BBX Minerals hits more platinum at Brazilian Três Estados project; shares climb 22%

Fri 19 Aug 22, 3:35pm (AEDT)
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Source: iStock

Key Points

  • BBX Minerals shares have climbed 22.8% to 8.6c as the company announces fresh platinum hits at Três Estados
  • Company aiming to publish maiden JORC resource in near future
  • Testwork on previously collected platinum group element samples remains ongoing, including palladium, iridium, rhodium

BBX Minerals (ASX:BBX) shares were up 22.8% in late-afternoon trade to 8c as the company hits fresh platinum mineralisation in drillhole TED-002 at its Três Estados platinum project in Brazil. 

Results for the assays come after a timely wait, given that TED-002 was sunk during 2020-2021 drilling campaigns.

Drill hole cores were assayed and returned evidence of platinum group mineralisation starting close to surface and deposited in consistent intervals underground. 

Drill holes were assayed for gold, platinum, palladium, iridium, and rhodium; the company is aiming to publish its maiden JORC resource in the near future. 

At the time, the company noted extraction test work and further assaying will dominate the company’s plans for the rest of the year, ahead of a pending JORC (read: a mineral estimate legally recognised in Australia for bankability.) 

Earlier this year, the company completed a share placement to fund opex for its July activities on-site. 

Worth noting is that the company’s acreage is prospective for rhodium, which in May this year, was priced at US$15,450 per ounce. 

At the time, that meant a tonne of rhodium was valued over US$553m. Iridium, likewise, is also a high value metal.

What is BBX Minerals reporting today? 

Investor information provider Undervalued Equity notes high grade platinum is that in concentrations over 2.5 grams per tonne (2.5g/t).

Compare that to the following: 

  • 02m @ 6.6g/t platinum, 0.30g/t rhodium at 2m depth 

  • 04m @ 2.7g/t platinum, 0.08g/t rhodium at 6m depth 

  • 24m @ 2.12g/t platinum at 25.8m depth

Results confirm more high grade pockets

“We are very pleased to see another hole similar to [previous works] present in the eastern end of Três Estados,” BBX Minerals CEO Andre Douchane said. 

“Given the excellent grades and continuity, we will also assay TED-003, TED-004 and TED-005 so they can be included in the JORC resource calculation.” 

“We will then move our assaying efforts to [the Ema prospect].” 

A surface look at performance 

BBX Minerals has a market cap of $40.3m and is ranked 378 of 912 constituents on the materials index. 

Despite reporting positive results for platinum exploration throughout the year, BBX Minerals has not survived the sell-off season. A brief breakdown of performance runs as follows: 

  • One week returns up 13.7% 

  • One month returns up 6.4% 

  • 2022 YTD performance down -46.45% 

  • One year returns down -63.1%

Shareholders will likely be keeping an eye out for the maiden JORC resource at the project which will inform early valuation potential and likely shape investor sentiment. 

BBX Minerals' one year charts demonstrate the overall impact of 2022 on the company's share price
BBX Minerals' one year charts demonstrate the overall impact of 2022 on the company's share price


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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