Miramar Resources Ltd - Bangemall Project Update - Are We Looking At A Changing of the Guard?
- Noel Ong
- 4 days ago
- 6 min read
Announcement
Bangemall Project Update 25 November 2025 (click here to view the announcement)
Miramar Resources Limited (ASX: M2R) has released an update on its Bangemall Copper–Nickel–PGE Project, located within the Proterozoic Edmund and Collier Basins in the Gascoyne region of Western Australia (Figure 1). The Project sits within a vast 1,230 km² landholding hosting multiple 1070 Ma Kulkatharra Dolerite sills – the same age suite as the Giles Complex, which contains the Nebo-Babel Ni-Cu-PGE deposits.
Figure 1: Bangemall Copper–Nickel–PGE Project within the Proterozoic Capricorn Orogen of Western Australia. (source: M2R)
The Business of Miramar Resources: Focus – Projects
Miramar Resources remains a Western Australia–focused explorer with work spread across gold, copper, and Ni-Cu-PGE opportunities.
The Company continues to pursue large-scale, high-value Noril’sk-style sulphide systems at Bangemall.
Parallel work programs in 2026 will include deeper drilling at the Gidji JV near Kalgoorlie.
Miramar will apply for additional EIS co-funding and potential JV partnerships to advance Bangemall.
Highlights – Large Late-Time Conductors Define New Priority Targets
The November 2025 update highlights several technical developments that continue to strengthen the Noril’sk-style deposit model validated at Bangemall:
High-resolution VTEM survey identifies multiple late-time conductors
The recently completed EIS-co-funded VTEM survey mapped several large late-time anomalies considered consistent with mafic sulphide mineralisation (Figure 2).
Figure 2: Bangemall Cu-Ni-PGE Projects showing final VTEM data (B-Field, Z Channel 35) with the trillion-dollar Norilsk-Talnakh deposit camp shown at the same scale. (source: M2R)
Confirmation of Noril’sk-style geological architecture
Multiple RC drill holes since 2021 have intersected differentiated dolerite sills with disseminated Ni-Cu sulphides, validating the deposit concept.
Strategic decision on JV
Miramar will not proceed with the proposed exploration JV with Sumitomo Metal Mining Oceania (SMMO). The Company will instead continue to seek alternative JV structures.
Potential for significant value creation
The Noril’sk-Talnakh district hosts some of the world’s most valuable metal deposits, with Oktyabrsky alone estimated at ~US$500B in contained value.
Leadership Commentary
Miramar’s Executive Chairman, Mr Allan Kelly, commented:
“Noril’sk-style deposits are extremely valuable, with the Noril’sk-Talnakh deposit camp valued in the order of trillions of dollars, depending on the metal price, whilst the Oktyabrsky deposit, one of the world's largest individual copper-nickel-PGE sulphide ore bodies, is worth around 500 billion dollars by itself.
If we can discover even a small Noril’sk-style deposit at Bangemall, it would potentially be worth billions of dollars to our shareholders.
The Bangemall has potential to become a new frontier for copper, nickel and PGE’s much in the same way that the discovery of the Nebo-Babel deposits in 2000 and the discovery of the Nova-Bollinger deposits in 2012 highlighted the Ni-Cu-PGE potential of the West Musgraves and Albany-Fraser Provinces respectively.”
About the Project
The Bangemall Projects cover ~1,230 km² across the Edmund and Collier Basins, intruded by Kulkatharra Dolerite sills. These geological characteristics place the region firmly within a high-potential setting for Noril’sk-type Ni-Cu-PGE deposits (Figure 3).
Key geological features include:
Multiple 1070 Ma Kulkatharra sills comparable to the Giles Complex
Differentiated sills with mafic cumulate rocks
Positive geochemical indicators, including disseminated Ni-Cu sulphides
Validation from the Geological Survey of WA, Geoscience Australia, and CSIRO on the region’s potential
Figure 3: Bangemall JV Projects. (source: M2R)
EIS-co-funded drilling in February 2025 confirmed disseminated nickel and copper sulphides at Mount Vernon, providing the strongest evidence yet for the Noril’sk model at Bangemall.
Near-term Milestones to Watch
Applications for additional EIS co-funding for expanded geophysical and drilling programs
Assessment of alternative JV structures to accelerate development
Follow-up exploration targeting large late-time VTEM conductors
Ongoing work at Gidji JV in 2026 to pursue deeper bedrock gold sources
How Samso Understands the Investment Memo for the Company
From a Samso perspective, the Bangemall story is driven by the geological thesis: Noril’sk-style systems do not appear often, but when they do, they can redefine a company. Miramar has assembled a strong land position, applied disciplined geophysics, and already confirmed the presence of the right intrusive architecture and sulphide system.
The investment memo here is straightforward:
The upside is extremely large due to the deposit style.
The technical indicators continue to stack positively.
Funding and partnership strategies will determine the pace of progression.
The Project is still early-stage, but the technical evidence remains compelling.
Samso Concluding Comments
Bangemall represents a high-quality geological search space with attributes consistent with some of the world’s most valuable nickel-copper-PGE systems. That alone makes it interesting; however, the challenge will be about the time, capital, and persistence needed to bring such projects to maturity.
The decision not to proceed with the Sumitomo JV suggests the Company is probably not a good sign, as this will mean that Miramar is now left to fund or find new funding for the project. Mineral exploration for Bangemall is not going to be cheap. However, whether this is going to be ultimately a negative or positive turn of events will be known in time.
For investors, the real story remains the same: if the Noril’sk model continues to be supported by further work, Bangemall could emerge as a significant discovery narrative over the coming years.
Another point for investors to think about is that the market capitalisation of the company is very low and the capital vultures will no doubt be looking at turning M2R into another beast. I will not be surprised if there is a changing of narrative and management coming.
The Samso Way – Seek the Research
Always take the time to understand the geology, the data, and the strategy behind each project.
Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity.
Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:
There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.
Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.
The Samso Philosophy:
Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value.
In Life, there is no such thing as a Free Lunch.
Happy Investing, and the only four-letter word you need to know is DYOR.
To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.
Disclaimer
The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.
Share to Grow: Your Bonus
Samso has just released an eBook: How to Add Value to your Share Portfolio
A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.
If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au.
Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.