BBX Minerals Limited: Maiden Mineral Resource, Adelar prospect, Três Estados project
25 October 2022 – BBX Minerals Limited (ASX: BBX) (“BBX” or the “Company”) is pleased to announce a maiden Mineral Resource Estimate (MRE) for the Adelar prospect, forming part of the Company’s 100% owned Três Estados project, Apui, Amazonas, Brazil. The MRE contains a total of 590,300 ounces of combined platinum, palladium, iridium, rhodium and gold.
Highlights:
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Maiden Inferred MRE – Adelar prospect, Três Estados project
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- The Mineral Resource covers an area of 31 Ha which represents only 8% of the known gabbroic bodies at Tres Estados (Figure 4).
- The mineralised zone extends for 800m along strike with a true thickness of 2m to 50m, averaging 15m and dipping 15-20° to the west-north-west. It remains open at depth and to the east and west.
- The Mineral Resource is located relatively close to surface and would be mined in an open pit. It is limited to a depth of 100m below surface based on the depth of the deepest mineralised intersection.
- The presence of rhodium and iridium contribute significantly to the average weighted price per ounce of the Adelar prospect 5E PGM.
- The next resource upgrade will target the addition of other prospects within the Tres Estados project.
Andre J Douchane, CEO commented: ”BBX is extremely pleased to see its initial JORC resource at 15.71 million tonnes containing 590.3 thousand ounces of 5E precious metals.
Importantly, the JORC area covers approximately 8% of the entire Tres Estados anomaly, translating into a huge potential upside.
It is very important to understand that the Resource is on or near surface, making it easily mineable by economical surface mining methods. A relevant and well-known open pit platinum mine is Anglo’s flagship project and world’s largest open pit platinum mine, Mogalakwena, in South Africa. Although Mogalakwena is considerably larger, similar mining methods would be applied to Tres Estados.
BBX is currently assaying the 2017 drill programme at Ema which is expected to be completed within the remainder of the 2022 calendar year. BBX will then assay all the remaining drill holes at Tres Estados and begin planning a new drill programme designed to expand the Tres Estados maiden Resource".
Adelar Mineral Resource Estimate
An Inferred Mineral Resource of 15.71 mt at 1.17 g/t 5E PGM for the platinum group metals (PGM´s) and gold has been estimated by the consultancy group GE21 Consultoria Mineral Ltda (GE21) and reported in accordance with the JORC Code (2012).
The mineralised zones were interpreted considering anomalous grade zone above a 0.1 g/t for individual PGM´s and gold. Four zones were interpreted based on geological and grade parameters: (i) Grabbro Ore Zone, (ii) Grabbro Waste Zone, (iii) Felsic Ore Zone, and (iv) Felsic Waste Zone.
Refer Table 1 below for the full details of the maiden Mineral Resource estimate which has been classified as Inferred in accordance with JORC (2012).
Table 1: Inferred Mineral Resource for Adelar target - Tres Estados Project
Zone |
Class |
Mass Mt |
Pt g/t |
Rh g/t |
Pd g/t |
Au g/t |
Ir g/t |
5E g/t |
Pt koz |
Rh koz |
Pd koz |
Au koz |
Ir koz |
Oxide |
Inferred |
4.54 |
0.88 |
0.017 |
0.016 |
0.017 |
0.135 |
1.061 |
127.9 |
2.5 |
2.4 |
2.4 |
19.8 |
Fresh |
11.17 |
0.97 |
0.017 |
0.012 |
0.043 |
0.174 |
1.213 |
347.0 |
6.1 |
4.4 |
15.4 |
62.6 |
|
Total |
15.71 |
0.94 |
0.017 |
0.013 |
0.035 |
0.163 |
1.169 |
474.9 |
8.5 |
6.8 |
17.8 |
82.3 |
Notes
- The Mineral Resource was based on RC drilling conducted in September 2017 and on diamond (DD) drilling conducted from October 2020 to April 2021 using 17 drill holes (Figure 5) with a maximum depth of 91 metres (average depth: 62 metres).
- The Mineral Resource estimation was prepared by GE21 and was based on a block model with blocks of 50 x 50 x 5m and sub-blocks of 12.5 x 12.5 x 2.5m, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
- Density values used were 1.90 t/m³ (oxide) and 2.77 t/m³ (fresh rock).
- The Mineral Resource estimates were prepared in accordance with the guidelines as set out in the JORC Code (2012). The in-situ resources are wholly contained within the current licence boundary and do not consider any elements which may sterilise areas of the deposit for mining operations.
- The Mineral Resource was limited by an open pit optimisation study.
- All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
A plan and cross-section of the Mineral Resource within the Adelar target mineralised zone highlighting the drilling are shown in Figure 1 and Figure 2 below:
Figure 1: Adelar target mineralised zone map
Figure 2: Adelar target mineralised cross section
Inferred 5E PGM Resource (relative grade)
The 5E PGM grade includes platinum, palladium, iridium, rhodium, and gold. These metals are measured in grams per tonne (g/t) and can be combined as an indicative measure of total grade of the ore body. Figure 3 below illustrates the relative concentration of each of the abovementioned elements.
Figure 3: Inferred 5E PGM Resource (relative grade)
Figure 4: Tres Estados Project
Figure 5: Adelar drill collar location
This announcement has been authorised for release by the Board of Directors.
For more information:
André Douchane
Chief Executive Officer
About BBX Minerals Ltd
BBX Minerals Limited is a mineral exploration and technology company listed on the Australian Securities Exchange. Its major focus is Brazil, mainly in the southern Amazon, a region BBX believes is vastly underexplored with high potential for the discovery of world class gold and precious metal deposits.
BBX’s key assets are the Três Estados and Ema Gold Projects in the Apuí region, Amazonas State. The company has 270.5km² of exploration tenements within the Colider Group, a prospective geological environment for gold, PGM and base metal deposits.
Competent Person Statement
The information in this announcement relates to previously reported exploration results for the Adelar target - Tres Estados Project released by the Company to ASX on 26 May 2022, 1 June 2022, 9 June 2022, 5 July 2022, 7 July 2022, 14 July 2022, 21 July, 29 July 2022 and 5 August 2022. The Company confirms that is not aware of any new information or data that materially affects the information included in the above-mentioned releases.
The information in this announcement that relates to the Adelar target Mineral Resource is based on and fairly represents information compiled by Mr. Antonio de Castro (acts as BBX´s Senior Consulting Geologist through the consultancy firm, ADC Geologia Ltda) and Mr. Leonardo Soares, (employee of GE21 Consultoria Mineral Ltda). Mr. de Castro is a member of the Australasian Institute of Mining and Metallurgy, and Mr. Soares is a member of Australasian Institute of Geoscientists. Both have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserve Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Specially, Mr. de Castro is the Competent Person for the database (including all drilling information), the geological and mineralisation model plus completed the site visits with Mr. Soares. Mr. Soares is the Competent Person for the construction of the 3D geology/mineralisation model plus the estimation. Mr. de Castro and Mr. Soares consent to the inclusion in this report of the matters on their information in the form and context in which they appear.
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