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Mining
Maiden drilling at the Santy gold and base metals project is now complete, with BPM Minerals (ASX:BPM) intersecting “prospective geology” at a number of its highest priority targets.
Santy, 430km north of Perth, has not been effectively explored in the past, despite being directly along strike from Adaman Resources’ A-zone (63,000oz gold at 2.1g/t) and Mixy (65,000oz gold 4.3g/t) deposits.
Previously surface sampling at Santy also picked out several rock chips containing visible gold.
The recently listed explorer has now drilled eight high priority targets, with 108 aircore holes now completed totalling 3,541m.
Assay results are expected to be returned mid-late October.
A detailed soil sampling program was also completed across gold and base metal targets, with two +1km-long gold anomalies identified.
These drilling and soil geochemistry results will form part of a follow-up exploration program planned for Q4 2021.
“We are very pleased to have completed the maiden drilling program at Santy, with a number of our highest priority targets, including the main Santy Gold Target, intersecting prospective geology,” BPM chief exec Chris Swallow says.
“The drilling saw excessively heavy seasonal rainfall in the Murchison which slowed our progress and cut off access to a number of high-value targets, however our exploration team worked hard to complete programs at most of the prospects.
“We look forward to seeing the assays in the coming weeks and expect further drilling programs to be completed at our highly prospective project.”
BPM has also tapped that rich ‘nearology’ vein, picking up three projects next to Rumble Resources’ (ASX:RTR) mammoth Chinook lead-zinc discovery.
Nearology puts a spotlight on any explorer that holds ground within cooee of a huge, company-making mineral discovery.
BPM’s three projects – Hawkins, Ivan Well and Rhodes – cover the same rock layer ‘target zone’ as Chinook, BPM says.
Importantly, the ground was pegged prior to the recent Rumble discovery, “delivering a first mover advantage with all surrounding ground now fully pegged”.
Gravity, seismic and drilling programs are currently being scheduled for H2 2021.
In August, BPM expected the Claw gold project — an original listing asset for the company — to be granted soon.
Capricorn Metals (ASX: CMM) recently acquired the neighbouring 2.1moz Mt Gibson Gold Mine for ~$39.6 million, with the proposed new Mt Gibson pit wall about 1km from BPM’s northern boundary
The Mt Gibson shear zone is interpreted via magnetics to continue into the poorly explored BPM licence area, the company says.
This article was developed in collaboration with BPM, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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