BPM starts phase 3 gold drilling next to $2.6BN Capricorn Metals

Published 03-DEC-2024 14:54 P.M.

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Our micro cap Investment BPM Minerals (ASX: BPM), just started its 3rd round of drilling at its Claw gold project in WA.

The reason we have been following these drill programs closely is because BPM’s project borders $2.6BN Capricorn Metals 3.24M ounce Mount Gibson gold project.

Earlier in the year, BPM hit a discovery hole on its ground - 25m at 1.27g/t - which lead to a ~200% rally in BPM’s share price.

BPM’s share price has come off since that discovery hole - likely because the market was expecting even better results and for the discovery to grow immediately.

While we haven't seen a repeat of that discovery intercept, we have seen enough from the results so far for BPM to change its exploration plan and go for deeper holes under that intercept.

We think that this current round of drilling will be the one where we find out the true size/scale potential of BPM’s project.

BPM will also be drilling along strike to the south

We also noticed, BPM would expand the drill program to test other targets along the ~600m area (north to south) from Capricorn’s ground.

We like that BPM is going for targets (north to south) because it is exactly how the deposits Capricorn have at Mount Gibson are occurring.

Mount Gibson isn't made up of one giant orebody, instead, its made up of small deposits that run north to south across Capricorn’s ground.

At a very high level, BPM is just chasing this trend south over its ground - we are hoping BPM can pull off new discoveries as well as finding extensions to its discovery hit from earlier this year.

The current round of drilling is focused on the Louie anomaly, but we did notice BPM said that more drilling would come across the ~20km of untested strike in 2025…