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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that it has received Programme of Work (POW) approval for drilling at the 100%-owned Trouble Bore nickel (Ni) copper (Cu), cobalt (Co) and platinum group element (PGE) Project in the Gascoyne region of WA.
- POW approval received for drilling at the Trouble Bore Ni-Cu-Co-PGE Project
- EIS co-funded drilling will test late-time airborne and ground EM anomalies at Trouble Bore and Mount Vernon for Norilsk-style Ni-Cu-Co-PGE mineralisation
Trouble Bore is one of several tenements which make up the Company’s 100% owned, district-scale Bangemall Project.
The Company has now received POW approvals for Exploration Incentive Scheme (EIS) co-funded RC drilling at both the Trouble Bore and Mount Vernon Projects which will test Norilsk-style Ni-Cu-Co-PGE targets associated with Kulkatharra Dolerite sills and highlighted by airborne and ground electromagnetic (EM) surveys (Figure 1).
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company’s Bangemall Project represents the opportunity for discovery of an entirely new nickel-copper province in WA.
“Geoscience Australia, GSWA and the CSIRO have all identified the potential for Norilsk-style Ni-Cu-Co- PGE mineralisation within the Kulkatharra Dolerite sills, which are the same age as the Nebo-Babel deposits in the West Musgraves,” Mr Kelly said.
“At Mount Vernon and Trouble Bore, EM surveys have highlighted a number of highly conductive late-time EM anomalies where these dolerite sills intrude into sulphide and/or sulphate-rich sediments,” he said.
“At Trouble Bore, we also see evidence of a potential feeder dyke which is an important component of this type of deposit,” he added.
“We look forward to getting on the ground and testing the fantastic opportunity we have outlined,” he said.
Upcoming work programme
Miramar’s initial aim is to show “proof of concept” of the Company’s Bangemall Ni-Cu-Co-PGE deposit model by identifying Ni-Cu sulphide mineralisation.
The Company will now work towards obtaining heritage approvals and planning for the maiden drilling programme.
Figure 1. Mount Vernon and Trouble Bore Projects showing airborne and ground EM anomalies in relation to Kulkatharra Dolerite sills.
Figure 2. Schematic diagram showing relationship between dolerite sills (green) and sedimentary units of the Edmund and Collier Basins, and the relative position of Miramar’s Ni-Cu-Co-PGE targets (red).
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This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
M2R:AU
Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine
Key Highlights
- Loyal secures binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia - one of the world’s highest-grade copper mines, with past production totalling 3.65Mt at 5.7% Cu and 260kt at 4.5 g/t Au.
- The acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper.
- No exploration has been conducted on the granted mining leases since operations ceased in July 2005 despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study.
- Significant increase in copper and gold prices, combined with the previous exclusion of gold in sulphides from the mine plan, highlights the enhanced remnant copper-gold potential.
- Exploration potential for new discoveries both along strike and at depth, as previous mining only reached depths of 220 metres for open pit and 390 metres for underground operations, with limited exploration beyond mined zones.
- With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. With global initiatives to enhance energy grids and no USA tariffs on Australian copper, the outlook for copper is strong and unencumbered.
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
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This article includes content from Loyal Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
