BPM update on drilling next door to $1.7BN Capricorn Metals

Published 27-FEB-2024 12:53 P.M.

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Our exploration Investment BPM Minerals (ASX: BPM) just put out an update on its drill program at its Claw gold project in WA.

BPM’s project sits along strike from Capricorn Metals’ (capped at $1.7BN) Mount Gibson gold mine.

AND one of BPM’s targets is less than 500m away from a Capricorn prospect where a monster drill intercept was recently announced to market - 10m @17.16g/t from 32m at the Sundance prospect.

Today, BPM confirmed drilling at one of its two targets had been completed and that its 10,000m AC drill program was ongoing.

Drill results from that first target are expected toward the end of March.

Some context on the drill program -

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.