BPM to drill next to $1.7BN Capricorn Metals in July

ASX:BPM

Published 04-JUN-2024 10:23 A.M.

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BPM Minerals (ASX: BPM) is ~4 weeks away from drilling its Claw gold project in WA again.

Earlier this year BPM ran a first pass drill program on its Claw project.

BPM is now about to go back in for a phase 2 drill program - scheduled to start in July.

BPM’s project sits right next to $1.7BN Capricorn Metals Mount Gibson gold project.

At Mount Gibson Capricorn has a 3.24 Moz gold resource that it is looking to develop.

BPM’s project borders Capricorn - the image below shows just how close the two projects are:

With the gold price at all time highs and still running we are looking forward to BPM’s upcoming drill program.

IF BPM can make a discovery it could be a major catalyst for BPM’s share price - especially considering its tiny market cap at $3.5M.

Context on BPM’s drill targets:

First of all, Capricorn’s Mount Gibson project is made up of several open pit mines.

The open pit mines come together to form a ~3.24M ounce project wide JORC resource.

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.