Miramar reels in more gold and extends footprint at Gidji

• Miramar receives initial aircore drilling results at Gidji
• The new results increase the footprint of the high-priority Blackfriars target
• Drilling is designed to further refine bedrock drill targets under the paleochannel sediments

Special Report: With first aircore drill results in, Miramar has reaffirmed and extended the broad supergene gold system previously uncovered at the Gidji JV project, where it holds an 80% stake.

The 180-hole drill program, which is still underway, was designed to refine bedrock drill targets under the younger transported paleochannel sediments.

Drilling is being carried out over the Marylebone, Blackfriars and Highway discoveries while continuing to probe for bedrock gold mineralisation.

Initial results from this program include 1m at 1.08g/t gold from 43m, 2m at 1.96g/t from 45m and 1m at 0.40g/t from 43m.

Gold mining hub  

Gidji, in WA’s Eastern Goldfields, is surrounded by multiple gold mining and processing facilities, including Northern Star Resources’ (ASX:NST) Kalgoorlie gold projects at Fimiston (Super Pit), Mount Charlotte and Kanowna Belle.

Since starting exploration at Gidji in late 2020, Miramar (ASX:M2R) has outlined several large supergene footprints under the Gidji paleochannel, with multiple shallow high-grade gold intersections.

The company’s primary objective is to identify the bedrock source of shallow gold at Gidji, which it believes holds strong potential for a new gold camp discovery.

Paddington-style potential

M2R executive chairman Alan Kelly said the new results increased the footprint of the high-priority Blackfriars target, which shared several similarities to the multi-million-ounce Paddington gold deposit along strike to the north.

Just 15km north of Kalgoorlie, both the Gidji and Paddington projects fall within the Boorara Shear Zone, an area characterised by a complex mix of ultramafic, mafic volcanic, and sedimentary rock types.

Record gold prices

“This is the first systematic drilling at Gidji after a break of almost three years whilst, at the same time, the Australian dollar gold price has risen from $2,500/oz to well over $5,000/oz,” Kelly said.

The price of gold has increased 25% since the beginning of 2025, reaching an all time high of US$3,500 in April.

Figures for April from the World Gold Council, following up the strongest first quarter since 2016, continue to show demand from investors for the yellow metal.

ETFs recorded a fifth straight month of net inflows, adding US$11 billion in April, with global holdings lifting 115t to 3561t.

That’s the highest level of gold held in global ETFs since August 2022.

This article was developed in collaboration with Miramar Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.