BPM Minerals (ASX: BPM) Hits High-Grade Gold at Bonnie & Clyde

BPM Minerals has intersected high-grade gold in the first drilling at its Bonnie & Clyde prospect, returning two mineralised intervals from one reverse-circulation hole beneath a six-kilometre-long gold-in-soil anomaly at the Forelands Gold Project in Western Australia.

Hole FLRC125 returned 4 metres at 20.57 grams per tonne gold from 39 metres, including 1 metre at 73.33 grams per tonne. A deeper interval produced 8 metres at 9.23 grams per tonne from 71 metres, including 1 metre at 64.71 grams per tonne.

Early result validates the soil target

The assays are from the first two holes drilled at Bonnie & Clyde. While FLRC125 delivered both headline intersections, the other hole, FLRC124, did not return a significant result. That mixed outcome underlines the early-stage nature of the prospect, where mineralisation remains open along strike and down dip but its geometry is not yet fully established.

Gold was encountered in high-grade metamorphic basement beneath 15 to 30 metres of transported cover. The shallower intersection was hosted in saprolitic clays, while the deeper result was associated with an oxidised shear zone containing quartz veining within amphibolite.

The location of the intersections beneath the Clyde soil anomaly provides early support for BPM’s use of ultrafine-fraction soil sampling to identify mineralisation through cover. The Clyde anomaly extends for more than 800 metres and forms part of the broader Bonnie & Clyde gold-in-soil trend, which runs for more than six kilometres.

BPM said the geological setting is comparable to the rocks hosting the Tropicana gold deposit. That comparison relates to the host rocks and structural setting; Bonnie & Clyde remains an exploration prospect without a mineral resource.

Large assay pipeline to test scale

BPM has completed 38 reverse-circulation holes for 5,272 metres across Bonnie & Clyde, meaning assays from another 36 holes were pending when the announcement was released. Results are expected progressively through the fourth quarter of 2026 and the first quarter of 2027.

A further 27 holes covering about 4,700 metres remain in the planned 65-hole program. Drilling will test four priority soil anomalies through to year-end, providing the data needed to assess whether the initial high-grade result forms part of a continuous mineralised system.

The company is also sourcing a diamond drilling rig and expects to complete several diamond holes during the current quarter. An induced-polarisation survey, partly funded through an Exploration Incentive Scheme grant, is planned for the same period, subject to contractor availability.

Forelands also contains the more advanced Beachcomber prospect. BPM has 44 completed reverse-circulation holes there awaiting assays and plans to use the results in a JORC-compliant mineral resource estimate during the first half of 2027.

BPM reported $5.3 million of cash at September 30, supplemented by $3 million raised from the exercise of BPMOB options. The company said this funding is sufficient for its planned exploration programs.