Miramar and Japanese giant Sumitomo forge Bangemall exploration JV

• Miramar signs non-binding term sheet with Japan’s Sumitomo Metal Mining Oceania (SMMO)
• SMMO can earn up to 80% through expenditure of $5.5m over five years
• Minimum $600,000 JV expenditure commitment with Miramar to manage JV exploration programs
• JV highlights potential of Noril’sk-style mineralisation

Special report: Miramar and Japan’s Sumitomo have struck a multi-year, multi-million-dollar JV to explore the Bangemall nickel-copper-PGE asset in WA’s Gascoyne region.

The Bangemall projects cover ~1230km² of ground in WA, where 1070-million-year-old dolerite sills – linked to the same event that formed the Nebo-Babel deposits – cut through the Edmund and Collier Basins.

Since 2021, Miramar Resources (ASX:M2R), has been targeting Noril’sk-style mafic intrusion-hosted Ni-Cu-PGE deposits at the project.

In February 2025, it announced the discovery of disseminated nickel and copper sulphides at Mount Vernon, identified during EIS co-funded RC drilling, within differentiated Kulkatharra Dolerite sills for the first time.

Miramar executive chairman Allan Kelly said the new joint venture with Sumitomo was a huge vote of confidence in the company’s exploration strategy and work completed to date.

With a history spanning more than 300 years, Sumitomo has extensive experience in mine development and operation.

It operates Japan’s Hishikari Mine and is involved in mining projects globally, including Northparkes (Australia) and Cerro Verde (Peru).

First to targeting Noril’sk-style mineralisation in Edmund and Collier basins

“We are looking for mafic intrusion-hosted Ni-Cu-PGE deposits, like the Noril’sk deposits in Russia, which are some of the world’s largest and most valuable mineral deposits of any kind,” Kelly said.

“The Edmund and Collier Basins have been recognised by the Geological Survey of WA, Geoscience Australia and the CSIRO as having potential for Noril’sk-style mineralisation, however Miramar is the first company to specifically target this style of mineralisation in this region.

“This Exploration Joint Venture with Sumitomo gives us the resources to systematically explore the project, and we look forward to progressing towards a potentially very significant discovery.”

SMMO ‘delighted’ to join Bangemall JV

SMMO managing director Jiro Uesugi said the company is delighted to have signed a term sheet for participation in Miramar’s Bangemall project.

“We believe the Bangemall project has significant potential for Ni-Cu-PGE mineralisation, and we look forward to working with Miramar’s strong technical team as the project operator, as well as looking forward in anticipation to the results that can be delivered.”

More from Miramar: 8 Mile presents high-profile Kalgoorlie gold targets



Exploration JV Details

The exploration JV covers five exploration licences held by MQ Minerals, a wholly owned subsidiary of Miramar Resources, with an option to include additional tenements.

As a first step, Sumitomo Metal Mining Oceania (SMMO), a subsidiary of Sumitomo Metal Mining Co, will reimburse Miramar $275,000 for its share of a magnetic VTEM survey, which is underway and co-funded under the EIS program.

SMMO is required to spend a minimum of $600,000 within the first 36 months before it is eligible to withdraw (in which case Miramar would retain 100% of the Project).

For an initial 60% in the first earn-in stage, the company must invest $2.5 million over three years.

It can then earn a further 20% through the expenditure of an additional $3m over two years.

In a third stage, SMMO can earn another 10% for a total of 90% by completing a feasibility study within a prescribed period.

Miramar will be free-carried until SMMO elects to enter the pro-rata period upon completion of the first, second or third earn-in.

After this point, each party must contribute to expenditures pro-rata. If either party’s interest drops below 10%, it is automatically converted to a 2% net smelter return (NSR).

What else is happening?

The EIS co-funded detailed magnetic and VTEM survey at Bangemall is nearing completion.

Once the data is received and processed, Miramar will plan follow-up work including mapping, rock chip sampling and ground EM surveys.

The company has also initiated a sale process for several non-core projects including the Glandore and Randalls gold projects in the Eastern Goldfields of WA.

 

This article was developed in collaboration with Miramar Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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