Major Partnership Targets Noril'sk-Style Deposits in Western Australia
Miramar Resources (ASX:M2R) has secured a substantial exploration joint venture with Sumitomo Metal Mining Oceania to hunt for world-class nickel-copper-PGE deposits at its Bangemall Projects in Western Australia's Gascoyne region. The partnership gives Miramar access to significant funding and technical expertise while pursuing deposits similar to Russia's Noril'sk, among the largest mineral deposits globally.
Under the agreement, Sumitomo can earn up to 90% of the project through expenditure of $5.5 million over five years and completion of a feasibility study. The deal includes a minimum expenditure commitment of $600,000 and positions Miramar as the manager of exploration activities.
"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," said Allan Kelly, Miramar's Executive Chairman.
SMMO's Managing Director, Jiro Uesugi, expressed confidence in the partnership with Miramar Resources Ltd: "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."
Geological Foundation Already Proven
The joint venture targets approximately 1,230 km² of the Edmund and Collier Basins, where Miramar has already made significant geological discoveries. In February 2025, the company announced a breakthrough when EIS co-funded drilling discovered disseminated nickel and copper sulphides within differentiated Kulkatharra Dolerite sills.
These findings confirmed several critical elements needed for Noril'sk-style deposits:
- Presence of differentiated dolerite sills
- Discovery of mafic cumulate rocks
- Confirmation of disseminated nickel and copper sulphides
The project area is intruded by multiple 1070Ma-aged Kulkatharra Dolerite sills, part of the continental-scale Warakurna Large Igneous Province and the same age as the Giles Complex intrusions hosting the large Nebo and Babel Ni-Cu-PGE deposits in Western Australia's West Musgraves region.
Understanding Noril'sk-Style Deposits
Noril'sk-style deposits represent some of the world's most valuable mineral concentrations. Located in Russia, the Noril'sk mining district contains massive accumulations of nickel, copper, and platinum group elements formed when metal-rich magma interacted with sulphur-bearing country rocks.
These deposits are characterized by:
- Formation within large mafic-ultramafic intrusive complexes
- High concentration of nickel, copper and platinum group elements
- Massive sulphide accumulations at the base of intrusions
- Economic grades that make them extremely valuable
For investors, these deposits represent high-reward targets due to their exceptional metal content and potential size. A successful discovery at Bangemall could position the partnership with Miramar Resources Ltd and Sumitomo to develop a world-class mining operation with decades of production potential.
Structured Joint Venture Approach
The joint venture includes several key phases designed to systematically advance the project:
| Phase | Requirement | Interest Earned | Timeline |
|---|---|---|---|
| Initial Fee | ~$275,000 reimbursement for VTEM survey | – | Upon signing |
| Minimum Commitment | $600,000 expenditure | – | First 36 months |
| First Earn-in | $2.5 million expenditure | 60% | Over 3 years |
| Second Earn-in | Additional $3 million expenditure | +20% (80% total) | Over 2 years |
| Third Earn-in | Completion of Feasibility Study | +10% (90% total) | Prescribed period |
Miramar will be free-carried until Sumitomo elects to enter the pro-rata period upon completion of any earn-in phase. If either party's interest drops below 10%, it converts to a 2% NSR.
"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," said Allan Kelly, Executive Chairman of Miramar.
Immediate Next Steps
With the partnership established, Miramar is focused on executing near-term exploration activities:
- Completion of the ongoing EIS co-funded detailed magnetic and VTEM survey
- Processing and interpretation of geophysical data
- Follow-up mapping and rock chip sampling
- Ground EM surveys over identified anomalies
These activities will help define drill targets for the next phase of exploration, potentially leading to the discovery of massive sulphide bodies that could represent significant mineralisation.
Broader Company Developments
Beyond the Bangemall partnership, Miramar is advancing several other initiatives:
- Planning geophysical surveys and further drilling at its flagship Gidji JV Gold Project
- Initiating a sale process for non-core assets including the Glandore and Randalls gold projects
- Closing a Share Purchase Plan for eligible shareholders on August 27, 2025
Why Investors Should Take Notice
The partnership with Miramar Resources Ltd and Sumitomo represents a significant inflection point for the company for several compelling reasons:
-
Validation by a major mining company – Sumitomo's interest confirms the technical merit of Miramar's exploration strategy and targets
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Substantial funding secured – The deal provides access to multi-million-dollar exploration funding without immediate dilution to shareholders
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Proven exploration concept – Early work has already validated the geological model, significantly de-risking the exploration approach
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World-class deposit potential – The target size represents a genuine company-making opportunity if successful
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Expert management – Miramar retains operational control while benefiting from Sumitomo's global expertise and resources
For investors seeking exposure to battery metals and PGEs with significant upside potential, Miramar presents a compelling opportunity backed by both technical success and now corporate validation through the Sumitomo partnership.
"Miramar Resources has positioned itself as an emerging player in the battery metals space, with significant upside potential due to its newly-formed partnership with Sumitomo and demonstrated geological validation of its Noril'sk-style deposit model. With immediate exploration activities underway and a clear pathway to advance the project, investors should closely monitor developments at Bangemall as the company pursues a potentially world-class discovery."
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