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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that the electromagnetic survey currently underway at the Mount Vernon Project, in the Gascoyne region of WA, has identified multiple strong conductors indicating the potential for nickel-copper sulphide mineralisation.
- Multiple ground EM conductors identified at Mount Vernon
- Miramar has dominant land position in a potential new Ni-Cu-PGE province
Miramar’s 100% owned Bangemall Projects have potential for Norilsk-style nickel, copper and platinum group element (Ni-Cu-PGE) mineralisation related to 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.
A fixed loop electromagnetic (FLTEM) survey is currently underway within the Mount Vernon and Trouble Bore project areas which aims to refine EM anomalies outlined by previous airborne surveys (Figure 1).
The FLTEM survey at Mount Vernon has identified multiple late-time conductors at the first two targets tested to date (Figure 2) with modelling of the data suggesting south dipping conductive plates near the base of the dolerite sill where nickel-copper sulphides may have accumulated.
Target A shows three large south-dipping plates with moderate conductances of approximately 600 Siemens (Figure 3 and Table 1), whilst Target B shows five large south-dipping plates with conductances ranging from 250 up to 1200 Siemens (Figure 4).
There is no previous drilling in the vicinity of either target and all plates are interpreted to be within 70m of surface, i.e. within reach of RC drilling.
Aside from the new EM data, evidence that the dolerite sill targeted at Mount Vernon has undergone differentiation, and could therefore host Ni-Cu-PGE sulphide mineralisation, includes the following:
- Variation in grain size from very fine-grained chill margins at the extremities to coarse-grained gabbro in the centre of the sill.
- Increasing magnesium oxide (MgO) contents towards the bottom of the sill
- Nickel-Chromium-Titanium (Ni-Cr-Ti) ratios suggesting the presence of mafic cumulate rocks
Miramar’s Executive Chairman, Mr Allan Kelly, said the Bangemall Project had the potential for a style of Ni-Cu-PGE mineralisation not previously seen in WA, and similar to the giant Norilsk nickel-copper deposits in Siberia.
“We are the first company to explore for this style of deposit in the Bangemall region,” he said.
“At Mount Vernon, we identified multiple anomalies from our airborne EM survey and now, the first targeted ground EM surveys have confirmed and refined those large anomalies, any one of which could represent an accumulation of nickel-copper sulphide mineralisation,” he said.
“This is the tip of the iceberg for the Bangemall region, with the next step involving the first targeted drilling of the best airborne and/or ground EM anomalies,” he said.
“We are very excited about the Project as, 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 and Trouble Bore showing airborne EM anomalies and planned ground EM.
Figure 2. Mount Vernon Project showing FLTEM conductors over magnetic image (TMI-RTP).
Figure 3. Target A (Vernon Gap) cross section showing conductive plates in relation to dolerite sill.
Figure 4. Target B cross section showing conductive plates in relation to dolerite sills.
Table 1. Mount Vernon FLTEM conductive plates.
Rock Chip Sampling
During the previous Quarter, the Company conducted a reconnaissance site visit in preparation for the current EM surveys.
As part of the site visit, field crews collected a total of 51 rock chip samples from various locations across the Mount Vernon Project.
All but one sample, MV031, was of material taken from outcropping dolerite sills.
As discussed in the ASX Announcement on 2 January 2024, and in the Quarterly Activities Report on 25 January 2024, several of the samples contained coarse-grained pyrite, in some cases up to 10%, both in the fine-grained chill margin and in coarser gabbro in the centre of the dolerite sill (Figure 5 and Table 2).
Note: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
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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.
