BPM back drilling giant Bonnie & Clyde gold target - assays from November
Our WA gold exploration Investment BPM Minerals (ASX: BPM) just provided a progress update on the maiden drilling of its giant Bonnie & Clyde gold targets.
After a short weather break earlier this month, drilling is now back underway at BPM’s most exciting target, which we have been following for a few months now.
BPM has now completed 21 holes for 2,854m of the planned 65 hole, ~10,000m program.
First samples are already at the lab.
BPM said that assays are due throughout November 2026 through to January 2027, so we should see a steady stream of results in the run through to the end of the year.
Encouragingly, the first holes at Clyde hit zones of alteration, veining and sulphides, the types of geology you would like to be seeing (though lab assays with grades are what really matters).
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Before this drill program, BPM had been doing another round of drilling at Beachcomber nearby, where it is aiming to release a maiden JORC resource estimate
The first assays from here included 18m @ 4.93 g/t gold (we covered that here) and the rest are due this quarter ahead of that maiden resource in H1 2027.
Beachcomber is the area where BPM was able to drill when it acquired the Forelands project as that part was further permitted, so BPM is now doing a third round of drilling here ahead of that maiden resource.
BPM has listed options (BPMOB) that expire on the 30th October (Friday next week).
The BPM share price currently sits a little above the 15c exercise price. BPM has ~21.65M options currently unexercised, which if all converted into shares, could result in up to ~ $3.24M cash to BPM.
BPM's cash balance at June 30th was $5.3M, and we will get an update on the September quarter cash on hand by the end of next week too.
Why we like Bonnie & Clyde
~4 weeks ago, BPM started drilling Bonnie & Clyde - an undrilled, 6km long gold-in-soil anomaly on the same Yellow Dam structure that hosts BPM's Beachcomber gold hits...
... Also on the same geological setting as that same 8Moz Tropicana deposit, owned by $65BN AngloGold Ashanti and $5.4BN Regis Resources.
This is the big event for BPM that we (and others) have been looking forward to for a while.
AND there is also the Glenburgh discovery which has some parallels to this set up - which has turned Benz Mining into a $1.7BN capped company (share price is up from ~18c to as high as $5.56 in the last two years).
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BPM has a big enough program planned that we should know whether or not BPM’s made a new discovery or not after this round of drilling.
Here is what BPM is drilling here:
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We covered the Bonnie & Clyde targets in detail here in a Deep Dive: BPM starts maiden drilling at giant never before drilled WA gold target.
What’s next for BPM?
Bonnie & Clyde targets (Drilling now) 🔄
After today’s announcement we have three key bits of newsflow to look out for on these prospects over the coming weeks/months:
Here are the catalysts we will be tracking:
- ✅ Key tenement granted
- ✅ Heritage survey
- ✅ Soil sampling (1,500 samples taken, assays 4-6 weeks away from today)
- ✅ Geophysical survey results.
- ✅ Program of Work
- ✅ RC drilling begins (source)
- 🔲 Drill results (expected Q4 2026/Q1 2027)
Beachcomber Phase 2 drilling (7,500m) 🔄
As mentioned earlier, here we want to see BPM extend the gold discovered with BPM’s first round of drilling on this prospect.
Here are the catalysts we are tracking across this prospect:
