Brazil-focused explorer BBX Minerals (ASX: BBX) has announced an updated mineral resource estimate for its Três Estados platinum group metals (PGM) project, including a maiden estimate for the Tabocal prospect.

The project’s new estimate has grown to 19.65 million tonnes grading at 1.152 grams per tonne 5E PGM and contains a total of 725,200 ounces of combined platinum, palladium, iridium, rhodium and gold. Inferred resources make up 14.02Mt of this estimate, containing 521,500oz.

The inclusion of the Tabocal prospect added 73,520oz to the estimate, comprising platinum and iridium.

Mineral resources for the Adelar prospect has also been revised from its maiden estimate released in October after applying the same economic parameters as those utilised for Tabocal. BBX reported a 10.5% increase from 590,300oz to 651,710oz 5E PGM.

BBX chief executive officer Andre J Douchane said he is delighted at the considerable increase the addition of Tabocal has provided to the project’s estimate.

“It is relevant to consider that the Tabocal mineral resource estimate covers an area of 1 hectare which represents approximately 0.3% of the known gabbroic bodies at Três Estados,” he said.

“Our objective is to expand the resource and move it to an indicated or measured category through infill and development drilling, which is planned to begin in April or May depending on the rains,” Mr Douchane added.

Development plan for Três Estados

BBX’s 100% owned Três Estados project is located in 60km southeast of Apuí, Brazil and lies within the Colider group, a prospective region for gold, PGM and base metal deposits.

According to the company, the mineral resource is located relatively close to the surface and would be mined in an open pit. It is limited to 100 metres below the surface based on the depth of the deepest mineralised intersection.

BBX said the presence of iridium contributes significantly to the average weighted price per ounce of the project.

The company is planning infill and development drilling in the second quarter of 2023, with the next resource upgrade targeting the addition of other prospects within the project.