• BBX Minerals (BBX) releases its maiden mineral resource estimate (MRE) for the Adelar prospect in the Três Estados project in Brazil
• The inferred MRE is 15.71 million tonnes at 1.2 g/t platinum, palladium, iridium, rhodium and gold (5E PGM) for 590,300 ounces
• The MRE reportedly covers just eight per cent of the entire Três Estados anomaly, which the company says translates into a “huge potential upside”
• The next MRE will aim to add in other prospects within the project
• Shares in BBX are up 6.9 per cent to trade at 6.2 cents at 2:35 pm AEDT

BBX Minerals (BBX) has released its maiden mineral resource estimate (MRE) for the Adelar prospect in the Três Estados project in Brazil.

The inferred MRE is 15.71 million tonnes at 1.2 grams per tonne (g/t) platinum, palladium, iridium, rhodium and gold (5E PGM) for 590,300 ounces of 5E PGM.

The MRE covers an area of 31 hectares which represents just eight per cent of the known gabbroic bodies at the project.

The mineralised zone extends for 800 metres of strike with a true thickness of two to 50 metres and remains open at depth, to the east and the west.

According to the company, the mineral resource is relatively close to surface and would be mined in an open pit and is limited to a depth of 100 metres below surface.

CEO Andre J Douchane emphasised the “huge potential upside” the MRE has indicated.

“BBX is extremely pleased to see its initial JORC resource at 15.71 million tonnes containing 590.3 thousand ounces of 5E precious metals.

“BBX is currently assaying the 2017 drill program at Ema which is expected to be completed within the remainder of the 2022 calendar year.

“We 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.”

The next resource estimate will target the addition of other prospects within the project.

Shares in BBX were up 6.9 per cent to trade at 6.2 cents at 2:35 pm AEDT.