BBX Minerals (BBX) has noted near-surface platinum mineralisation to the west of the Adelar target within its Tres Estados project in Brazil.
The company is re-analysing drill hole samples from its 2017 drilling campaign using a method it found to produce the most reliable and consistent assay results.
Holes TERC 001 and 008 from the 2017 drilling work were assayed for gold, platinum, palladium, iridium and rhodium.
TERC 001 ended at 26 metres and returned 10 metres at 1.19 grams per tonne (g/t) 5E platinum group metals (PGM) from surface which included two metres at 2.28 g/t 5E PGM.
TERC 008 was a shallower hole, drilled to 18 metres and returned two metres at 0.9 g/t 5E PGM from 14 metres.
The platinum intervals in both holes were intersected within the saprolite zone.
While the mineralisation appeared to be thinning further west, CEO Andre Douchane said this may not be the case.
“Mineral deposits often have areas of higher grade mineralisation and areas of lower grade mineralisation,” he said.
“The initial RC drill holes were not very deep, and this can also affect the results. I’m still excited to see the continuity of the mineralisation.”
The company said it is on track to finish assaying the 2017 drill holes and will move on to assaying drill holes completed at the Ema project, which is also in Brazil.
BBX shares were up five per cent, trading at 8.4 cents at 1:54 pm AEST.
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