Junior explorer BBX Minerals (BBX) has unveiled “scattered” mineralisation from its latest two diamond drill holes at its Três Estados project in Brazil.
The company drilled the holes outside the contact of the host mafic body in the project area and assayed them for gold, platinum, palladium, iridium and rhodium. BBX said these holes defined the northern margin of the mineralisation in the area.
In one hole, BBX struck scattered iridium and local platinum in the upper portion of the hole, both above and below the base of weathering. The company said it encountered fresh mafic slabs within the “relatively deep” weathered profile in this hole, with brecciated rhyolite intersected 49.6 metres deep.
Meanwhile, the second hole hit “occasional” platinum and iridium values within brecciated rhyolite, including a four-metre intersection at 0.99 grams per tonne (g/t) platinum.
Today’s news follows an announcement from late July in which BBX highlighted “significant” near-surface platinum, iridium and rhodium mineralisation in the project area.
According to BBX, the Três Estados project lies over a series of gabbroic intrusions defined by prominent east-to-west and northeast-to-southwest magnetic anomalies.
The company has submitted an application for a trial mining licence at the project, which would entitle it to mine 50,000 tonnes of mineralised rock per year.
Shares in BBX Minerals were up 1.35 per cent to 7.5 cents at 2:38 pm AEST.
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