Miramar Resources (ASX:M2R) Secures EIS Funding and Breaks a 62-Year Drilling Silence at Chain Pool
- Ephrem Joseph
- 4 hours ago
- 10 min read
A WA explorer secures government backing for its Whaleshark Copper-Gold project while kicking off the first auger campaign at a high-grade base-metals prospect since 1964.
Samso News | ASX: M2R | Copper-Gold | SEDEX | IOCG | Gascoyne Region |
Miramar Resources Limited (ASX: M2R) released three announcements between 30 April and 19 May 2026, marking a clear uptick in field momentum across its Gascoyne region portfolio (Figure 1).
On 30 April, Miramar confirmed it had secured up to $180,000 in WA Government co-funding under Round 33 of the Exploration Incentive Scheme (EIS) for drilling at its 100%-owned Whaleshark copper-gold project in the Ashburton region.
Thirteen days later, on 13 May, the company advised that an auger drilling team had begun mobilising to the Joy Helen prospect within the Chain Pool Project - the first drilling programme at the site since 1964.
By 19 May, the rig was turning. Miramar expects the approximately 100-hole auger programme to take around two weeks, with samples to be returned to Perth for assay.
Figure 1: Miramar's Gascoyne Region Projects (Source: M2R Website)
Samso Summary
Table 1: Summary of the Miramar Resources news flow
Item | Detail |
ASX Code | M2R |
Company | Miramar Resources Limited |
Key Projects Covered | Whaleshark (IOCG, Cu-Au) | Chain Pool (SEDEX, Cu-Pb-Ag) |
EIS Co-Funding Secured | Up to A$180,000 for Whaleshark drilling |
Whaleshark Location | ~40km east of Onslow, Ashburton region, WA |
Chain Pool Programme | ~100 auger holes across three alteration halos at Joy Helen |
Joy Helen Strike Length | ~300m confirmed; potential extension to ~1km |
Best Rock Chip Result | CP003: 73.48g/t Ag, 5.48% Cu, 42.0% Pb |
Shares on Issue | 2,109,589,909 |
Market Cap | ~A$6.33 million (@ A$0.003) |
Cash (31 March 2026) | A$1.13 million |
About Whaleshark Copper-Gold Project
Whaleshark sits at the north-western end of the Proterozoic Capricorn Orogen and is characterised by a Proterozoic banded iron formation and granodiorite intrusion beneath approximately 100m of Cretaceous Carnarvon Basin sediments. Historical exploration in the mid-1990s included diamond drilling that intersected gold mineralisation in one of the banded iron formation units.
Miramar has been building its understanding of the project systematically since 2020. Aircore drilling to the basement in 2022 returned strongly anomalous IOCG pathfinders beneath Mobile Metal Ion surface geochemical anomalism. EIS co-funded diamond drilling in 2023 intersected primary copper sulphide mineralisation — including chalcopyrite — within structures crosscutting the granodiorite.
“A key advantage of exploration at Whaleshark is that the prospective basement rocks are much shallower than in other IOCG provinces, such as the Stuart Shelf in South Australia, and we are now refining and prioritising targets prior to drill testing.
We have strongly anomalous copper, gold and other IOCG pathfinders, IOCG-style alteration and copper sulphide mineralisation associated with iron-rich rocks at Whaleshark, so we are very keen to drill our new targets.”
— Marion Bush, Managing Director, Miramar Resources
New Targets from MVI Modelling
Magnetisation Vector Inversion (MVI) modelling completed in 2025 identified several new targets carrying overlapping gravity and magnetic anomalies — a key signature of many large IOCG deposits globally.
The key advantage that Miramar identified at the Whaleshark project is that the prospective basement rocks are considerably shallower than in comparable IOCG provinces such as the Stuart Shelf in South Australia, reducing the cost and risk of initial drill testing. The project is also well-serviced by existing infrastructure, including the Northwest Coastal Highway, the Dampier-Bunbury Natural Gas Pipeline, and port facilities at Onslow, Mardie and Cape Preston.
The company stated it is now refining and prioritising drill targets ahead of the funded programme.
Figure 2: Whaleshark Project showing MVI model and proposed aircore drill targets (stars).( Source: M2R ASX Release 30 April 2026)
Chain Pool Drilling
Earlier this month, Miramar's drill team mobilised to the Joy Helen prospect within the Chain Pool Project (E08/3676), located approximately 275km northeast of Carnarvon in WA’s Gascoyne region.
Miramar confirmed on 19 May that auger drilling had commenced at Joy Helen — the first drilling of any kind at Chain Pool in over 60 years (Figure 2).
The auger rig is targeting the three main carbonate alteration halos defined by Miramar’s prior soil sampling. The programme aims to outline the extent of high-grade mineralisation beneath shallow cover, with Miramar believing the SEDEX-style copper-lead-silver mineralisation may be close to surface given the geological setting.
Samples collected during the programme will be returned to Perth for assay. The company noted it will keep investors informed as the programme progresses.
Previously, the programme had been pushed back from its original Easter window by Tropical Cyclone Narelle and fuel supply restrictions.
“We're happy to have a drill bit turning again at our Chain Pool project for the first time in over 60 years.
This is the first drilling since rotary air blast holes were completed back in 1964 and there has been no systematic or recent exploration either, so it's a fantastic opportunity for a potential base metal discovery.”
— Marion Bush, Managing Director, Miramar Resources
Joy Helen Prospect — Historical Context
Joy Helen has been known since at least the 1960s. According to historical data, the prospect contains flat-dipping irregular segregations of copper, lead and zinc minerals in silicified dolomite breccia of the Middle Proterozoic Irregully Formation, arranged in three lodes. The eastern lode shaft reportedly assayed 2.4m at 35% Pb and 5% Cu, and the middle lode 9m at 5–10% Pb. A chip sample from a pit on the eastern lode graded 23.6% Pb, 0.24% Zn, 0.15% Cu and 19.28g/t Ag.
The Middle Proterozoic (Mesoproterozoic) Irregully Formation is a major carbonate-dominated geological unit situated in the Edmund Basin of the Gascoyne Region in Western Australia. It forms the basal unit of the Bangemall Group and is historically and economically significant for its stratiform sediment-hosted lead-zinc-silver (SEDEX) and copper mineralization.
In 1964, a programme of 91 shallow vertical rotary air blast holes was drilled around the old workings, intersecting sub-horizontal copper and lead mineralisation — up to 1.6% and 13.7% respectively — in silicified dolomite breccia at depths up to 35 feet (WAMEX reports a567 and a574). That was the last time a drill bit turned at this site.
There has been no modern or systematic exploration of Joy Helen since then. Miramar applied for E08/3676 in December 2023; the tenement was granted in August 2024.
“Joy Helen is hosted in carbonate rocks located adjacent to a major growth fault at the edge of the Edmund Basin, while soil sampling exhibits the same zoned carbonate alteration halo with increasing base metal values towards the proximal siderite zone as seen in the typical SEDEX model.”
— Allan Kelly, Technical Director, Miramar Resources
Miramar’s Work to Date
Initial reconnaissance rock chip sampling in July 2024, conducted before the grant of the tenement, returned several high-grade Cu-Pb-Ag results, including CP003: 73.48g/t Ag, 5.48% Cu, 42.0% Pb (Figure 3).
Subsequent sampling confirmed and extended the known mineralisation, with strike potentially reaching at least one kilometre when a historic 1994 CRA sample within the adjacent Barlee Range Nature Reserve — reportedly grading 4.6% Cu, 40% Pb and 20g/t Ag and described as malachite and galena — is taken into account.
Grid soil sampling identified potential for additional parallel mineralised zones to the east and west, consistent with folding of the mineralisation post-emplacement.
Table 2: Joy Helen Rock Chip Results - 2024 (Source: Miramar Resources, ASX Release 21 November 2024.)
Sample | Ag (g/t) | Cu (%) | Pb (%) | Other |
CP001 | 40.34 | 3.34 | 54.5 | 71.15ppm Sb, 405ppm Zn |
CP002 | 36.16 | 5.42 | 36.7 | 82.6ppm Sb, 2659ppm Zn |
CP003 | 73.48 | 5.48 | 42.0 | 51.81ppm Sb, 925ppm Zn |
CP004 | 23.70 | 3.78 | 32.0 | 24.42ppm Sb, 398ppm Zn |
CP005 | 34.48 | 0.45 | 29.7 | 23.06ppm Sb, 3913ppm Zn |
CP006 | 8.60 | 3.22 | 6.67 | 26.02ppm Sb, 521ppm Zn |
CP007 | 59.49 | 7.23 | 26.7 | 65.34ppm Sb, 856ppm Zn, 0.81g/t Au |
Programme Design
The auger programme planned approximately 100 shallow vertical holes across the three main carbonate alteration halos identified by soil sampling at Joy Helen, with expected depths ranging from 2 to 20 metres. Managing Director Marion Bush confirmed the two-week programme would be the first drilling of any kind since 1964, and that next steps, depending on results, could include aircore and/or RC drilling.
The SEDEX deposit model underpins the exploration approach. Miramar’s Technical Director Allan Kelly noted that Joy Helen sits hosted in carbonate rocks adjacent to a major growth fault at the edge of the Edmund Basin — a setting consistent with well-known SEDEX systems such as the Cannington, George Fisher, Mount Isa and HYC deposits in Australia, and the Lady Loretta deposit in Queensland. Soil sampling at Joy Helen exhibits the same zoned carbonate alteration halo — with increasing base metal values towards the proximal siderite zone — as observed at Lady Loretta.
About Miramar Resources Limited
Miramar Resources Limited is a WA-focused mineral exploration company targeting gold, copper and nickel-copper-PGE deposits across the Eastern Goldfields and Gascoyne regions of Western Australia.
The board carries a track record of discovery, development and production within Australia, Africa and North America. Since listing, Miramar has maintained a high level of exploration expenditure, averaging approximately 70.5% of cash flow to date allocated directly to exploration.
The company holds eight projects across two primary regions: the Eastern Goldfields — anchored by the 80%-owned Gidji JV Gold Project near Kalgoorlie — and the Gascoyne, where it holds Whaleshark, Chain Pool, Bangemall, Carnarvon Sands and the newly optioned South Ashburton project.
Miramar completed the sale of its Randalls Project to Ore Resources Limited (ASX: OR3, formerly known as Future Battery Minerals Ltd) on 7 April 2026, as part of an ongoing strategy to rationalise its Eastern Goldfields portfolio and focus capital on its highest-priority targets.
Previous Samso News Coverage
Samso has followed Miramar Resources across multiple ASX releases. The following represents our prior published coverage of the company:
April 3, 2026 -
March 19, 2026 -
January 17, 2026 -
December 9, 2025 -
September 11, 2025 -
August 15, 2025 -
July 9, 2025 -
June 16, 2025 -
May 16, 2025 -
December 16, 2024 -
August 20, 2024 -
November 30, 2022 -
July 21, 2022 -
May 20, 2022 -
February 8, 2022 -
November 1, 2021 -
February 15, 2021 -
Samso Concluding Comments
What I like about Miramar Resources is that the potential for a discovery is always present. I have always felt that the targets and the potential of discovery whenever Allan Kelly and the team, or rather Marion Bush and the Team, are always legitimate. I have a lot od respect for the thinking behind the team. The concept that Chain Pool could be an IOCG target is exciting. This latest steps to discover the potential of Chain Pool is one that I am happy to take a position in Miramar for as the upside is very clear.
Miramar has a AUD $5M market capitalisation and has a history of being very liquid when trading occurs. If and when a discovery comes, The potential will be rewarding. As I have mentioned, the history that has been outlined above for a potential discovery is very clear and concise. The strategy is implicit and in my opinion, it is balanced and had good scientific merit. What they need now is luck and for those well healed investors in this sector, Lady Luck is very important.
The auger program is not going to be the one that makes the discovery but it will definitely get excitement happening if there are added conclusive indication of mineralisation beneath the surface. Hence, patience is very important and the low market capitalisation is good for those still looking to top up or get a position.
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