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

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 (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.