BPM raises funds - drilling on WA gold asset to start in few days.

Our exploration Investment BPM Minerals (ASX: BPM) just raised $3.5M and is now days away from drilling its WA gold project.

BPM’s gold project sits on a similar geological setting to the 8Moz gold Tropicana deposit.

BPM expects to be drilling in the coming weeks.

The first round of drilling is on a target that the owners of Tropicana ($69BN AngloGold Ashanti) had first drilled ~19 years ago.

Anglo had hits, including 3m at 65.8 g/t gold, 9.7m at 4.5 g/t gold from that project, but never really followed them up, choosing instead (understandably) to focus on drilling out the Tropicana discovery.

BPM will be the first company to come back and drill out that target since Anglo dropped the ground all those years ago.

See our deep dive on the target here: BPM: About to drill WA gold project on same geological trend as nearby 8Moz Tropicana

BPM’s raise was at 15c with no options which we think is a really good result for the company.

Especially considering BPM was trading at under 3c not too long ago (and a no oppie raise is always a bonus for a pre-discovery explorer).

As of the end of September, BPM had $2.9M cash in the bank, so after this week's raise settles, BPM should have close to $6M cash to spend on drilling.

BPM expects its first drill program to start (a 3,000m RC drill program) in the next few weeks.

Another catalyst we are looking forward to seeing is BPM get closer to a drill program on its 2 high priority targets “Bonnie” and “Clyde” last week which we covered last week here.

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Here, BPM has a soil anomaly sitting on a footprint the size of Anglo’s Tropicana asset.

AND the targets have never been drilled - so they could be somewhere BPM can have a crack at a genuine new discovery.

(Source)

So with extra cash now available, we look forward to seeing some accelerated progress and a lot of drilling into and in the new year.

What’s next for BPM?

Drilling at its WA Gold Project

Next we want to see the heritage surveys completed and the rig mobilising to site.

Here are the milestones we will be tracking:

Milestones:

✅ Heritage Agreement

✅ Heritage Survey

✅ Drilling permits

🔲 Drilling starts
🔲 Drilling results (final assays)