Miramar’s Bangemall VTEM Survey Reveals Multiple Large Conductors
Miramar Resources advances its exploration portfolio with a new joint venture with Sumitomo Metal Mining and promising drilling results at key projects in Western Australia.
- Sumitomo JV signed for Bangemall Cu-Ni-PGE project
- VTEM survey reveals multiple Norilsk-style conductors
- Aircore and RC drilling extend gold mineralisation at Gidji JV
- Whaleshark project identifies new IOCG targets via magnetic data remodelling
- Share Purchase Plan raises $409,000; cash position at $0.2 million
Strategic Partnership with Sumitomo
Miramar Resources Limited (ASX, M2R) has taken a significant step forward in its exploration strategy by signing a non-binding term sheet for an exploration joint venture with Sumitomo Metal Mining Oceania Pty Ltd over its Bangemall Cu-Ni-PGE project. This partnership brings the weight of a global mining veteran with over three centuries of experience, signaling strong confidence in Miramar’s exploration approach and the potential of the Bangemall region.
The joint venture agreement outlines a staged earn-in structure, with Sumitomo committing to a minimum $600,000 expenditure in the first three years and the potential to earn up to 90% interest through further investment and feasibility studies. Miramar will manage exploration activities, leveraging its local expertise while benefiting from Sumitomo’s financial and technical resources.
Exploration Advances at Bangemall and Gidji
During the quarter ending 30 September 2025, Miramar completed a detailed magnetic and Versatile Time Domain Electromagnetic (VTEM) survey co-funded by the Western Australian government’s Exploration Incentive Scheme. The survey highlighted multiple large conductors reminiscent of Norilsk-style magmatic sulphide deposits, which are globally renowned for their rich nickel, copper, and platinum group element mineralisation.
At the Gidji JV Gold Project, where Miramar holds an 80% interest, extensive aircore drilling has expanded the footprint of shallow gold mineralisation, particularly at the Highway and Blackfriars targets. Notably, gold mineralisation now extends over a strike length of approximately 1,300 metres at Highway and 1,200 metres at Blackfriars, with several drill intersections exceeding 2 grams per tonne gold. Complementary RC drilling at the adjacent 8 Mile target confirmed the presence of sulphide-rich gold mineralisation analogous to the nearby 314,000-ounce 8-Mile Dam deposit.
New Targets at Whaleshark and Other Projects
Miramar’s Whaleshark project, located east of Onslow, has benefited from remodelling of historical magnetic data, revealing multiple shallow Iron Oxide Copper-Gold (IOCG) targets. These findings build on previous drilling that intersected copper sulphide mineralisation and rare earth element signatures indicative of a buried IOCG system.
Elsewhere, the Chain Pool project shows promise for sediment-hosted base metals with historic copper-lead-zinc-silver occurrences, while the Carnarvon Sands applications continue to be evaluated for heavy mineral and rare earth element potential. The Glandore and Randalls projects remain in various stages of tenure advancement and exploration planning.
Financial Position and Outlook
Miramar completed a Share Purchase Plan during the quarter, raising $409,000 to support ongoing exploration. Despite a modest cash balance of $0.2 million at quarter’s end, the company anticipates receiving approximately $0.52 million in payments shortly, including a $250,000 refund from the EIS co-funded survey and $271,000 upon formalising the Sumitomo JV agreement.
Looking ahead, Miramar plans to finalise the JV agreement with Sumitomo, model the detailed geophysical data to prioritise drill targets, and execute further drilling campaigns at Gidji and Chain Pool. Progress on the Glandore mining lease application is also expected.
Bottom Line?
Miramar’s strategic JV with Sumitomo and expanding exploration footprint position it well for potential discoveries, but funding and drilling execution remain critical near-term challenges.
Questions in the middle?
- How will the formalisation of the Sumitomo JV impact Miramar’s exploration pace and capital requirements?
- What are the next steps and timelines for drilling follow-up on the newly identified Norilsk-style conductors at Bangemall?
- Can Miramar secure sufficient funding to sustain its aggressive exploration plans beyond the near-term payments?
