Miramar Resources (ASX:M2R) has begun a fixed-loop electromagnetic (FLEM) survey at its wholly owned Mount Vernon Project, as part of the Bangemall Project in Western Australia.
The company says the FLEM survey will test several ‘high priority’ versatile time domain electromagnetic (VTEM) anomalies to refine targets for future drill testing.
Miramar believes that the Bangemall project has ‘significant’ potential for nickel-copper-platinum group elements (Ni-Cu-PGE) mineralisation related Kulkatharra Dolerite sills.
Subsequent to today’s (15 January 2024) announcement, Miramar’s share price had increased 15.38% to $0.030 as of 4.15pm AEDT.
Executive Chairman Allan Kelly says Bangemall had the potential for a Ni-Cu-PGE mineralisation style not previously seen in Western Australia.
“We believe the Bangemall has the potential to be an entirely new nickel province in which we have built a commanding land position, and we look forward to continuing to uncover the potential of this very large project.”
This includes the Vernon Gap target where a ‘strong’ late-time VTEM anomaly is seen beneath sulphides in outcropping gabbro and adjacent to ‘significant’ nickel and copper results in historic sampling.
Upon completing the FLEM survey, Miramar will undertake modelling and reverse circulation (RC) drill testing, followed by ground checking of historic SkyTEM anomalies at a newly granted Trouble Bore licence.
Miramar Resources is Western Australia-focused mineral explorer focused on exploring for gold, copper, and Ni-Cu-PGE deposits in the Eastern Goldfields and Gascoyne regions.
As of 30 September 2023, the company had $1.088 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Miramar Resources
