Widespread platinum proving itself to be the norm at BBX’s Brazilian project

Fri 23 Sep 22, 10:51am (AEST)
Brazil-s Christ the Redeemer statute is lit up in morning sun
Source: Unsplash

Key Points

  • BBX Minerals is reporting platinum mineralisation continues underground at depths over 55m metres at its Tres Estrados project
  • BBX is developing the project after some delays in recent years; newsflow recommenced after company bought an assay machine
  • Today’s results are from the Tabocal prospect

BBX Minerals’ (ASX:BBX) platinum project in Brazil has another feather in its geotechnical cap with the company reporting platinum mineralisation remains open at depth on-site. 

Specifically, today’s latest assay results prove platinum is present at depths exceeding 55m, not too deep for a hard rock mining operation, but deeper than the company has probed before. 

While platinum grades returned were not unusually high, the news does bolster the acumen of BBX’s geology team. 

What has BBX found at Tres Estrados? 

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 @ 1.3g/t platinum from 9m depth 

  • 17m @ 1.3g/t platinum from 15m depth 

  • 06m @ 0.9g/t platinum from 49m depth 

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. 

Worth noting is that today’s results contain trace amounts of 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.

Rhodium, like platinum, is often used in catalytic converters in internal combustion engine vehicles, but it's also utilised in chemicals manufacturing, fibre optics, headlight reflectors, and used in some electrical parts. 

Platinum, rhodium, iridium interlinked

Platinum is also a key component in catalytic converters, devices which filtrate vehicle exhaust. Such is the concentration of platinum in the devices that they are typically targeted by car thieves.

Interestingly, rhodium can be used in electrolysis machines producing hydrogen, which is part of the reason platinum prices are expected to continue rising: not the platinum itself, but its byproduct iridium. 

Iridium, a byproduct metal of platinum, is a major component in electrolysers, the devices which use water and electricity to create hydrogen. 

By 2030, Bloomberg Intelligence expects platinum demand to grow by 700,000oz a year and potentially doubling to 1.7Moz a year by 2035.

This thesis was backed up by the World Platinum Investment Council (WPIC) this month, when it released its August market report.

Yikes: a look at BBX Minerals' three month charts
Yikes: a look at BBX Minerals' three month charts


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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