BPM Minerals Ltd (ASX: BPM) ('BPM' or 'the Company') is pleased to announce that the second phase of drilling has commenced at the Louie Prospect within the Claw Gold Project, WA.
Phase 2 AC/RC Drilling Program Commenced: BPM has initiated the 3,000m Aircore (AC) and Reverse Circulation (RC) drilling program at the Louie Prospect as planned in mid-August. Targeting the Louie Gold Anomaly: The drilling program is focused on testing the 1km long, 100ppb gold in regolith anomaly at the Louie Prospect, identified during Phase 1 drilling earlier this year. This anomaly is situated along strike of Capricorn Metals Ltd.'s (ASX: CMM) 3.24Moz Mount Gibson Gold Project, making it a highly strategic exploration target. Option entitlement set to be finalised shortly - existing shareholders to be entitled to a 1 for 3 option at an issue price of 0.5c with an excise price of 10c.
The Claw Gold Project consists of 33km of highly prospective strike, immediately along strike of $2.2 billion Capricorn Metals Ltd.'s (ASX:CMM) 3.24Moz Mount Gibson Gold Project (MGGP)1 . The MGGP is set to become one of Australia's next major gold mines underpinned by a 5mtpa processing plant producing 150koz p.a.
Louie Prospect
The Louie Prospect is located on the northern border of the Claw Project area immediately along strike of a series of significant gold resources (Sheldon-Deep South-Gunslinger) and the high-grade Sundance gold discovery (16m @ 17.16g/t and 15m @ 18.56 g/t Au2,6) made earlier in the year. These gold deposits make up the current southern extent of the MGGP. Drilling undertaken at Louie earlier in the year on a 'first pass' 400m spaced traverses and 50/100m spaced holes identified a coherent +1,000m long, +100ppb gold in regolith anomaly (Fig. 1). The trend consists of 12 holes containing mineralisation +100ppb, with the following highlights: CAC002 - 1m @ 0.51ppm Au (from 42m) CAC014 - 16m @ 0.31ppm Au (from 18m), inc. 1m @ 1.08ppm Au (from 27m) CAC021 - 26m @ 0.18ppm Au (from 31m) CAC015 - 3m @ 0.47ppm Au (from 35m) CAC163 - 3m @ 0.43ppm Au (from 50m) The supergene anomaly is situated over a package of mafic volcanics and volcaniclastic sediments, that are bounded by granites, which are likely to be the same package of rocks that host gold mineralisation immediately north of the border at the MGGP. The planned drilling program is set to further test the supergene zone, a horizon within the weathering profile that has produced spectacular grades at MGGP, with additional RC drilling testing the fresh rock below this supergene zone
Proposed Option Entitlement Issue
The Company is pleased with the positive response to the proposed Option Entitlement Issue. This offer provides eligible holders of BPM listed shares, as of a yet-to-be-determined record date, the opportunity to participate in a non-renounceable Entitlement Offer. Shareholders will be able to subscribe for 1 New Option for every 3 BPM Shares held at an issue price of A$0.005 per New Option, with the aim of raising approximately $110,000 (before costs). Each New Option will have an exercise price of A$0.10 and will expire four years from the date of issue. The Company intends to seek quotation of these New Options, subject to meeting ASX Listing Rule requirements. Further updates will be provided to the market in due course.
Contact:
Oliver Judd
Tel: 61 8 9467 6393
Email: oj@bpmminerals.com
Competent Persons Statement
The information in this announcement that relates to Exploration Results is based on information compiled by Oliver Judd, who is a Member of AusIMM and who has more than five years' experience in the field of activity being reported on. The information in the market announcement is an accurate representation of the available data. Mr. Judd has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Judd consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
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