Miramar Resources Limited (ASX: M2R) - Sumitomo Confirms the Prospectivity of Bangemall - Looking for a Norilsk-style Ni-Cu-PGE deposit.
- Noel Ong
- Sep 11
- 6 min read
Announcement
Miramar Resources Limited (ASX: M2R) has taken another decisive step forward, announcing a multi-year Exploration Joint Venture with Sumitomo Metal Mining Oceania Pty Ltd (SMMO) at its Bangemall Ni-Cu-PGE Projects in Western Australia (Figure 1). This agreement, which could see SMMO earn up to 90% interest through staged expenditure and feasibility milestones, is designed to systematically test for giant Norilsk-style Ni-Cu-PGE deposits—some of the most valuable mineral systems globally. For Miramar, the partnership provides both capital strength and technical validation of its early exploration work.
Figure 1: Bangemall Ni-Cu-PGE Projects (source: M2R)
At #SamsoNews, we have been following Miramar’s journey closely. From its initial exploration campaigns through to the discovery of disseminated nickel and copper sulphides earlier this year, the company has steadily built the foundations of its geological concept. This new JV now marks a turning point—moving from proof-of-concept towards the possibility of a world-class discovery, with one of the industry’s most experienced global mining groups at its side.
Highlights - The search begins for a Norilsk-style Ni-Cu-PGE deposit.
Multi-year, multi-million-dollar Exploration Joint Venture with Sumitomo Metal Mining Oceania Pty Ltd (SMMO) over Miramar’s Bangemall Ni-Cu-PGE Projects.
JV aims to target giant Noril’sk-style nickel-copper-PGE deposits in the Edmund and Collier Basins, Western Australia.
SMMO can earn up to 80% interest through $5.5M expenditure over 5 years, and up to 90% via Feasibility Study completion.
Minimum commitment: $600,000 expenditure, with Miramar to manage JV exploration programmes.
JV builds on Miramar’s February 2025 discovery of disseminated Ni-Cu sulphides within differentiated Kulkatharra Dolerite sills.
EIS co-funded VTEM and magnetic survey underway, to define next exploration steps (Figure 2).
Figure 2: Bangemall Ni-Cu-PGE Projects showing the EIS co-funded VTEM survey (source: M2R)
Exploration JV with Sumitomo
Miramar Resources Limited (ASX: M2R) has signed a Non-Binding Term Sheet with SMMO, a wholly owned subsidiary of Sumitomo Metal Mining Co. Ltd, to advance exploration at its 100%-owned Bangemall Ni-Cu-PGE Projects.
Sumitomo brings over 300 years of mining expertise, with a portfolio spanning Japan (Hishikari), North America, South America, and Australia. This partnership underscores strong external confidence in Miramar’s strategy to unlock the Noril’sk-style mineralisation potential of the Bangemall region.
Miramar’s Executive Chairman Allan Kelly commented:
“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,” he said.
“The Edmund and Collier Basins have been recognised by the Geological Survey of WA, Geoscience Australia and the CSIRO as having potential for Noril’sk-style mineralisation, however Miramar is the first company to specifically target this style of mineralisation in this region,” he added.
“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. Now we are looking for massive sulphides,” Mr Kelly said.
“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.”
SMMO's Managing Director, Mr Jiro Uesugi, commented:
“SMMO is delighted to have signed a term sheet for participation in Miramar's Bangemall project. 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, as well as looking forward in anticipation to the results that can be delivered.”
Key JV Terms
The Joint Venture has been structured with clear staged earn-in milestones, ensuring that both Miramar and Sumitomo are aligned through progressive investment and exploration success.
Farm-in Fee: SMMO will reimburse ~$275,000 for the ongoing EIS co-funded VTEM survey.
Minimum Commitment: $600,000 within the first 36 months.
First Earn-in: 60% interest through $2.5M expenditure over three years.
Second Earn-in: +20% via additional $3M expenditure over two years.
Third Earn-in: +10% through completion of a Feasibility Study.
Management: Miramar to manage all exploration activities.
If either party’s interest drops below 10%, it converts to a 2% NSR.
Next Steps
With the EIS co-funded VTEM and magnetic survey nearing completion, Miramar and Sumitomo will soon process the data to refine priority targets. The follow-up program is expected to include detailed mapping, rock chip sampling, and ground EM surveys, leading towards targeted drilling designed to test for massive sulphide mineralisation.
Broader Exploration Projects Update (Figure 3)
Planning additional geophysical surveys and drilling at the flagship Gidji JV Gold Project, particularly at the 8 Mile prospect.
Sale process initiated for non-core projects, including Glandore and Randalls, in the Eastern Goldfields.
Figure 3: Miramar Resources (source: M2R)
Share Purchase Plan
Miramar reminded shareholders that its Share Purchase Plan closes 5:00 pm AWST, Wednesday, 27 August 2025.
Samso Concluding Comments
This agreement with Sumitomo is a signal that one of the world’s most experienced and long-established miners sees real geological potential in the Bangemall Ni-Cu-PGE Projects. For investors, it shows that Miramar’s hard work and conviction in the concept over the last few years have attracted the interest of a group that is selective about where it commits time and capital.
The structure of the earn-in ensures Miramar is free-carried through the early phases of systematic exploration, while still retaining exposure to discovery success. This is typical of such agreements, as it reduces financial risk while allowing the Company’s team to focus on applying their technical expertise. It also creates a pathway for the project to be advanced through feasibility if the results are compelling.
At the heart of this story is the scale of the target. Noril’sk-style deposits are some of the largest and most valuable mineral systems globally. If Miramar and Sumitomo can demonstrate that potential in the Bangemall Basin, it would be transformational for both the company and the region.
For readers of #SamsoNews, the key takeaway is that this is the next chapter in a story we have been following for some time. It is still early days, and the usual risks of frontier exploration remain, but the involvement of Sumitomo provides the financial muscle and global experience to test this concept properly. Investors should watch the upcoming geophysical results and follow-up drilling closely as the JV begins to unfold.
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