- M2R spots Noril’sk-style nickel, copper and PGEs at Bangemall project in WA
- VTEM survey partially funded by WA State Government
- Company finalising exploration JV with Sumitomo over the project
Special Report: Miramar Resources has found multiple large conductors at its Bangemall project in WA which may be related to Noril’sk-style nickel, copper and platinum group element (PGE) mineralisation.
Back in August, the company signed a non-binding term sheet for a proposed exploration JV with Sumitomo Metal Mining Oceania (SMMO) at the project and commenced a heliborne magnetic/Versatile Time Domain Electromagnetic (VTEM) survey.
Initial data has flagged that the scale of the new conductors compares favourably to the giant Noril’sk-Talnakh camp in Siberia, which contains some of the world’s largest and most valuable mineral deposits of any kind.
“Since commencing exploration at Bangemall, we have demonstrated the existence of differentiated dolerite sills, mafic cumulate rocks and disseminated nickel and copper sulphides, thereby proving the Noril’sk concept,” Miramar Resources (ASX:M2R) executive chairman Allan Kelly said.
“Massive nickel and copper sulphide deposits like those seen at Noril’sk have a relatively small footprint but are highly conductive, making detailed EM surveys the ideal tool for this type of deposit.”
More from Miramar: Major Sumitomo deal puts Bangemall Ni-Cu-PGE in focus
Final data pending then boots on the ground
The company is awaiting final data from the survey and, once this is received and processed, will plan follow-up work including mapping, rock chip sampling and ground EM surveys, along with heritage surveys where necessary.
Miramar will also receive a $250,000 refund from the WA state government once the final EM data is provided to them, along with a cash payment of approximately $275,000 from SMMO for Miramar’s share of the cost of the survey, once the formal JV Agreement is signed.
“Noril’sk-style deposits are extremely valuable, with the Noril’sk-Talnakh camp valued in the order of trillions of dollars, depending on the metal price, and the Oktyabrsky deposit, one of the world’s largest individual PGE-copper-nickel sulphide ore bodies, worth around 500 billion dollars by itself,” Kelly said.
“Given the huge potential of our Bangemall Project, we look forward to receiving the final data and getting out on the ground as soon as possible,” he said.
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.
The post Miramar Resources’ survey outlines multiple large conductors – points to Noril’sk-style nickel-copper-PGE at Bangemall appeared first on Stockhead.
