BPM Minerals (ASX:BPM) shares have jumped 86% on the back of high grade gold hits on-site its Claw Project WA.
The company unveiled aircore drill hits returning assay grades of 30m @ 1/84g/t gold from 25m depth including a 5m pocket @ 7.12g/t gold from 35m depth.
The combination of that 5m pocket, and relatively low depths sub-50m, are the likely catalysts prompting investor enthusiasm.
These findings were from the Loule target of interest at Claw, associated with a 1km long gold in regolith anomaly. The project is to the south, along strike, of Capricon Metals’ Mount Gibson project – boasting a gold project of 3.24Moz.
BPM reported on Wednesday its underlying geology has some uniform characteristics with that found underlying Mount Gibson.
As for the regolith anomalies, the company has 6 RC drillhole assays on the way back to management’s desk with those results to further inform whether the company focuses so strongly on that 1km long target. Elsewhere on-site, aircore drilling remains ongoing – as well as planning for Phase 3 RC drilling.
In the background, BPM is also gearing up for an option issue prospectus “to be issued in the next few weeks.”
“This is shaping as a highly promising greenfields discovery in one of Western Australia’s most prospective gold corridors. We are in a heavily endowed environment at Mt Gibson, immediately along strike from WA’s next gold mine in a ‘gold bull market’,” BPM chief Oliver Judd said.
“With additional drilling nearly complete, we are eager to further delineate the high-grade core of this 1km regolith anomaly. The upcoming assays, due within the month, will guide us toward deeper RC drilling.
“This is the beginning, and investors can expect a steady stream of updates as we continue to explore what could turn into a game-changing discovery with clear strategic potential in relation to Mount Gibson.”
BPM last traded at 9.3cps.