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Ore Resources (ASX:OR3) has this morning entered a binding option agreement to acquire six more tenements adjacent to its Miriam Gold Project in Western Australia’s Eastern Goldfields. The move would consolidate the company’s landholding and enhance exploration along the 6.2km-long Miriam Shear Zone.
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The tenure encompasses ~44.55 hectares and boasts four granted mining leases, one prospecting licence application, and one special prospecting licence application.
Two of the granted mining leases, M15/1255 and M15/1819, sit immediately east of and contiguous with the company’s flagship Forrest prospect, which Ore says will enable step-out drilling to test extensions of the system.
“This represents an additional value growth lever, enabling the consolidation… that fills the key gaps in our Miriam gold footprint, creating one single, contiguous landholding,” Ore’s MD and CEO, Nick Rathjen, said today.
“Although historical drilling data is limited, the new tenure demonstrates encouraging indications of gold mineralisation,” he told shareholders, pointing out prospects like Bell Bird, Tartan, Burbanks Welcome, and Aurifer as early targets.
The biggest, though, is the “Devils Playground” prospect. Historical shallow reverse circulation drilling in CY02 defined a 300-metre-long mineralised trend there; notable intercepts from the area from then include 12 metres @ 1.9 grams per tonne gold from 47 metres and nine metres @ 1g/t from 68 metres.
“This highlights the potential for future drilling to unlock linking structures between these two mineralised zones,” Ore’s MD declared this morning.
The whole affair will cost Ore at least $50,000, which buys it the three-month option. Should the explorer then take up the deal, they’ll then be on the hook for $500,000, split between $300K cash and $200K scrip.
“This tenure adds significant new gold prospectivity at Miriam, supporting additional target generation… and sets the stage for longer-term, follow-up regional drilling at Miriam for in CY26 and beyond,” Mr Rathjen concluded.
OR3 will open at 8.3cps today. The company’s up +361% this past year.
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