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MIRAMAR RESOURCES LIMITED — Capital/Financing Update 2020
Oct 21, 2020
65281_rns_2020-10-21_27e513f1-2270-4064-be88-253240848ec6.pdf
Capital/Financing Update
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ASX: M2R | 22 October 2020
MIRAMAR COMMENCES TRADING ON ASX
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Miramar Resources Limited commences trading on ASX with ticker code “M2R”
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Heavily oversubscribed IPO raises $8 million (before costs)
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Exploration scheduled to commence on Eastern Goldfields Projects
Miramar Resources Limited (ASX:M2R , “Miramar” or ‘the Company”) is pleased to advise that the Company has commenced trading on the Australian Securities Exchange (ASX), under the ticker code “ M2R ”, following the Company’s heavily oversubscribed Initial Public Offering (IPO).
The IPO, managed by Shaw and Partners, raised a total of $8 million at an issue price of $0.20 per share. Miramar’s Executive Chairman, Allan Kelly, said the Company was overwhelmed by the level of interest in the IPO and welcomed the Company’s new shareholders.
“It is a great time to be a West Australian focused gold exploration company,” Mr. Kelly said.
“We have compiled a portfolio of under-explored but highly prospective exploration projects in two world class gold provinces and within close proximity to a number of existing gold mining and processing facilities. It’s fantastic to see that investors have enthusiastically embraced our strategy,” he added.
“The “Shaw’s” team did a great job with the IPO and we look forward to continuing to work with them as we commence exploration across our various projects,” he said.
Exploration to commence on Eastern Goldfields projects
The Company advises that exploration will shortly commence on the Company’s highly prospective exploration projects within the Eastern Goldfields and Murchison regions of Western Australia.
Miramar’s immediate focus will be on the Gidji JV Project (Miramar 80%) located approximately 15km north of Kalgoorlie (Figure 1). The first drilling campaigns at Gidji will test several targets including the potential for extensions to the “Runway” gold deposit located immediately south of the Project’s southern tenement boundary (Figure 2).
KCGM outlined a “Mineral Inventory” of 314,000 ounces at Runway in 2017.[1]
The Company believes that there is potential for the oxide and primary gold mineralisation seen at Runway to continue to the north, onto Miramar’s tenements.
There is a lack of deep drilling across the Gidji JV project however limited wide-spaced aircore drilling shows anomalous gold extending for at least a further 2km north of the Runway deposit (Figure 3).
Miramar has planned initial aircore and RC drilling programmes at Gidji and has recently received approval from the Department of Mines, Industry Regulation and Safety (DMIRS) for these programmes.
The Company advises it has received statutory approvals from DMIRS for initial drilling campaigns at the Lang Well and Glandore Projects and is working towards heritage approval for the Glandore Project.
Mr Kelly said the Company looked forward to keeping the market informed of the progress of its various exploration programmes.
“We aim to hit the ground running,” Mr Kelly said.
1 Information about the “Runway” gold deposit is contained in the “Mineralisation Report for Mining Lease Application M26/843”, (KCGM, 2017) and the Miramar Resources Limited Prospectus dated 4 September 2020.
ASX: M2R | ABN 34 635 359 965 | Unit 1, 22 Hardy Street, South Perth, Western Australia PO Box 810, South Perth WA 6951 | miramarresources.com.au | [email protected] | +61 (8) 9322 3383
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Figure 1. Miramar’s Eastern Goldfields projects showing location in relation to existing gold operations.
This announcement has been authorised for release by Mr Allan Kelly, Executive Chairman, on behalf of the Board of Miramar Resources Limited.
For more information on Miramar Resources Limited, please visit the company’s website at www.miramarresources.com.au or contact:
Allan Kelly Margie Livingston Executive Chairman Ignite Communications [email protected] [email protected]
About Miramar Resources Limited
Miramar Resources Limited is a new WA-focused mineral exploration company with highly prospective gold exploration projects in the Eastern Goldfields, Murchison and Gascoyne regions of Western Australia.
Miramar’s Board has a track record of successful discovery, development and production within Australia, Africa, and North America, and aims to create shareholder value through acquisition, exploration and monetisation of high-quality mineral assets.
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Figure 2. Gidji JV Project showing GSWA interpreted geology and non-auger drilling results.
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Figure 3. 8-Mile Dam target showing the neighbouring Runway deposit and historic drilling.
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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 deposits 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 the Gidji JV Project, including JORC Table 1 and 2 information, is included in the Miramar Prospectus dated 4 September 2020.