BPM RC drilling next to $1.9BN Capricorn Metals in June/July
Our micro cap gold Investment BPM Minerals (ASX: BPM) just put out AC drill results from its Claw gold project in WA.
BPM’s project sits right next to $1.9BN Capricorn’s 3.24 Moz Mount Gibson gold project.
Today we got more AC drill results from BPM’s project which showed a ~1km gold anomaly along strike from Capricorn’s project.
So far, BPM doesn't really have anything strong enough to declare a new discovery BUT it does have enough that results going back in with an RC drill rig and drilling deeper.
BPM is currently working through the permitting and expects to be RC drilling in June/July.
With the gold price at all time highs and still running, if BPM can make a discovery it could be a major catalyst for BPM’s share price - especially considering its tiny market cap at $4.3M.
Context on BPM’s drill targets:
BPM has two priority targets that it plans to test with its 10,000m AC drill program:
- The Louie Prospect - 500m away from Capricorn’s mine.
- The Chickie anomaly - which covers an area of ~1,000m x 500m.
Both the prospects sit immediately to the south of Capricorn’s mine.
For some context - Capricorn’s Mount Gibson project is made up of several open pit mines coming together to form a ~3.24M ounce gold project.
All of the open pit mines (shown as black dots on the image below) run along a north-to-south trend and are along strike from BPM’s project.
So BPM isn't necessarily looking for an extension to Capricorn’s gold project - instead, it is looking for repeat structures along that north-south trend.
If BPM can find even one of these structures, considering the company’s tiny market cap we think it would be a great result for BPM, and the market could reward it.
What’s next for BPM?
