Australian Securities Exchange (ASX)-listed Miramar has expanded its Eastern Goldfields tenement portfolio with an exclusive option to purchase an exploration licence application in Western Australia (WA).

Miramar aims to acquire licence E25/654, located around 90km east of Kalgoorlie, from Debnal, a company linked to Miramar’s executive chairman Allan Kelly.

The agreement grants Miramar a 12-month exclusive option to buy the licence application, with the possibility of a six-month extension for an additional $10,000 (A$14,936). To exercise the option, Miramar must pay $50,000 in cash and issue $50,000 worth of its shares to Debnal.

The exploration licence application is strategically positioned, abutting Global Lithium Resources’ Manna lithium project and Kairos Minerals’ recent REE discovery at the Black Cat Prospect.

It also neighbours Miramar’s existing Randalls Project and lies between Silver Lake Resources’ gold operations, making it a prime location for potential gold, lithium and REE discoveries.

The area’s underlying geology, including the Mt Belches Formation, is known for hosting significant mineral deposits.

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Despite this, the area has seen minimal exploration, presenting an opportunity for Miramar to uncover new resources.

Debnal secured a 14-day Prior Right from DEMIRS to apply for the area, outpacing other interested companies such as FMG and Hancock Prospecting.

With the application submitted on 8 May 2024, Miramar is now set to advance the tenement application towards grant.

Last month, Miramar secured funding under the WA Government’s Exploration Incentive Scheme for drilling at its district-scale Bangemall Projects in the Gascoyne region of WA.

Miramar has been advised by DEMIRS that it has been awarded up to A$180,000 towards the drilling campaign, which will target Norilsk-style nickel, copper, cobalt and platinum group element mineralisation at the Mount Vernon and Trouble Bore Projects.