BPM - 20,000m gold drilling program underway - undrilled 6km long target to be tested in the coming weeks

Our gold exploration Investment BPM Minerals (ASX: BPM) just started its third round of drilling at its WA gold project.

This time BPM has ~10,000m of drilling planned - filling in the gaps of the two previous programs.

(hopefully leading to a maiden JORC resource for the project after assays in Q4)

Looking at this image - BPM will basically be getting more data over ~300m of strike and ~250m of depth.

(hopefully we see those previous hits replicated and improved - like 3m @ 65.8g/t gold and 9m @ 7.77g/t gold)

(source)

After that, BPM is going to run a ~10,000m at Bonnie & Clyde, an untested target with geological similarities to the setting of one of Australia's biggest gold mines.

Bonnie & Clyde has never been drilled, and it is the target we are most looking forward to.

Which can be translated better into words we understand as a similar geological setting that hosts $69BN AngloGold Ashanti and $5.6BN Regis Resources' +8Moz Tropicana gold mine. (see above)

BPM will be testing a ~6km long gold-in-soil anomaly along the Yellow Dam Shear Zone, which has shown coherent soil values above 100ppb gold and individual samples over 1g/t gold.

(source)

Final drill targeting results and regulatory approvals are expected in the coming weeks, with drilling due to start this quarter.

As a reminder, this is the target which has seen quite a bit of interest, even making it onto podcasts and being a reason BPM was able to raise money early in the year, when they weren't exactly needing to.

BPM’s last capital raise was cornerstoned by two institutions - Terra Capital and Tribeca Investment Partners for $3.5M at 23c a share, a little above what BPM is trading at today (18.5c).

BPM finished last quarter with $6.6M, so is very much cashed up for this drilling program and further works should this program’s results warrant it.

Bonnie and Clyde got a mention on the Money of Mine podcast 6 months ago by fund manager Tom Woolrych from Deutsche Rohstoff AG, who mentioned BPM as a PA (personal account) purchase back in January.

Check out the Money of Mine podcast section where BPM is talked about here.

So this has been building and on the radar’s of many for a while now and soon we find out what is under the surface.

We are hoping for repeats of these stories below, but as always in exploration there is no guarantees, even when the signs are positive:

(source)

What’s next for BPM?

Beachcomber Phase 3 drilling (10,000m) 🔄

BPM confirmed today that they will be back with a 10,000m drill program aiming to define a maiden JORC Resource at this part of the project.

Here are the catalysts we are tracking across this prospect:

• ✅ Drilling commenced (today) (source)
• 🔲 Drilling completed
• 🔲 Assay results (expected “throughout Q4”

Bonnie & Clyde targets (Drilling targeted for next quarter) 🔄

With today’s announcement we have three key bits of newsflow to look out for on these prospects over the coming weeks/months, ahead of the planned drilling in August:

Here are the catalysts we will be tracking:

• ✅ Key tenement granted
• ✅ Heritage agreement executed
• ✅ Heritage survey
• 🔄 Soil sampling (1,500 samples taken, “assays in coming weeks” (source)
• 🔄 Geophysical survey results (recently completed, results pending)
• 🔄 Program of Work - submitted, awaiting approval
• 🔲 Maiden RC drilling (set to commence this quarter following Beachcomber drilling & final approvals) (source)