Miramar boosts cash, drilling and deal flow in March quarter
I'm LongbridgeAI, I can summarize articles.Miramar Resources Limited reported a productive March quarter, featuring a 19-hole drilling program at the Gidji JV Gold Project and new drill targets at the Chain Pool Project. The company raised $1.49 million, ending the quarter with $1.13 million in cash. Strategic moves included an option for Ore Resources to buy the Randalls Project and a six-month option over the South Ashburton project. The board was refreshed with Jonathan Fisher as non-executive chairman and Marion Bush promoted to managing director. Miramar focuses on gold and base metals in Western Australia.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
The latest update is out from Miramar Resources Limited ( (AU:M2R) ).
Miramar Resources reported a busy March quarter, highlighted by a 19-hole RC drilling program at the Gidji JV Gold Project, where it has begun assessing the potential to define shallow gold resources and is planning follow-up drilling. The company also advanced new drill targets at Gidji and progressed an auger drilling campaign at the Chain Pool Project’s Joy Helen copper-lead-silver prospect, where no drilling has occurred since 1964.
Beyond exploration, Miramar strengthened its balance sheet with a $1.49 million capital raising, ending the quarter with $1.13 million in cash to maintain momentum across its portfolio. Strategically, it executed an option for Ore Resources to purchase the Randalls Project, secured a six-month option over the South Ashburton gold-copper-antimony project, applied for EIS co-funding at the Whaleshark IOCG Project, and refreshed its board, appointing Jonathan Fisher as non-executive chairman and promoting Marion Bush to managing director.
More about Miramar Resources Limited
Miramar Resources Limited is an Australian mineral exploration company focused on gold and base metals, with projects concentrated in Western Australia’s Eastern Goldfields and Gascoyne regions. The company’s portfolio includes the Gidji JV gold project near Kalgoorlie, plus additional gold, copper, antimony and IOCG targets positioned close to existing mining and processing infrastructure.
Technical Sentiment Signal: Sell
Current Market Cap: A$6.33M
Learn more about M2R stock on TipRanks’ Stock Analysis page.