- BBX Minerals (BBX) receives assay results from holes TERC-006 and TED-009 at the Três Estados Project in Amazonas State, Brazil
- The samples were assayed for gold, platinum, palladium, rhodium and iridium with up to 3.72g/t platinum, 0.65g/t iridium, 0.13g/t rhodium and 0.33g/t gold intersected
- BBX also announces it has received firm commitments from professional and sophisticated investors to raise $2.13 million
- The money to complete the company’s ongoing assaying program needed for a JORC resource and advance its extraction test work
- BBX is up 10.5 per cent with shares trading at 10.5 cents at 12:01 pm AEST
BBX Minerals (BBX) has received assay results from holes TERC-006 and TED-009 at the Três Estados Project in Amazonas State, Brazil.
The samples were assayed for gold, platinum, palladium, rhodium and iridium with widespread platinum and iridium mineralisation encountered in both holes.
Best results come from TERC-006 which intersected 20 metres at 1.45g/t 5E platinum group metals (PGM) (1.36g/t platinum, 0.07g/t iridium and 0.03g/t rhodium) from zero metres including two metres at 3.84g/t 5E PGM (3.72g/t platinum and 0.12g/t rhodium) from 10 metres.
Results from hole TED-009 include three metres at 3.48g/t 5E PGM (2.95g/t platinum, 0.26g/t gold, 0.17g/t iridium and 0.10g/t rhodium) from zero metres and two metres at 3.45g/t 5E PGM (3.19g/t platinum, 0.13g/t iridium and 0.13g/t rhodium) from 48 metres.
“It’s exciting that we continue to see continuity from hole to hole. While we do see some good grades along with some modest numbers, the fact that we see metal content from hole to hole in these widely spaced holes is significant,” CEO Andre Douchane said.
“Additionally, the near surface occurrence of the mineralised zone indicates economical surface mining techniques can be used for what we are currently finding.”
BBX has also announced it has received firm commitments from professional and sophisticated investors to raise $2.13 million.
The funds will be raised through the issue of 26 million fully-paid ordinary shares to professional, sophisticated and institutional investors at a price of 8.2 cents.
A total of 26 million attaching options will also be on offer, exercisable at 12 cents with expiry on December 31, 2025.
BBX will use the money to complete its ongoing assaying program needed for a JORC resource and advance its extraction test work.
“We are very pleased with the interest received following the recent PGM assay results from the Três Estados project,” Mr Douchane said.
“The company is simultaneously working on several key activities and is now in a strong financial position to deliver on its immediate objectives with an ultimate goal of becoming a precious metals producer.”
BBX was up 10.5 per cent with shares trading at 10.5 cents at 12:01 pm AEST.