Ore Resources Ltd, trading on the Australian Securities Exchange as ASX: OR3, has commenced its Phase 3 Reverse Circulation drilling campaign at the wholly owned Miriam Project in the Eastern Goldfields region of Western Australia. The new round of drilling marks a pivotal moment for the gold and lithium explorer as it intensifies its efforts to define and extend high-grade mineralisation zones discovered at the Forrest prospect, which has rapidly emerged as the company’s primary gold target.
The Phase 3 program will encompass approximately 3,000 meters of targeted drilling. It follows on from earlier campaigns that yielded standout intercepts, including 12 meters at 12.18 grams per tonne of gold from 48 meters in drill hole FGRC027, and a deeper hit of 25 meters at 3.28 grams per tonne gold from 119 meters in drill hole FGRC024, which included a high-grade core of 6 meters at 10.76 grams per tonne from 131 meters to the end of the hole. These results helped build confidence in the scale and continuity of the mineralised system at Forrest, which remains open in multiple directions both laterally and at depth.
Managing Director and Chief Executive Officer Nick Rathjen stated that the drilling is designed to further expand the gold footprint at Forrest. He said previous phases confirmed both oxide and fresh rock mineralisation, suggesting a multi-lode system that remains underexplored across key zones. The company expects drilling to be completed before the end of 2025, with assay results likely to start arriving from late January to early February 2026.
In parallel with the drilling activity, soil sampling results from the northern zone of the Miriam Project are expected to be published in December. These results are intended to inform future drill planning and may help refine exploration targeting. Ore Resources Ltd has also announced that it will begin geophysical surveys and additional regional testing across several other prospects in the Miriam tenement during the first quarter of 2026.
How significant is the Phase 3 program for the Forrest prospect and Miriam’s overall gold potential?
The current drilling campaign represents a direct follow-up to the strong assay results obtained during Phases 1 and 2. One of the earliest intercepts in Phase 1, which returned 33 meters at 2.80 grams per tonne gold from 35 meters in drill hole FGRC004, pointed to an extensive oxide gold system close to surface. Phase 2, however, revealed a deeper and potentially more robust fresh rock component to the system. In particular, the intercepts from drill holes FGRC024 and FGRC027 indicated continuity of mineralisation and the possibility of stacked or parallel lodes within the Forrest structure.
The Phase 3 campaign is specifically targeting both these oxide trends and deeper fresh rock lodes. This dual focus is designed to assess whether the mineralised footprint can be materially extended, and whether Forrest is evolving into a broader multi-lode system with commercial scale potential. According to the Forrest Plan View map provided in the company’s December 1 announcement, the footprint of known gold mineralisation remains open in several directions. The drill collars shown for Phase 3 aim to test strike and depth extensions while filling in structural gaps between previous intercepts.
Forrest sits within a well-defined mineral corridor that Ore Resources Ltd has been systematically exploring. The spatial distribution of high-grade intercepts to date suggests that the mineralisation is not limited to isolated zones but rather may represent a system capable of supporting a future resource estimate if continuity is proven across a broader area.
How is Ore Resources positioned financially and operationally for sustained exploration?
Ore Resources Ltd enters this next phase of activity with a robust balance sheet and a clear exploration mandate. As of 30 September 2025, the company reported a cash position of AUD 5.3 million and zero debt. This provides sufficient capital to fund the entire Phase 3 program and additional regional exploration through the first half of 2026. The company’s stated goal is to accelerate drilling, complete geophysical assessments, and evaluate early-stage regional targets, all without immediate recourse to the equity markets.
The Miriam Project benefits from a highly favourable location within the infrastructure-rich Eastern Goldfields of Western Australia. The project area lies less than 50 kilometers from Kalgoorlie, one of the most established mining hubs in the country, and is connected by sealed and access roads. Rail and road infrastructure provide logistical pathways to the Port of Esperance, 370 kilometers away, and to Perth, which is approximately 550 kilometers from the project site.
This proximity to existing gold and lithium operations, along with nearby processing facilities and development projects of substantial scale, enhances Ore Resources Ltd’s optionality. The company has the flexibility to consider standalone development scenarios or potential third-party processing arrangements depending on the eventual scale of discoveries.
What other targets are in Ore Resources’ exploration pipeline for 2026?
Beyond Forrest, the company’s broader strategy includes the initial drill testing of additional high-priority prospects within the Miriam tenement. Among these are Burbanks Monarch, Goroke, and Jungle, all of which are scheduled for first-pass drilling in late first quarter 2026, following the conclusion of the current Forrest campaign.
The upcoming soil sampling data for northern Miriam prospects is expected to guide this targeting strategy, while regional geophysical programs in early 2026 will help identify subsurface structures that may be associated with gold mineralisation. These regional prospects are seen as a potential pipeline of future discoveries that could complement or expand upon the resource base that may be delineated at Forrest.
According to Ore Resources Ltd, the company remains fully committed to systematically exploring these new targets as part of its 2026 work program. Technical Director Robin Cox and Managing Director Nick Rathjen will oversee the expansion strategy, supported by a board with deep experience in greenfield and brownfield exploration, project development, and capital market execution.
How does the company’s dual commodity exposure to gold and lithium shape its long-term strategy?
Ore Resources Ltd is not solely focused on gold. The company also holds the Coolgardie and Randalls Lithium Projects, both situated in the same Eastern Goldfields corridor. This dual commodity focus allows the company to maintain exposure to two high-value sectors: gold, which offers hedge-like appeal in volatile macroeconomic environments, and lithium, which remains central to the global energy transition and electric vehicle adoption.
The location of Ore Resources Ltd’s lithium assets, in close proximity to its gold holdings and infrastructure, allows for synergistic development strategies. As lithium prices begin to stabilize after a volatile period in global markets, companies with proven lithium tenure in Tier 1 jurisdictions are regaining attention from institutional investors. This positions Ore Resources Ltd to capitalise on potential upside in both sectors while reducing commodity-specific risk exposure.
The board’s experience across both gold and lithium exploration and development plays an important role in executing this dual-track strategy. Chairman Nev Power, along with Non-Executive Director Rob Waugh, brings experience in project execution and corporate stewardship that enhances investor confidence as the company advances multiple parallel workstreams.
What are the next catalysts for shareholders and exploration-focused investors?
The most immediate milestone for investors will be the assay results from the current Phase 3 drilling at Forrest, expected between late January and early February 2026. These results will help determine the extent to which Forrest can support a resource-scale gold system. Any further confirmation of high-grade continuity, particularly in fresh rock zones, could attract additional attention from institutional and retail investors alike.
Shortly thereafter, the company is expected to release soil geochemical data from the northern prospects at Miriam. This may provide additional vectors for near-term drill targeting. Geophysical work and initial drilling at Burbanks Monarch, Goroke, and Jungle prospects are scheduled for the first quarter of 2026, giving Ore Resources Ltd a steady flow of exploration news over the coming months.
From a financial perspective, the company remains well-capitalised and strategically located. If Phase 3 drilling meets or exceeds expectations, this could serve as a validation point for the company’s broader exploration model and could open the door to more aggressive regional expansion. Analysts and investors tracking the ASX-listed junior mining sector are likely to view Ore Resources Ltd’s current campaign as a critical test of both its asset base and operational execution.
What are the key takeaways for stakeholders monitoring the Miriam Project?
- Ore Resources has moved swiftly to capitalise on strong Phase 2 results from the Forrest prospect with a focused Phase 3 drilling effort now underway. The key highlights include:
- Approximately 3,000 meters of RC drilling underway, targeting both oxide and fresh rock gold zones
- Phase 3 results expected in late January to early February 2026
- Strategic focus on expanding mineralised footprints and validating multi-lode system potential
- New regional targets set for testing in Q1 2026
- AUD 5.3 million in cash and no debt provides funding runway
- Proximity to Kalgoorlie and Esperance port enhances commercialisation options
- Broader asset base includes lithium prospects within the same province
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