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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to provide an update on exploration activities within the Company’s large 100%-owned Bangemall Project in the Gascoyne region of Western Australia.
- Fixed loop EM survey continues at Mount Vernon Project
- Evidence of differentiated sill and mafic cumulate rocks
- Shallow EM conductor confirmed at Trouble Bore Project
Miramar is exploring for Norilsk-style nickel, copper and platinum group element (Ni-Cu-PGE) mineralisation related to 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province and the same age as the large Nebo-Babel Ni-Cu deposits in the West Musgraves.
The fixed loop electromagnetic (FLTEM) survey underway within the Mount Vernon project areas has recommenced after a short break due to extreme weather conditions throughout the Gascoyne region.
As discussed in the ASX release on 13 February 2024, the FLTEM survey at Mount Vernon has so far identified multiple late-time conductors at the first two targets tested to date (Figure 1), with modelling of the data indicating south-dipping conductive plates near the base of the dolerite sill where nickel-copper sulphides may have accumulated (Figure 2).
In addition to the EM results, evidence that the dolerite sill has undergone differentiation, and could therefore host Ni-Cu-PGE sulphide mineralisation, includes the following, as shown in Figure 2:
- Variation in grain size from very fine-grained chill margins at the extremities to coarser-grained gabbro in the centre of the sill.
- Increasing magnesium oxide (MgO), nickel and PGE results towards the bottom (northern margin) of the sill
- Nickel-chromium-titanium (Ni-Cr-Ti) ratios suggesting the presence of mafic cumulate rocks which are an important component of this style of mineralisation
The FLTEM survey will test two further targets within the Mount Vernon Project where strong late-time airborne EM anomalies are seen within and/or underneath the northernmost dolerite sill.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company believed the Bangemall Project had the potential for a style of Ni-Cu-PGE mineralisation not previously seen in WA.
“We are the first company to explore for this style of mineralisation in the Bangemall region and are systematically progressing our targets towards the maiden drilling programme,” he said.
“At Mount Vernon, we identified multiple targets from our airborne EM survey and have now confirmed two of these with ground EM surveys and rock chip sampling,” he added.
“It is worth noting that, in contrast to many existing WA nickel deposits, the style of mineralisation we are looking for in the Bangemall occurs as large and very valuable orebodies that are basically immune to short-term swings in the nickel price,” Mr Kelly said.
“Like the discovery of Nebo-Babel in 2000, or Nova-Bollinger in 2012, if we can show proof of concept of the Norilsk-style deposit model at Mount Vernon and/or Trouble Bore, it opens up the entire Bangemall region as a new nickel-copper province, one where we have built a dominant landholding,” he added.
Figure 1. Mount Vernon Project showing airborne EM anomalies and ground EM targets.
Figure 2. Target A cross section showing modelled EM plates (red) and rock chip results.
Trouble Bore
Prior to taking a short break due to extreme weather conditions in the region, the geophysical contractors completed a reconnaissance moving loop electromagnetic (MLEM) survey over the 3 kilometre long historic late-time SkyTEM anomaly at the recently granted Trouble Bore Target.
The SkyTEM anomaly occurs at the intersection of a dolerite sill and a potential N-S trending feeder dyke both of which are mostly buried beneath later sediments (Figure 3).
Evidence of the dolerite sill is seen in outcrop along strike in either direction.
A single historic RC hole drilled in 2013 targeted channel iron deposits and did not intersect the dolerite sill or test the SkyTEM anomaly. There is no recorded historical geochemical sampling in the area.
The recent MLEM survey confirmed the historic SkyTEM anomaly, with subsequent modelling suggesting a shallow, sub-horizontal conductor with a moderate conductance of approximately 200 Siemens.
Given the interpreted geological setting of the EM anomaly compared with known Ni-Cu-PGE deposits, especially step 2 of Figure 4, Miramar has submitted a Program of Work (POW) application for drilling at Trouble Bore.
The Company already has POW approval for drilling at Mount Vernon and will apply for co-funding under the WA Government’s Exploration Incentive Scheme (EIS) for drilling at both Mount Vernon and Trouble Bore.
Click here for the full ASX Release
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.
Click here for the full ASX Release
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.
