Sumitomo to Invest $5.5M for Up to 90% Stake in Miramar’s Bangemall Project
Miramar Resources has partnered with Sumitomo Metal Mining Oceania in a multi-million-dollar joint venture to explore for large-scale nickel-copper-platinum group element deposits at the Bangemall Projects in Western Australia.
- Multi-year JV with Sumitomo targeting Noril’sk-style Ni-Cu-PGE deposits
- Sumitomo can earn up to 90% interest through staged expenditure and feasibility study
- Miramar retains management role and minimum 10% interest in the project
- Recent exploration confirmed disseminated nickel and copper sulphides at Bangemall
- JV backed by extensive geophysical surveys and co-funded exploration activities
Strategic Partnership to Target World-Class Deposits
Miramar Resources Limited (ASX, M2R) has taken a significant step forward in its quest to discover major nickel-copper-platinum group element (Ni-Cu-PGE) deposits by entering into a joint venture with Sumitomo Metal Mining Oceania Pty Ltd (SMMO). This multi-year, multi-million-dollar agreement focuses on the Bangemall Projects in Western Australia's Gascoyne region, a promising geological setting for Noril’sk-style mafic intrusion-hosted mineralisation.
Sumitomo, a global mining powerhouse with over three centuries of experience and operations spanning continents, brings not only capital but also technical expertise to the venture. The JV structure allows Sumitomo to earn up to an 80% interest through $5.5 million in exploration expenditure over five years, with the potential to increase to 90% upon completion of a feasibility study. Miramar will manage the exploration activities and maintain a minimum 10% stake, ensuring ongoing involvement in the project's development.
Building on Promising Exploration Results
Miramar’s exploration efforts since 2021 have already yielded encouraging results, including the discovery of disseminated nickel and copper sulphides within differentiated Kulkatharra Dolerite sills at the Mount Vernon prospect. These findings validate the company’s strategy of targeting Noril’sk-style deposits, which are among the world’s largest and most valuable sources of Ni-Cu-PGE minerals.
The Bangemall Projects cover approximately 1,230 square kilometres across the Edmund and Collier Basins, intruded by 1,070 million-year-old dolerite sills associated with the Warakurna Large Igneous Province. This geological setting shares similarities with the Giles Complex, home to the significant Nebo and Babel deposits in Western Australia’s West Musgraves region.
Exploration Plans and Next Steps
The joint venture is already underway with a detailed magnetic and Versatile Time Domain Electromagnetic (VTEM) survey nearing completion, co-funded by the Exploration Incentive Scheme. Following data processing, Miramar plans to conduct targeted mapping, rock chip sampling, and ground electromagnetic surveys to refine drill targets.
Miramar’s Executive Chairman Allan Kelly expressed optimism about the partnership, highlighting it as a strong endorsement of the company’s exploration approach. Sumitomo’s Managing Director Jiro Uesugi echoed this sentiment, emphasizing the project’s significant potential and the value of collaboration with Miramar’s technical team.
Broader Portfolio and Shareholder Engagement
Alongside the Bangemall JV, Miramar continues to advance its other projects, including planned geophysical surveys and drilling at the Gidji JV Gold Project and the 8 Mile prospect. The company is also progressing a sale process for several non-core gold projects in the Eastern Goldfields region.
Miramar’s Share Purchase Plan is closing imminently, offering eligible shareholders an opportunity to participate in the company’s growth story as it moves towards potentially transformative discoveries.
Bottom Line?
With Sumitomo’s backing, Miramar’s Bangemall JV is poised to accelerate exploration towards a potentially game-changing Ni-Cu-PGE discovery.
Questions in the middle?
- What specific exploration milestones will trigger Sumitomo’s staged earn-in commitments?
- How will Miramar balance managing JV operations while advancing its other projects?
- What timeline is anticipated for drilling results and feasibility study completion?
