BPM to drill WA gold project in November

Published 20-OCT-2025 10:50 A.M.

3 min read

Shares Held: 4,237,865

Options Held: 850,000

Our exploration Investment BPM Minerals (ASX: BPM) expects to start drilling its WA gold project next month…

BPM’s project is along strike from the 8M+ ounce Tropicana gold deposit (owned by $57BN AngloGold Ashanti and $5BN Regis Resources, which is also subject to takeover rumours).

(Source)

We touched on the initial rumours here: BPM: Creeping up on rumours of WA gold M&A nearby?

BPM’s ground was once owned by Anglo who walked away from the project after the Tropicana discovery was made (for good reason - drilling out a giant discovery probably became the priority for them.

Now, BPM has a heritage survey confirmed for 31st October with RC drilling to start in mid-November.

BPM’s plan is to drill ~25 holes over a 3,000m drill program, taking ~3 weeks…

More on BPM’s project:

BPM’s new project sits on the same type of geology (rocks) that hosts the 8M+ ounce Tropicana gold deposit.

And the first target BPM plans to drill was once owned by AngloGold... (the original “discoverer” and 70% owner of the Tropicana mine)

The target Anglo drilled all those years ago actually had visible gold near surface and delivered 9.7m of gold at 4.5g:

(Source)

We wonder what BPM can hit on its own drilling of this asset.

The project hasn’t really been touched since Anglo drilled it back in 2009.

The first round of drilling is on just one of the many targets on BPM’s overall project area…

Anglo first made the Tropicana discovery in 2004, then spent the next few years deploying exploration capital searching for repeat discoveries in the region.

After a short period chasing new discoveries, the Tropicana discovery just kept getting bigger and bigger so attention switched back to extending and growing Tropicana.

All of the regional targets were left alone and have been untouched since…

(until our micro cap BPM came along)

(Source)

We like BPM’s new project because of the potential for a tiny, ~$5.3M capped micro cap company like BPM to make a Tropicana-style discovery.

Of course this is early stage exploration, and a discovery of this magnitude is extremely hard to find. Success is no guarantee.

Even if BPM were to find something even 1/10th the size of Tropicana we think it could have a material impact on BPM’s share price.

We think any extensions to those old Anglo holes could bring back some market interest into the BPM’s new project.

And then any new major discovery across the multiple regional targets could bring corporate interest too…

There are several mills within a 200km radius of BPM’s project which means if BPM is able to make a new discovery, it would have inherent value to the owners of those mills.