As its drilling work progresses in Western Australia, BPM Minerals (ASX:BPM) has found several new gold-in-soil anomalies from sampling at its Claw Gold Project in the Murchison region.
The $8 million market capitalisation company recently collected 665 soil samples from the southern half of the Claw area — freehold land, according to BPM — and says the assays from this work highlighted new anomalies with multi-element geochemical support.
BPM says the anomalies are coincident with regional structural targets in the area, with a peak result of 6.4 parts per billion gold.
The results come as BPM pushes on with its 10,000m aircore/reverse circulation (RC) drilling program in the project area, which the company launched towards the end of January.
BPM has an agreement in place for exploration work in the Claw area with relevant freehold landowners, with a heritage survey recently completed with members of the Yamatji Nation. As such, the company plans to drill test the new geochemical anomalies in the freehold area as part of its 10,000m drilling program.
The drilling started at the Louie prospect on the northern boundary of the Claw project, just 500m along strike from a recent ‘high-grade’ gold discovery at Capricorn Metals’ (ASX:CMM) Sundance prospect.
BPM says its initial observations from its drilling work so far have confirmed that the prospective sequence of rocks that host the mineralisation at Capricorn’s 3.24-million-ounce Mt Gibson Gold Project trend onto and through the Claw project.
Further, the drilling has confirmed that a large portion of historical drilling completed in the Claw area did not intersect the prospective basement rocks, suggesting that much of previous drilling work in the area was ‘completely ineffective’.
According to BPM, this means Claw comprises 33km of ‘relatively untested’ strike directly along-strike of Mt Gibson.
BPM’s drilling work is expected to continue over the next 6 weeks and will move on to the Chickie prospect once the Louie prospect has been drilled.
The drill rig will then move on to regional structural targets in the project area and geochemical anomalies within the aforementioned freehold land.
BPM expects to publish the first assays from this drilling program before the end of March.
The company had around $3.2 million cash at hand at the end of December 2023, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: BPM Minerals
