Materials

BBX Minerals secures $2.1m to progress shallow-lying Brazil platinum project

Tue 05 Jul 22, 4:14pm (AEST)
Trucks - super sized rock trucks are on their way to drop a load of Platinum rich rock into the crusher

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Key Points

  • BBX Minerals has confirmed surface mineralisation of platinum in early stage drilling at its project in Brazil
  • Initial results reflect multiple intersections with mid-range grades, JORC Resource pending
  • High-tech equipment installed on-site, ensuring assays fast-tracked on-site moving forward

Explorer BBX Minerals (ASX:BBX) confirms the presence of platinum elements at its acreage in Brazil, pushing shares up 15%. 

The news comes, quite literally, on the back of an Atomic Absorption Spectrometer, one of which BBX Minerals straight out bought itself. 

This allows BBX to fastrack its future assay tests on drill runs targeting platinum and iridium, with evidence of surface mineralisaton for both now confirmed. 

A schematic outlining drillhole proximity
A schematic outlining drillhole proximity (BBX Minerals)

Oversubscribed placement locks in opex 

Coincident with promising early stage evidence of high-value mineralisation is more good news for the company. 

A share placement it conducted with Peak Asset Management (VIC) to raise the funds was oversubscribed to $2.1m. 

The money will go towards development of the company’s Brazilian project. 

JORC Resource on the horizon

Extraction test work and further assaying will dominate the company’s plans for the rest of the year, as the company works towards formulating a JORC Resource (read: a mineral estimate legally recognised in Australia for bankability.) 

Management is pleased with the results of both the assays, and, the placement.

“It’s exciting we continue to see [mineral] continuity from hole to hole…the near surface occurrence of the mineralised zone indicated economic surface mining techniques can be used,” CEO Andrew Douchane said. 

“Now that [assay] machines are working, we hope to quickly finish up and begin work on a JORC compliant resource.” 

BBX Minerals three month charts show it more or less harmonious with the Materials Index
BBX Minerals three month charts show it more or less harmonious with the Materials Index.

 

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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. Email Jon at [email protected].

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