BPM Completes 1,995m Drilling at Louie Prospect, Eyes 8km Strike Extension
BPM Minerals reports significant progress at its Claw Gold Project, completing a third drilling phase and preparing for expanded exploration across new tenements. The company maintains a strong cash position to support its growth ambitions.
- Phase 2 drilling defines 600m high-grade gold core at Louie Prospect
- Phase 3 drilling completed with 11 RC holes targeting deeper mineralisation
- Phase 4 aircore drilling planned to test 8km of prospective strike
- New tenement application to unlock additional 20km of prospective strike
- Strong cash balance of approximately A$2.6 million as of December 2024
Exploration Momentum at Claw Gold Project
BPM Minerals Limited (ASX:BPM) has delivered a robust quarterly update for the period ending 31 December 2024, underscoring its advancing exploration efforts at the Claw Gold Project in Western Australia. The company successfully completed its Phase 3 reverse circulation (RC) drilling program, comprising 11 holes totaling nearly 2,000 metres, focused on extending high-grade gold mineralisation at depth within the Louie Prospect.
Earlier Phase 2 drilling results revealed a 600-metre core of high-grade gold mineralisation, with multiple assays exceeding 1 gram per tonne (g/t) gold, including holes terminating in mineralisation. These findings reinforce the prospectivity of the Louie area, situated immediately south of Capricorn Metals Ltd.'s (ASX:CMM) substantial Mount Gibson Gold Project, which boasts a 3.99 million ounce resource.
Strategic Expansion and Tenement Growth
Looking ahead, BPM plans to initiate a Phase 4 aircore drilling campaign targeting an approximately 8-kilometre strike zone that encompasses both the Louie and Chickie Prospects. This program, expected to commence shortly pending final regulatory approvals, will involve around 80 holes over 5,000 metres, designed to systematically test largely untested areas along this mineralised structure.
Complementing this, BPM has applied for a new exploration tenement (E70/6332) west of the main project area. This addition could unlock an extra 20 kilometres of prospective strike, potentially extending the mineralised corridor further south. Soil sampling programs are planned to commence once access agreements with local landholders are secured.
Financial Position and Corporate Overview
Financially, BPM remains well-positioned with approximately A$2.6 million in cash at the end of December 2024, supporting ongoing exploration activities. The company reported exploration expenditure of around A$269,000 for the quarter, reflecting disciplined capital deployment. No substantive mining production or development activities were undertaken during the period, consistent with BPM’s focus on exploration and resource definition.
Beyond Claw, BPM continues to progress its Durack REE-Ti-Zr project in the East Kimberley region, with tenement applications underway. Other projects, including Santy, Earaheedy, and Nepean, saw no activity this quarter, with some tenements relinquished as part of portfolio rationalisation.
Outlook and Market Context
BPM’s Claw Gold Project benefits from its proximity to Capricorn Metals’ Mount Gibson operation, which is poised to become a significant gold producer in Western Australia. The emerging high-grade discoveries at Louie and Sundance prospects suggest that BPM’s exploration strategy could yield valuable extensions to the regional gold endowment.
With assay results from the recent Phase 3 drilling pending, the market awaits confirmation of the depth and continuity of mineralisation. The company’s drill-for-equity agreement with Topdrill Pty. Ltd. also provides a cost-effective platform to accelerate exploration. As BPM prepares for an expanded drilling campaign and new tenement grants, its exploration narrative is gaining momentum.
Bottom Line?
BPM Minerals is poised for a pivotal quarter as assay results and new tenements could redefine its gold exploration trajectory.
Questions in the middle?
- What will the Phase 3 assay results reveal about the depth and grade continuity at Louie?
- How will the new tenement application impact BPM’s overall resource potential and exploration strategy?
- What are the timelines and expected outcomes for the upcoming Phase 4 aircore drilling program?