Did Miramar Resources Just Acquire a Julimar Lookalike? (ASX:M2R)
The share price of microcap mineral explorer Miramar Resources Ltd [ASX:M2R] has rocketed this morning on the prospect it may have acquired a Julimar lookalike.
The Julimar nickel-copper platinum group element project, owned by Chalice Mining Ltd [ASX:CHN], has caused quite the fanfare throughout 2020.
In fact, the CHN share price grew by more than 1,500% over the past 12 months thanks to ongoing exploration at the project.
At time of writing the M2R share price is up 15% or 4.5 cents to trade at 34.5 cents per share.
Bangemall gets green light for exploration
Today, M2R announced it had received its first Exploration Licence in the Bangemall region.
The explorer currently holds six Exploration Licences or applications in the regions.
M2R believes the region is highly prospective for Proterozoic craton-margin Ni-Cu-PGE mineralisation such as Nova-Bollinger, Nebo-Babel and the giant Norilsk and Voisey Bay nickel deposits in Russia and Canada.
Which is all very exciting if you know your geology and follow those kinds of discoveries.
But if you don’t, this is what you need to know:
Essentially, the regional datasets used to target the M2R’s Bangemall projects were the same datasets used by CHN, which led to the discovery of the Julimar deposit near Bindoon.
M2R Executive Chairman Allan Kelly said:
‘The Ni-Cu-PGE Atlas published by Geoscience Australia in 2016 highlighted a number of areas that appeared highly prospective for Ni-Cu-PGE mineralisation but were underexplored.
‘Two of the most obvious areas were the southwest of WA, which led to the Julimar discovery, and the Ashburton and Bangemall regions.’
Should you take a chance on one of Australia’s newest explorers?
M2R commenced trading on the ASX last October via a heavily oversubscribed IPO that raised $8 million for the company.
M2R is billed as a gold exploration company, with its first drilling program at its Gidji joint venture gold project completed in late December.
So, why has a Ni-Cu-PGE got the share price moving?
If you haven’t already, I encourage you to read some of our coverage of CHN and Julimar.
Ni-Cu-PGE deposits, like Julimar and Bangemall, are sometimes associated with gold mineralisation.
In the case of Julimar, the gold mineralisation isn’t particularly high, the size and presence of other precious elements present an economically tantalising project.
But remember, the current share price action may be due to heavy speculation.
We know very little about the geology of Bangewell, only that a Ni-Cu-PGE is present there.
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