Bush, Managing Director.

"This gives us reason to believe there is potential for a significant maiden mineral resource estimate and we're currently working with resource geologists who are reviewing our drilling data."

The Updated Gidji Exploration Target in Detail

The revised Exploration Target covers Roaster, Marylebone, Powerline, Blackfriars, Highway and Railway. The largest contributor is Highway, while Powerline and Marylebone also account for a large share of the contained ounce range.

The company noted that the earlier Exploration Target, released in February 2023, covered only the Marylebone target. Since then, additional aircore drilling has outlined more shallow gold mineralisation at Powerline, Blackfriars and Highway, which has driven the increase in scale.

For investors, the spread across six domains is relevant. It suggests the project is not dependent on a single zone and may offer optionality when resource work advances. However, the company's own cautionary statement remains important: the Exploration Target is still conceptual, and there has not yet been enough drilling to define a Mineral Resource.

The Exploration Target has been prepared in accordance with the 2012 JORC Code. According to Miramar, the potential quantity and grade are conceptual in nature, there has been insufficient exploration drilling to estimate a Mineral Resource, and it is uncertain whether further drilling will result in a JORC-compliant Mineral Resource.

What an Exploration Target Means for Investors

An Exploration Target is not the same as a Mineral Resource. This distinction is central to understanding the significance of the Gidji update.

An Exploration Target is an estimate of the potential size and grade range of mineralisation based on available geological evidence. It uses drilling and sampling data, but it does not yet have enough confidence for formal resource classification. In practical terms, it is an early-stage framework that indicates what may be present.

A JORC Mineral Resource, by contrast, requires a higher level of geological confidence. The data must support continuity of mineralisation and allow the deposit to be classified as Inferred, Indicated or Measured under the JORC Code.

For junior gold companies, the move from Exploration Target to Mineral Resource often marks a major change in how the market values a project. A Mineral Resource can support development studies, mining approvals work and commercial discussions in a way that an Exploration Target cannot. Furthermore, Miramar appears to be moving into that transition phase now, though the outcome still depends on the quality and density of the drilling data.

Key Terms Explained

• Aircore drilling: A low-cost drilling method used to test shallow ground and collect rock chip samples.
• RC drilling: Reverse Circulation drilling, a deeper and more robust method that also produces chip samples.
• Diamond drilling: A drilling method that recovers intact core, allowing more detailed geological assessment.
• Supergene gold: Gold concentrated near surface by weathering processes over time.
• Paleochannel: An ancient buried river system. At Gidji, it is important because much of the shallow gold sits beneath or around this feature.
• Pathfinder anomalism: Elevated levels of elements that can indicate a nearby source of gold mineralisation.

Why Gidji's Geology Is Attracting Attention

According to the announcement, the Gidji JV Project contains approximately 15 kilometres of strike along the Boorara Shear Zone, a regional structure associated with several gold deposits. The project sits within Western Australia's Eastern Goldfields Province, one of the country's best-known gold regions.

The current Exploration Target relates mainly to shallow supergene and/or paleochannel-hosted gold mineralisation. Miramar said this mineralisation forms a single sub-horizontal unit at an average vertical depth of 48 metres.

That geometry is technically important. Because the aircore holes are vertical and the mineralised zone is interpreted to be broadly horizontal, the intersections are considered to approximate the true width of the mineralisation. This can support more reliable early-stage interpretation.

The estimate used a subset of the company's drilling database comprising:

• 939 aircore holes for 53,362 metres
• 26 RC holes for 4,007 metres
• 1 diamond hole for 190.75 metres

The company also referenced limited historical drilling data from previous tenement holders. However, the announced estimate does not include 8 Mile or northern targets such as Boorara North, Lake and Claypan, as those areas have had limited or no recent drilling.

In addition, no direct specific gravity (SG) measurements have yet been taken from aircore or RC samples. Miramar used a theoretical SG value of 2.3 g/cm3 for the weathered material, based on comparable supergene gold deposits in the area. This is a standard early-stage approach, but it also highlights one of the technical steps still to come as the project advances.

Additional Upside Remains Outside the Current Estimate

The announcement did not present the new Exploration Target as the final limit of the system. Instead, Miramar outlined two separate areas where more mineralisation may yet be identified.

Could Bedrock Gold Extend the System Deeper?

Miramar stated that deeper drilling across the project remains limited, with average hole depth, including RC and diamond drilling, of less than 60 metres. Management believes the shallow supergene gold may have been derived from one or more nearby bedrock sources that are not yet properly tested.

This is relevant because bedrock-hosted gold systems can, in some cases, support larger and more continuous mineralised bodies than shallow weathering-related zones. The announcement cited bedrock structures and end-of-hole pathfinder anomalism as supporting this view, though this remains an exploration concept that requires deeper drilling.

What About Untested Ground Outside the Paleochannel?

Miramar also pointed to potential for more supergene mineralisation outside the Gidji Paleochannel. In these areas, the weathering profile is shallower, and many aircore holes stopped before reaching the same depth as the mineralised zone found under the channel.

In the company's interpretation, these zones remain largely untested but coincide with meaningful pathfinder anomalism. For investors, this means the current Exploration Target may not capture all of the shallow gold potential identified by the broader geochemical signature.

Location and Infrastructure Could Support Development Options

The Gidji project's location is a clear feature of the announcement. Miramar highlighted that the project is:

• 15 kilometres north of Kalgoorlie-Boulder
• Adjacent to the Goldfields Highway
• Surrounded by gold mining and processing operations

For an exploration company, proximity to infrastructure can influence development pathways if a resource is ultimately defined. Managing Director Marion Bush said the project's location could open multiple options to monetise shallow gold already identified, particularly given current gold prices.

That does not mean any commercial arrangement is in place. However, nearby road access and processing infrastructure can reduce logistical complexity compared with projects in remote locations.

The company also noted that Northern Star Resources has indicated it is continuing to progress the 8 Mile Dam Project, which abuts Gidji's southern boundary. Importantly, the ASX announcement does not state any formal involvement by Northern Star in Gidji itself.

Next Steps Outlined in the Announcement

Miramar's update included a clear list of activities now underway or planned to move Gidji toward a potential development decision.

These steps are relevant because they address several of the gaps between an Exploration Target and a more advanced development stage. Resource modelling, density measurements, metallurgy and tenure progression all help build the technical and regulatory foundation needed for future project decisions.

Miramar also said it has prior experience applying for a Mining Lease at its Glandore Project, which may assist with this stage of work.

What the Gidji Update Suggests for the Miramar Investment Case

The 29 June 2026 announcement gives investors a more developed picture of Gidji than the company had previously outlined. The project now has a broader base of drill-defined shallow targets, a larger ounce range, and a stated pathway toward resource estimation.

Several points stand out:

• Scale has increased materially, with the upper end of the Exploration Target now at 325,125 ounces
• The target base is diversified across six domains rather than one principal zone
• The project remains open, both at depth and outside currently drilled shallow channel areas
• Resource work is active, with a geologist reviewing the data now
• Development planning has started, including Mining Lease preparation and early partner discussions

At the same time, the announcement leaves the project in an intermediate stage rather than a de-risked one. The current estimate is still conceptual, bedrock potential is largely untested, and further drilling may be required before a JORC-compliant resource can be declared.

That balance is important. The upside case relates to successful conversion of the Exploration Target into a maiden Mineral Resource and, potentially, further discovery at depth. The limiting factor is that neither outcome is yet confirmed.

Why the Market Is Likely to Watch the Next Gidji Update Closely

According to the ASX announcement, Miramar has moved Gidji from an underexplored covered terrain to a project with multiple defined shallow gold domains in less than six years of work since exploration began in late 2020. The latest Exploration Target update adds scale, but the next phase may carry greater market significance.

If the current data review supports a maiden resource estimate, that would provide a more formal benchmark for assessing Gidji's development potential. Furthermore, if deeper drilling also starts to test the inferred bedrock source, investors would have a second parallel catalyst to monitor.

For now, the announcement positions Gidji as a Kalgoorlie-area gold project with a larger conceptual gold inventory, existing drilling support, and clear near-term technical workstreams. The investment focus now shifts from proving presence of shallow gold to testing whether that gold can be converted into a compliant resource and whether a larger bedrock system sits below it.

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