Assay results from Hawkins lead-zinc project

Published 03-NOV-2022 09:07 A.M.

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Yesterday, our exploration mining investment BPM Minerals (ASX:BPM) released the much anticipated results of the first drilling program at its Hawkins Lead-Zinc prospect.

This project, near to Rumble Resources lead-zinc discovery, was one of the key reasons why we invested in BPM.

BPM announced a top line result of 2m @0.25% Zn & 0.31% Pb.

Here is how our Bull/Bear/Base case looked for BPM:

Bull case = BPM proves there is enough potential to warrant follow up drilling works over the project.
Base case = Traces of lead-zinc mineralisation across the project area.
Bearish case = No mineralisation and no planned follow up drilling programs.

This drilling result falls between our Bear and Base case for BPM.

Although lead-zinc was discovered, the trace amounts were not of a high enough grade to be interesting - with a follow up drilling program ‘currently being assessed’.

We will provide a longer note on what these drilling results mean for BPM in the coming days/weeks.