25 Oct 2021

Quarterly Activities Report

ASX: M2R | 25 October 2021 Quarter ending 30 September 2021 Quarterly Report for period ending 30 September 2021 1 Highlights ? A ircore drilling further extends and upgrades Marylebone with multiple +1g/t Au results – resplits return high - grade gold results ? Several key Gidji JV tenements granted ? Aircore drilling at Glandore intersects high - grade gold south of Lake Yindarlgooda – maiden l ake aircore drilling campaign completed ? Randalls tenement granted ? Whaleshark soil sampling outlines large MMI anomalies similar to 3.4Moz Havieron Au - Cu deposit ? Review of historical data identifies multiple late - time EM conductors at Dooley Downs target ( Bangemall Ni - Cu - PGE Project) ? Maiden Annual Report released ? $4.1M cash at end of Quarter Miramar Resou rces Limited (ASX:M2R, Miramar or “the Company”) is pleased to provide a summary of activities completed during the Quarter ending 30 September 2021 . Miramar’s Executive Chairman, Mr Allan Kelly, said the Quarter had been a very busy one for the Company with exploration activities conducted across 4 separate projects. “The latest aircore results received from Marylebone significantly upgraded this target with drilling now consistently returning +1g/t assays and improving towards the northwest ,” Mr Kelly said. “Late in the Quarter, the remaining tenement application s at Gidji were granted, meaning we can now continue to test the Marylebone target along strike to the northwest and determine the true size of the opportunity ,” he added. “We also completed our first drilling campaigns at Glandore and this project looks as good, if not better, than the Gidji Project,” he said. “Early - stage work at the Whaleshark and Bangemall projects in the Gascoyne region has also highlighted additional discovery opportunities within Miramar’s project portfolio,” Mr Kelly said. ISSUED CAPITAL 5 6 , 310 ,100 shares on issue 52WK SHARE PRICE RANGE $0. 17 – 0.56 MARKET CAPITALISATION $ 11.3 million (@ $0. 20 ) BOARD Allan Kelly Executive Chairman Marion Bush Technical Director Terry Gadenne Non - Executive Director PROJECTS Eastern Goldfields Projects Gidji JV (80%) Glandore Randalls Murchison Projects Lang Well Lakeside Capricorn Orogen Whaleshark Bangemall (Ni - Cu - PGE) MIRAMAR RESOURCES LTD ACN 635 359 965 ABN 34 635 359 965 ASX code: M2R Unit 1, 22 Hardy Street South Perth WA 6151 PO Box 810 South Perth WA 6951 T (08) 6166 6302 E info@miramarresources.com.au miramarresources.com.au Quarterly Report for period ending 30 September 2021 2 EXPLORATION EASTERN GOLDFIELDS PROJECTS Miramar has three projects in the Eastern Goldfields with the potential for new gold discoveries within proximity to existing mining and/or processing operations (Figure 1) : • Gidji JV (80%) – strategic land position w ithin the Boora Shear Zone, 15km north of Kalgoorlie • Glandore – underexplored project with high - grade drill results 40km east of Kalgoorlie • Randalls – F olded BIF adjacent to Silver Lake Resources’ Mt Belches gold operations Figure 1. Eastern Goldfields Projects showing proximity to existing gold operations. Quarterly Report for period ending 30 September 2021 3 Gidji JV ( Miramar 80%) The Gidji JV Project is located within a major regional structure, the “Boorara Shear Zone ”, approximately 15km north of Kalgoorlie. The Company believes the Project has been poorly explored previously despite proximity to numerous significant gold deposits and processing plants. The Company has been actively exploring the Gidji JV Project since soon after listing on the ASX in October 2020, resulting in the identification of several new prospects which could host a significant new gold discovery. During the Quarter, the Company continued to test the “ Marylebone ” Target with two phases of aircore drilling and received the results of the limited RC drilling campaign conducted in the previous quarter. Aircore drilling Results from the Phase 3 aircore drilling campaign extended the Marylebone footprint by approximately 800m to the northwest and included multiple intersections greater than 1g/t Au over 3 - 4m intervals. Significant results included: • GJAC303 – 3m @ 1.00g/t Au from 52m to EOH • GJAC304 – 4m @ 1.22g/t Au from 48m • GJAC310 – 4m @ 1.46g/t Au from 40m • GJAC315 – 4m @ 1.47g/t Au from 44m • GJAC318 – 4m @ 1.02g/t Au from 52m • GJAC328 – 4m @ 1.40g/t Au from 52m • GJAC341 – 4m @ 1.33g/t Au from 52m Late in the Quarter, the Company received assay results from 1m resplits of the above holes. The new results upgraded the Marylebone target and confirmed the potential for Paddington an d/or Panglo - style gold mineralisation at Marylebone. Significant results include d : • GJAC306 – 1m @ 6.92g/t Au (48 - 49m) • GJAC315 – 3m @ 2.61g/t Au (45 - 48m) including 1m @ 6.16g/t Au • GJAC318 – 1m @ 3.54g/t Au (53 - 54m) • GJAC325 – 4m @ 1.11g/t Au (46 - 50m) includ ing 1m @ 3.55g/t Au • GJAC328 – 1m @ 5.15g/t Au (52 - 53m) The Marylebone target now comprises at least four parallel zones of coherent supergene gold mineralisation along the contact between mafic and ultramafic rocks in similar stratigraphic positions to the 4Moz Paddington deposit, the 125koz Panglo deposit and other gold deposits along the Boorara Shear Zone. At these two deposits, gold mineralisation is hosted in more competent mafic rocks ( predominantly dolerite) sandwiched between less competent ultramafic and sedimentary units. GJAC306 and GJAC315 both intersected +6g/t Au on the same structure approximately 300m apart, in the position equivalent to the Paddington deposit. GJAC318 and GJAC325 both intersected +3.5g/t Au on the same structure over 200m apart, in the position equivalent to the Panglo deposit. The new results increased the total strike length of the Marylebone prospect to almost 2km, however the prospect remains open along strike to the northwest and is virtually untested at depth be low about 60m (Figure 2) . Quarterly Report for period ending 30 September 2021 4 Phase 4 aircore drilling was completed during the Quarter and results were pending. Further aircore drilling is planned to infill Marylebone to 100m x 50m drill spacing and to test the target further to the northwest, on the recently granted tenements. Figure 2 . Marylebone Target showing all drilling and significant results to date. Quarterly Report for period ending 30 September 2021 5 Tenement grant During the Quarter, several tenement applications were granted which increased the total strike length of the Gidji JV Project to approximately 15km (Figure 3) . The newly granted tenure includes several highly prospective and under - explored drill targets that were identified prior to the IPO including: • The Jog – obvious dilation jog in the Boorara Shear Zone , with coincident magne tite destruction and gravity anomaly , that has never been drilled • Claypan – 800m long aircore gold anomaly >0.25g/t Au and wide - spaced RC drilling which intersected 1 - 2g/t Au within regional structure along strike from Kanowna Belle • Lake – 1km long aircore gold anomaly >0.25g/t Au with sporadic high - grade RC intersections inclu ding 2m @ 6g/t Au and 2m @ 4.9g/t Au RC drilling The Company received all results from the limited RC drilling campaign completed at Gidji during June. The aim of the programme was to test beneath the better aircore results from phase 1 and 2 , including where aircore drilling was ineffective due to an impermeable silcrete layer, and to gain information about the bedrock geology of the Marylebone target. Most holes replicated the shallower supergene gold anomalism seen in the aircore drilling but did not intersect significant bedrock gold mineralisation (Table 1) . The hole testing the Railway target ( GJRC006 ) and the hole testing beneath the best aircore hole at Marylebone ( GJRC003 ) could not be completed to the planned depth due to running sands in the overlying paleochannel sediments. GJRC004 intersected primary gold mineralisation returning 1m @ 1.26g/t Au from 142 - 143m. Due to the uncertainty about the orientation of the geology and structures, GJRC001 , GJRC002 and GJRC00 5 were apparently drilled down - dip and were also therefore deemed ineffective. The subsequent phase 3 aircore drilling shows that the RC drilling d i d not test the most prospective part of the target , which is located further to the northwest. Table 1 . Summary of Gidji JV RC drilling with results >0.25g/t Au shown Target Hole Easting Northing Dip/ Azimuth EOH Depth From (m) To (m) Interval (m) Au (g/t) Notes Piccadilly GJRC001 352154 660932 - 60/270 180 NSR Down - dip? Marylebone GJRC002 351744 6612773 - 60/270 180 29 30 1 0.34 Down - dip 63 65 2 0.59 GJRC003 351562 6612640 - 60/090 120 NSR Did not reach target depth GJRC004 351554 6612821 - 60/090 180 142 143 1 1.26 GJRC005 351761 6613131 - 60/270 150 65 66 1 0.31 Down - dip Railway GJRC006 350040 6611374 - 60/090 90 60 66 6 0.66 Did not reach target depth Quarterly Report for period ending 30 September 2021 6 Figure 3 . Gidji JV Project showing land position and targets after grant of tenements. Quarterly Report for period ending 30 September 2021 7 Glandore (M iramar 100%) The Glandore Project is located within the E astern Goldfields, approximately 40km east of Kalgoorlie, Western Australia and covers approximately 42 square km. The Project consists of 10 Prospecting Licences and one Exploration Licence, all of which are gra nted. The highest priority south western part of the project is underlain by a layered mafic sill which has been intruded by a later granodiorite pluton, like t hat seen at the Majestic and Trojan deposits to the south and southeast respectively. The prospec tive geology is overlain by up to 50m of recent playa lake sediments which thin towards the west. Exploration has been mostly limited to the western part of the project, within the Prospecting L icences, and has been sporadic since the late 1980’s. Historic aircore drilling outlined a large area of gold anomalism on the eastern side of the late gran odiorite pluton wh ilst subsequent diamond drilling returned significant results including 6 m @ 29.8 /t Au . During the Quarter, the Company completed a series of land - based aircore holes south of Lake Yindarlgooda and completed a large lake aircore drilling campaign. The land - based drilling outlined a 600m long zone of regolith gold anomalism south of Lake Yindarlgooda, with results up to 2m @ 4.78 g/t Au ( GDAC015 ) . The northeast trending zone, defined by results >0.25g/t Au, remains open onto Lake Yindarlgooda towards the “East Target” where historic drilling intersected high - grade supergene and primary gold mineralisation with results up to 6m @ 29.8g/t Au , includ ing 1m @ 161g/t Au (05GDDD003 87 - 93m) (Figure 4) . Results from the lake aircore drilling campaign were pending at the end of the Quarter. Randalls (Miramar 100%) The Randalls project is located immediately east of Silver Lake Resources Limited’s Maxwell’s and Cockeyed Bob gold mines, approximately 70km east of Kalgoorlie ( Figure 5) . The project consists of a single Exploration Licence (E25/596) and covers the same folded Banded Iron Formation and sediments that host the gold mineralisation currently being mined by Silver Lake. The Exploration Licence was granted late in the Quarter and the Company will now plan for the first exploration programmes. Quarterly Report for period ending 30 September 2021 8 Figure 4. Glandore Project showing recent aircore results and lake drilling. Quarterly Report for period ending 30 September 2021 9 Figure 5 . Randalls Project showing proximity to Silver Lake Resources gold operations . Quarterly Report for period ending 30 September 2021 10 GASCOYNE REGION PROJECTS Miramar has two projects within the Proterozoic Capricorn Orogen, in the Gascoyne region of W estern A ustralia (Figure 6 ): • Whaleshark – folded BIF complex under Carnarvon Basin sediments • Bangemall – multiple applications over areas prospective for Ni - Cu - PGE mineralisation Figure 6 . Location map for Miramar’s Gascoyne regio n projects. Whaleshark (Miramar 100%) The Whaleshark project is located 40km east of Onslow and consists of a single Exploration Licence, E08/3166 . The project is located within the north - western extension of the Proterozoic Capricorn Orogen and is characterised by a folded Banded Iron Formation (BIF) complex under approximately 100m of Carnarvon Basin sediments (Figure 7 ). The Project has potential for BIF - hosted Au and Iron Oxide C opper Gold (IOCG) mineralisation. During the Quarter, the Co mpany completed a programme of surface geochemical sampling using the Mobile Metal Ion (MMI) technique. The data from this survey showed several large areas of anomalous Cu, Ag, Pb. Zn and REE’s, which appear indicative of buried IOCG mineralisation. Impo rtantly, the scale and tenor of the anomalism is apparently like that seen over the 3Moz Havieron deposit. Infill sampling is planned for the December Quarter. Quarterly Report for period ending 30 September 2021 11 Figure 7 . Whaleshark Project showing summary of MMI anomalism over magnetic image. Bangemall Ni - Cu - PGE P roject (Miramar 100%) The Bangemall P roject cover s a series of major crustal - scale structures in the Capricorn Orogen between the Yilgarn and Pilbara cratons. Th e area has been highlighted by both the GSWA and Geoscience Australia as having high prospectivity for Proterozoic craton - margin Ni - Cu - PGE mineralisation like that seen in the Albany - Fraser Province ( e.g. Nova - Bollinger) , the West Musgraves (e.g. Nebo - Babe l) and the giant Voisey Bay and Norilsk deposits. The Project consists of s ix Exploration Licence applications and one granted Licence that cover areas with: • P roximity to major crustal - scale faults - confirmed by seismic traverses • Proterozoic - aged dolerite dykes/sills with the same age as the West Musgraves • R egional - scale stream sediment Ni - Cu - Pt - Pd anomalism from GSWA sampling • EM conductors identified by regional airborne surveys The area has seen substantial exploration for Cu - Pb - Zn and Manganese but minimal exploration for Ni - Cu - PGE’s. Mt Vernon Target T he C ompany is planning to conduct a n airborne EM survey over the Mt Vernon target as soon as practicable following discussions with the local pastoralist. Quarterly Report for period ending 30 September 2021 12 Dooley Downs Target A desktop review of historical data has identified a detailed magnetic/EM survey which covers the central quarter of the tenement application (Figure 8). The 160m line - spaced data shows a series of linear EM anomalies interpreted to be related to the vario us dolerite sills and/or sulphidic sediments. More interesting are several discrete EM anomalies, in the order of 400 - 500m diameter, that are located immediately adjacent to the stratigraphic conductors (“pinpoint EM conductors”). These smaller anomalies appear in both the late time (Channel 30 – 11.7ms) and deeper depth slice (60 - 100m) images and appear to coincide with areas of demagnetisation within strike - parallel structures. Historical surface geochemical sampling has been sporadic and mostly focussed on exploration for manganese. As such, there is limited useful data in terms of Ni, Cu and/or PGE analyses. A number of historic rock chip samples are reported to contain malachite, but most samples have not been assayed for Ni or Cu and no samples have b een taken directly over the EM conductors (Figure 9). There is no evidence for any relevant historical drilling in the vicinity of the conductors. The Company plans to model the EM data and will field - check the anomalies once the tenement is granted. Fi gure 8. Dooley Downs Target showing location of open file EM/magnetic survey and conductors . Quarterly Report for period ending 30 September 2021 13 Figure 9 . Dooley Downs Target showing location of historic rock samples in relation to EM conductors . MURCHISON REGION PROJECTS Miramar has two exploration projects in the Murchison region within proximity of existing mining operations. Lang Well (Miramar 100%) The Lang Well P roject consists of a single Exploration Licence covering a large, complexly folded remnant greenstone belt located between the Deflector , Golden Grove and Rothsay gold operations . Historical rock chip sampling returned results from 0.10g/t up to 16g/t Au whilst subsequent a uger drilling in 2010 identified several large +5km long gold +/ - pathfinder anomalies which have not been drill tested . The Company is planning for the maiden aircore drill ing programme at Lang Well. Lakeside (Miramar 100%) No work was completed as the Company waits for this tenement to be granted. Quarterly Report for period ending 30 September 2021 14 CORPORATE Financial The Company ha d cash on hand on 30 September 2021 of approximately $ 4 . 1 million . Related Party payments for the Q uarter , as outlined in the Appendix 5B at section 6.1 , total $ 1 4 1,000 and include amounts paid to directors including salary, directors’ fee s and statutory superannuation. Refer to the Appendix 5B for an overview of the Comp any’s financial activities during the Q uarter. Capital Structure on 30 September 2021 The Company issued shares to the vendor of the Gidji JV Project following the grant of the remaining tenements. Description Number Fully paid ordinary shares at start of Quarter 55,060,100 Shares issued to Thunder Metals upon grating of Gidji JV tenements 1,250,000 Fully paid ordinary shares at end of Quarter 56,310,100 Unlisted options exercisable at $0.20 on or before 22 October 2022 8,210,000 Unlisted options exercisable at $0.48 on or before 6 January 2023 50,000 Unlisted options exercisable at $0.25 on or before 9 October 2023 6,000,000 Unlisted options exercisable at $0.20 on or before 26 June 2025 3,000,000 Use of Funds 1 Miramar provides the following disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to date since listing on 2 2 October 2020 against the ‘use of funds’ statement in its Prospectus dated 4 September 2020 . Expenditu re Funds allocated under Prospectus Actual to 30 September 2021 Variance V endor payments $282,500 $232,500 $50,000 2 Exploration $4,430,000 $2,130,155 $2,299,845 Working capital $2,868,855 $1,002,699 $1,866,156 Cost of Offer $670,000 $695,785 - $25,785 TOTAL $8,251,355 $4,061,139 $4,190,216 Marketing and Investor Relations During the Quarter, Miramar conducted interviews with several mining publications in relation to the Company’s ongoing and planned exploration programmes . Representatives of the Company attended the annual Diggers and Dealers conference in Kalgoorlie. 1 The Use of Funds table is a statement of current intentions. Investors should note that the allocation of funds set out in th e table may change depending on a number of factors including the results of exploration, outcome of development activities, regul atory developments and market and general economic conditions. 2 All remaining tenements were granted subsequent to the end of the quarter. The balance of $50,000 will be paid in October 202 1. Quarterly Report for period ending 30 September 2021 15 Planned Activities for Quarter ending 31 December 2021 • AGM, 4 November 2021 • Infill and extensional a ircore drilling at Marylebone (Gidji JV) • Await assays from Glandore lake drilling and plan follow - up as required • Complete infill surface geochemical sampling at Whaleshark • Field visit to Dooley Downs Ni - Cu - PGE Target This announcement has been authorised for release by Mr Allan Kelly, Executive C hairman on behalf of the Board of Miramar. For further information, please contact: Allan Kelly Margie Livingston Executive Chairman Ignite Communications info@miramarresources.com.au margie@ignitecommunications.com.au Competent Person Statement The information in this report that relates to Exploration Targets or Exploration Results is based on information compiled by Allan Kelly, a “Competent Person” who is a Member of The Australian Institute of Geoscientists. Mr Kelly is the Executive Chairman of Miramar Resources Ltd. He is a full - time employee of Miramar Resources Ltd and holds shares and options in the company. Mr Kelly has sufficient experience that is relevant to the style of mineralisation and type of de posits under consideration and to the activity being undertaken to Qualify as a “Competent Person” as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Kelly consents to the inclusion in this presentation of the matters based on his information and in the form and context in which it appears. Information on historical exploration results for all Miramar’s projects, including JORC Table 1 and 2 information, is included in the Miramar Resources Limited Prospectus dated 4 September 2020. Information on recent exploration results for all Miramar’s projects, including JORC Table 1 and 2 information, is included in the relevant ASX announcements . Quarterly Report for period ending 30 September 2021 16 ASX Releases during the Quarter DATE DESCRIPTION 27/09/2021 Randalls Tenement Granted 24/09/2021 Notice of Annual General Meeting 23/09/2021 Multiple High - Grade Gold Results from Marylebone 20/09/2021 Trading Halt 16/09/2021 Notification regarding unquoted securities - M2R 16/09/2021 Amended Appendix 4G & Corporate Governance Stat ement 16/09/2021 Corporate Governance Statement 15/09/2021 Director Nomination 15/09/2021 Appendix 4G 15/09/2021 2021 Annual Report 13/09/2021 Proposed issue of securities - M2R 13/09/2021 Gidji JV Tenements Granted 08/09/2021 Investor Update 08/09/2021 High - Grade Gold Result from Glandore Drilling 03/ 09/2021 Whaleshark Soil Survey Outlines Numerous Large Targets 01/09/2021 Multiple EM Conductors Identified within Bangemall Project 16/08/2021 Change of Director's Intere st Notice (MB) 02/08/2021 Investor Presentation 02/08/2021 Aircore Drilling Grows Marylebone 26/07/2021 Quarterly Activities Report 26/07/2021 Quarterly Cashflow Report 21/07/2021 Investor Presentation Quarterly Report for period ending 30 September 2021 17 About Miramar Resources Limited Miramar Resources Limited is a WA - focused mineral exploration company with highly prospective gold exploration projects in the Eastern Goldfields, Murchison and Gascoyne regions of Western Australia. Miramar listed on the ASX in October 2020, following a h eavily oversubscribed IPO, and has a Board with a track record of successful discovery, development and production within Australia, Africa, and North America. Miramar’s aim is to create shareholder value through the acquisition, exploration and monetisati on of high - quality mineral assets. Quarterly Report for period ending 30 September 2021 18 Tenement Schedule Ownership Project Tenement Status Start of Quarter End of Quarter Gidji JV 3 E24/225 Live 0% 8 0% E26/214 Live 8 0% 80% E26/221 Application 0% 0% E26/225 Live 0% 8 0% P24/5439 Live 0% 8 0% P26/4527 Live 0% 8 0% P26/4528 Live 0% 8 0% P26/4529 Live 0% 8 0% P26/4530 Live 0% 8 0% P26/4531 Live 0% 8 0% P26/4532 4 Application 0% 0% P26/4533 5 Application 0% 0% P26/4534 Live 0% 8 0% P26/4221 Live 8 0% 80% P26/4 2 22 Live 8 0% 80% Glandore E25/544 Live 10 0% 100% P25/2381 Live 10 0% 100% P25/2382 Live 10 0% 100% P25/2383 Live 10 0% 100% P25/2384 Live 10 0% 100% P25/2385 Live 10 0% 100% P25/2386 Live 10 0% 100% P25/2387 Live 10 0% 100% P25/2430 Live 10 0% 100% P25/2431 Live 10 0% 100% P25/2465 Live 10 0% 100% Randalls E25/596 Live 0% 100 % Lang Well E59/2377 Live 10 0% 100% Lakeside E21/212 Application 0% 0% Whaleshark E08/3166 Live 100 % 100% Bangemall E08/3176 Application 0% 0% E08/3177 Application 0% 0% E08/3195 Application 0% 0% E08/3196 Application 0% 0% E08/3284 Application 0% 0% E09/2484 Application 0% 0% E52/3893 Live 100 % 100% 3 Remaining 20% held by Thunder Metals Pty Ltd 4 Granted subsequent to end of Quarter 5 Granted subsequent to end of Quarter
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