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Microcap Miramar Resources (ASX:M2R) has signed an exploration-focused joint venture with Sumitomo Metal Mining Oceania at its Bangemall nickel-copper-platinum group project in Gascoyne, the company confirmed today.
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Sumitomo was brought in to leverage its “300 years of mine development experience” as well as its learnings from Northparkes in New South Wales.
So too the projects it helped helm: Candelaria, Ojos del Salado, and Quebrada Blanca in Chile, Morenci in the United States, Côté in Canada, and Cerro Verde in Peru – and, perhaps most importantly, its own Hishikari mine in Japan.
With the non-binding term sheet signed this week, Miramar and Sumitomo will now turn to working on the 1,230sqkm Bangemall projects in Western Australia.
Miramar has been exploring for mafic intrusion-hosted nickel, copper, and platinum in a similar style to Moscow’s Norilsk; the Oz company has run reconnaissance campaigns to that end in 2021 and February this year.
“We’re looking for mafic intrusion-hosted Ni-Cu-PGE deposits, like the Norilsk deposits… some of the world’s largest,” Miramar’s chairman Allan Kelly explained.
“The Edmund and Collier Basins have been recognised by the Geological Survey of WA, Geoscience Australia, and the CSIRO as having potential for Norilsk-style mineralisation; however, Miramar is the first company to specifically target this style of mineralisation in the Gascoyne region.
“Since commencing exploration at Bangemall, we’ve demonstrated the existence of differentiated dolerite sills, mafic cumulate rocks, and disseminated nickel and copper sulphides, thereby proving Norilsk’s concept.
“Now,” the company chief declared, “we are looking for massive sulphides.”
That’s where Sumitomo, who is working with Miramar through its “SMMO” subsidiary, is helping the Oz explorer. It can earn up to 80% interest in return.
“This exploration joint venture with Sumitomo gives us the resources to systemically explore the project,” Mr Kelly said. “We look forward to progressing towards a potentially very significant discovery.”
Now that signings are done, SMMO will reimburse Miramar $275,000 for its share of the cost of an EIS co-funded magnetic VTEM survey already underway. SMMO has also committed to spend $600K in the next three years.
Sumitomo is then on the hook for as much as $5.5 million up to 2030.
M2R heads into Tuesday trade at 0.3cps.
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