WA gold project update & what’s next?
This morning our exploration Investment BPM Minerals (ASX: BPM) detailed its future exploration plans for its two gold projects (Claw and Santy) in WA.
First BPM confirmed that it is currently progressing through the approvals process for a drilling program at its Claw gold project in Q2-2023.
BPM’s Claw project sits immediately to the south of Capricorn Metals’ (capped at $1.8BN) 2.7m ounce Mount Gibson gold mine.
Here BPM will be targeting two high priority drill ready targets right near the southern border shared with Capricorn Metals.
- The Lewie anomaly - Covers an area measuring 1,200m x 400m
- The Chickie anomaly - Covers an area measuring ~1,000m x 500m.
BPM also put out assay results from its recent aircore drilling program at its Santy gold project.
The peak result from the drilling program was a 1m intercept where BPM returned gold grades measuring 0.89g/t.
Outside of this the remaining results returned no notable mineralisation, BPM has now run another geochemical sampling program as part of a target generation program for any future drilling at Santy.
Assays from the sampling program are expected to be released in early 2023.
What’s next for BPM?
BPM retains a strong cash balance of $5.3M in the bank (at 30 September), especially compared to its tiny market cap of $6.8M, giving it an enterprise value of circa $1.6M.
Given the tight capital structure and a strong cash balance we will now be watching to see what comes from the Claw gold project in early 2023 or alternatively want to see the company bring in new projects.
Read our latest BPM note to see our deep-dive on what we want to see BPM do next: Assays in - What does $6.5M capped BPM do next?
