BPM Minerals Higher On Deal To Acquire High-Grade Rare Earth Play In Western Australia

BPM Minerals Ltd (ASX:BPM) has entered into two exclusive separate option agreements to acquire the tenements comprising the Durack Project, hosting high-grade rare earth elements (REE) in the East Kimberly Region of Western Australia.

Covering 494 square kilometres, the project is situated in a new REE province encompassing over 100 kilometres of prospective strike securing first mover advantage for the company.

Looking ahead, REEs are expected to be a focal point of the Australian federal government’s strategy, with ongoing initiatives and funding aimed at positioning Australia as a globally competitive REE-producing hub.

At the markets, the news got the shares trading as high a A$0.073, up 32.3% from previous close.

Durack Project location

Encouraging high-grade assays

At the lab, multiple rock chips from a heavy mineral-bearing sandstone unit have returned encouraging high-grade REE assay results including:

  • 4.89% TREO including 1.06% Neodymium oxide + Praseodymium oxide (Nd2O3 + Pr6O11);
  • 4.38% TREO including 0.96% Nd2O3 + Pr6O11; and
  • 3.93% TREO including 0.86% Nd2O3 + Pr6O11.

Notably, Coarse-grained monazite is confirmed as the dominant REE-bearing mineral.

“The identification of monazite is a big tick as we know this is a typical source of LREEs globally and a favourable mineral for commercial processing,” said CEO Oliver Judd.

Interestingly, Monazite is a well-known mineral source of neodymium and praseodymium.

High-Grade TREO Rock chips and Geology

Forward plan

Under the terms of the option agreements, BPM will now continue the application process for the tenements.

It is anticipated that the upcoming field season in Kimberley will see the company undertake stakeholder engagement activities associated with the tenement application process.

In addition, a sampling program is being considered to further understand the extent of the mineralisation.and the source of the radiometric anomalies and further understand the mineral and grain-size composition of the HMS units.

Furthermore, the tenements are expected to be granted in 2024, with the company kicking off extensive exploration activities leading to a maiden drilling program during the 2025 field season.

 

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