BPM’s Drilling Highlights Potential but Economic Viability Still Unclear

Exploration Progress at Louie Prospect

BPM Minerals Limited (ASX: BPM) has delivered a robust quarterly update for the period ending 31 March 2025, highlighting significant progress in its gold exploration activities at the Louie Prospect, part of the broader Claw Gold Project in Western Australia. The company completed an 11-hole, 1,995-metre reverse circulation (RC) drilling program targeting high-grade gold mineralisation within fresh rock zones, a critical step beyond the previously identified supergene-enriched weathered zones.

Assay results from this Phase 3 RC program revealed consistent gold intercepts, including notable intervals such as 4 metres at 0.90 g/t Au and 5 metres at 0.67 g/t Au, confirming the presence of mineralised shear zones analogous to those found in the adjacent Mount Gibson Gold Project (MGGP). These findings suggest the potential for a shallow, high-grade gold resource, a prospect that BPM is actively considering for further drilling.

Regional Aircore Drilling and Expansion

Complementing the RC program, BPM completed an extensive Phase 4 regional aircore drilling campaign comprising 84 holes over 3,647 metres. This program focused on an approximately 8-kilometre prospective shear zone encompassing the Louie and Chickie Prospects. While assay results indicated several zones of gold anomalism, the grades were generally lower than those observed in the weathered zones at Louie, highlighting the complex geology and the need for targeted infill drilling to better define these anomalies.

Importantly, BPM has applied for additional tenure covering roughly 20 kilometres of prospective strike to the southwest, which remains untested. Soil sampling programs are planned to commence upon grant of these tenements, potentially unlocking further exploration upside in this highly prospective greenstone belt.

Strategic Positioning and Financial Health

The Claw Gold Project’s proximity to Capricorn Metals Ltd.’s Mount Gibson Gold Project, a significant 3.99 million ounce resource with planned production of approximately 150,000 ounces per annum, underscores the strategic value of BPM’s landholdings. BPM’s exploration efforts are well-supported by a drill-for-equity arrangement with Topdrill Pty. Ltd., enabling efficient capital deployment during these drilling campaigns.

Financially, BPM remains well-capitalised with approximately A$2.03 million in cash at quarter-end, despite exploration expenditure of around A$495,000. The company reported no substantive mining production or development activities during the quarter, consistent with its focus on exploration and resource definition. Corporate costs included director fees totaling A$25,170.

Looking Ahead

BPM’s immediate plans include infill aircore drilling to refine identified gold anomalies and commencement of soil sampling on newly granted tenements. The company continues to assess additional project opportunities, including progressing the Durack REE-Ti-Zr project in the East Kimberley region, although no work was reported at the Santy Project this quarter.

Overall, BPM Minerals’ latest quarterly report reinforces its position as an emerging gold explorer with promising drill results and a prudent financial footing, setting the stage for potential resource upgrades and further exploration success in Western Australia’s Murchison region.