Samso News: Miramar Resources – Drilling to Test High-Priority Gold and Base Metal Targets in Q1 2026 – Good Reasons to Be in This Punt
- Noel Ong
- Jan 17
- 7 min read
Announcement
Miramar to Test Gold, Copper & Silver Targets in Q1 – 13 January 2026 (view the announcement)
For those following the Samso platform, you will know that Allan Kelly, the Executive Chair, has had a lot of content created with Coffee with Samso. I like the concept, and I like the exploration mentality that is in Miramar, and Allan has had success. If you watch the Coffee with Samso conversations, you will understand why I think he has the right DNA for exploration.
This is why I am also a shareholder who is very pleased to see the move towards testing the gold assets again in 2026. The market in 2026 is going to reward exploration success, and I am hoping that Gidji is going to finally give up its secret. The gold hunt is still alive, and the concept at the Gidji JV has a credible theory.
Miramar Resources Limited (ASX: M2R) has outlined plans to commence drilling across multiple high-priority targets during the first quarter of 2026, spanning gold exploration at its 80%-owned Gidji JV Project near Kalgoorlie and base metal exploration at the Chain Pool Project in the Gascoyne region of Western Australia. The planned programs aim to test previously identified but underexplored gold and copper-lead-silver systems using deeper drilling methods following encouraging surface and shallow drilling results.
The Business of Miramar Resources: Gold Exploration in Western Australia - A Reminder
Miramar Resources is a WA-focused explorer with exposure to gold and base metals (Figure 1).
Its core asset is the 80%-owned Gidji JV Gold Project near Kalgoorlie, within a proven gold district.
Gidji controls ~15 km of strike along the Boorara Shear Zone, hosting multiple drill-ready gold targets.
Near-term focus is on RC drilling to test bedrock gold potential, with additional base-metal optionality.
Figure 1: Miramar Resources’ Exploration Projects in the Eastern Goldfields and Gascoyne regions of WA. (source: M2R)
Highlights – Q1 2026 Drilling Programs Across Gold and Base Metals
RC drilling of the Blackfriars and Highway gold targets at the Gidji JV Project is scheduled for January–February 2026 (Figure 2).
Figure 2: Gidji JV Gold Project showing the Blackfriars and Highway targets and proposed RC drilling (source: M2R)
The RC program will comprise 10–12 holes for approximately 2,500–3,000 metres, targeting bedrock mineralisation beneath the Gidji Paleochannel.
Blackfriars and Highway host ~1 kilometre-long aircore gold anomalies, with multiple historical results exceeding 1 g/t Au from shallow drilling.
Blackfriars is located within the Boorara Shear Zone, sharing geological similarities with the nearby ~4 Moz Paddington gold deposit located approximately 15 km along strike.
Highway has not previously been tested by RC drilling and is associated with a gravity low and conductive anomaly interpreted as an intrusion within the Black Flag Beds.
Auger drilling is planned at the Joy Helen Cu-Pb-Ag prospect within the Chain Pool Project, following high-grade rock chip results over a strike length of approximately 400 metres.
Rock chip sampling at Joy Helen returned ore-grade copper, lead, and silver, with individual samples reporting up to 7.23% Cu, 54.5% Pb, and 73.48 g/t Ag (Figure 3).
Figure 3: The Joy Helen prospect showing significant rock chip results and alteration halos outlined from soil sampling. (source: M2R)
Soil sampling at Chain Pool outlined alteration halos consistent with SEDEX-style base metal mineralisation, interpreted to be structurally repeated by folding.
The Chain Pool auger drilling program will be the first drilling at the project since 1964 and is scheduled to commence later in Q1 2026 following completion of the Gidji RC program.
Leadership Commentary
Miramar’s Executive Chairman, Mr Allan Kelly, commented:
“Following last year’s successful capital raise, we are itching to get back on the ground and demonstrate the inherent value of our asset portfolio. Our upcoming drilling campaign at Gidji will target the high-priority Blackfriars and Highway gold prospects under the Gidji Paleochannel, which have not yet been tested with deeper drilling.
“We have previously done a significant amount of shallow aircore drilling at both of these targets and outlined ~1 kilometre-long aircore anomalies with multiple gold results greater than 1g/t. The average drill hole depth to date is still only around 60 metres so, with RC drilling going deeper, we aim to discover one or more large bedrock gold deposits.
“The RC drilling programme will comprise 10-12 holes (approximately 2500-3000m) testing the Blackfriars and Highway targets.
“Blackfriars has the same geological setting as the ~4Moz Paddington gold deposit which lies about 15km along strike to the northwest, so to now test these targets with deeper drilling for the first time makes it a particularly exciting drilling campaign for our shareholders.
“We also have multiple options to monetise any discovery at Gidji given the proximity to infrastructure including several gold processing plants.
“In addition, recent gains in the silver price mean the high-grade silver results we have obtained from rock chip sampling at Chain Pool make this project even more valuable and we look forward to the inaugural drilling program later in Q1,”
“As previously discussed, we are also in the process of refreshing our board and corporate structure; and will provide further information to the market as this progresses.”
About the Project
The Gidji JV Project, located approximately 15 km north of Kalgoorlie-Boulder, covers around 15 km of strike along the Boorara Shear Zone within the Eastern Goldfields Province. Despite being surrounded by operating gold mines and processing plants, the project has remained underexplored due to extensive transported cover and the presence of the Gidji Paleochannel. Since late 2020, Miramar has identified multiple supergene gold discoveries through systematic aircore drilling and has defined several bedrock targets for deeper testing (Figure 4).
Figure 4: Gidji JV Project. (source: M2R)
The Chain Pool Project, located in the Gascoyne region, hosts the Joy Helen prospect, where high-grade copper-lead-silver mineralisation has been identified at surface. Geological interpretation suggests sedimentary exhalative-style mineralisation with structural repetition, enhancing the potential scale of the system.
Near-term Milestones to Watch
Commencement of RC drilling at Blackfriars and Highway in late January 2026
Completion of the 2,500–3,000 m RC drilling program at Gidji
Initiation of auger drilling at the Joy Helen Cu-Pb-Ag prospect
Ongoing corporate and board structure updates flagged by management
Samso Concluding Comments
The latest update is long overdue. The gold market is super hot and probably will get even hotter in 2026. M2R has finally given shareholders something to cheer about, and that question of a corporate move is still in play. I think from a shareholder point of view, the low market cap and the enticing share price sit well for all shareholders, assuming you have averaged down, and potential investors. The Company narrative is very attractive for investors to have a position in a company that may give multiple bags of returns if success comes from Gidji or a corporate move.
The technical aspect of Blackfriars and Highway is well known for the Samso Community, so that is the easy part. Let's see how this drilling program progresses.
Market Implication - The Investor Lens
This recent ASX update by M2R is what all shareholders are looking for in terms of investment opportunities in 2026. With a market cap of less than AUD $3M, this is a very good punt. If there is moderate success at Gidji, I think the revaluation of the stock will be good, assuming one has done the averaging down with the share price at AUD $0.004.
Figure 5: Miramar Resources share price chart as of 16th January 2026. (source: CommSec)
In terms of the potential upside, in my opinion, I like my chances with Allan and a gold project showing so much promise right next to Kalgoorlie. The economics for me are simple in terms of the costs of getting a mining proposition, literally a stone's throw from the Super Pit, Paddington and several other Mills that will be hungry for ore or being out some place requiring a CAPEX of 100s of millions.
Whether there is a discovery for the discussion of CAPEX cost comparison, well, that is another discussion. As they say, one has to be in it to be considered for any potential rewards.
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