BPM’s Forelands drilling points toward a maiden Beachcomber gold resource

Beachcomber drilling builds toward maiden resource

BPM Minerals Limited (ASX:BPM) is moving closer to a maiden resource estimate at its Forelands Gold Project in Western Australia, after completing 9,060 metres across 53 reverse-circulation holes at the Beachcomber prospect. Assays from the wider program are expected progressively through the fourth quarter of 2026, including results from the Beachcomber North-West and Central targets.

The strongest reported result from the Beachcomber Main Lode was 18 metres at 4.93 grams per tonne gold from 245 metres, including narrower intervals of 2 metres at 16.62 g/t and 1 metre at 38.23 g/t. BPM says drilling has demonstrated continuity of the high-grade component over 300 metres of strike and to about 250 metres vertical depth, with mineralisation still open. Those results sit alongside earlier high-grade intersections from the same prospect, including 3 metres at 65.8 g/t from shallow drilling.

The latest progress follows earlier Beachcomber drilling results that included the 18-metre intersection at 4.93 g/t. BPM plans further reverse-circulation drilling in the fourth quarter to test the down-dip extension of the reported intercepts, with the resulting work intended to underpin a maiden JORC-compliant Mineral Resource Estimate in the first half of 2027. No resource has yet been established.

Bonnie and Clyde receives its first drilling test

At Bonnie and Clyde, BPM has completed 2,854 metres across 21 holes, with the first samples arriving at the laboratory. The company expects assays to flow through November 2026 to January 2027. Early drilling at Clyde encountered alteration, veining and disseminated sulphides beneath a major paleochannel, described by BPM as prospective geology rather than a defined gold discovery.

The company plans a broader 10,000-metre, 65-hole program across Bonnie and Clyde to test several high-grade gold-in-soil anomalies. The target is a more than six-kilometre, greater-than-100-parts-per-billion gold-in-soil anomaly associated with the Yellow Dam Shear Zone. That anomaly is now receiving its first substantial drill test, after Bonnie and Clyde drilling approvals cleared the way for the campaign.

Option expiry adds a near-term funding variable

BPM also reminded holders that about 21.65 million BPMOB options expire at 5pm on 30 October 2026. With an exercise price of $0.15, the options could contribute approximately $3.24 million if exercised. The company reported $5.3 million in cash at 30 September, so the expiry is financially relevant as exploration spending continues, although the release does not state how many options will ultimately be exercised.

For now, the investment case remains tied to evidence still to come: pending assays from both prospects, completion of the remaining drilling, and whether Beachcomber’s high-grade zones can be converted into a compliant mineral resource. The next meaningful test will be whether the assay stream confirms continuity beyond the already drilled portion of the Main Lode while Bonnie and Clyde moves from an attractive surface anomaly to a subsurface result.