Tenement Acquisitions Underpin BPL’s New Broken Hill Growth Strategy
Tenement Acquisitions underpin BPL’s New Broken Hill Growth Strategy
Broken Hill Prospecting Limited (ASX: BPL), has lodged three exploration licence applications in the Broken Hill Region, significantly increasing its overall exposure to this world class mineral province and securing a number of under-explored base, precious and industrial mineral prospects. The applications are expected to be granted during the rst calendar quarter of 2018.
· Exploration Licence Applications lodged covering 209 square km in the Broken Hill area.
· New areas form part of BPL’s Broken Hill Base, Precious and Industrial Mineral Strategy announced at BPL’s 2017 Annual General Meeting.
· Significant expansion within the world class Broken Hill province to underpin aggressive exploration activities through 2018.
BPL’s Managing Director, Trangie Johnston commented: “We want a larger footprint in the world-class Broken Hill Region to advance our vision that modern exploration techniques and fresh eyes, such as are being used at the Thackaringa Cobalt Project, will provide new rewards for shareholders. We have cash at bank to undertake the required work, so we won’t be raising equity any time soon. Combined with our advanced stage Murray Basin heavy mineral sands project and exposure to the Thackaringa Cobalt Project in joint venture with Cobalt Blue, these new tenements will give us a third focus for our business growth. I’m looking forward to delivering results as the year unfolds.”
The areas applied for are:
The Broken Hill NW Project (ELA5622)
This exploration licence application covers an area of approximately 58 square km and applies to base, precious and industrial mineral prospects (Groups 1, 2 & 5). The application area hosts a number of under-explored base metal prospects, in addition to extensive, known feldspar occurrences that warrant further investigation.
The Main Line Project (ELA5624)
This exploration licence application covers an area of approximately 20 square km and applies to base, precious and industrial minerals (Groups 1, 2 & 5). The area is directly along strike from the world class Broken Hill Main Line of Lode and abuts the consolidated Mining Lease at Broken Hill. A number of copper prospects in the area were subject of exploration in the past, however little modern exploration has been carried out.
The Triple Chance Project (ELA5623)
This exploration licence application covers an area of approximately 131 square km and applies to industrial (Groups 2 & 5) minerals only. The area is located about 25km south-west of Broken Hill where exploration activities targeting base and precious metals are carried out by other parties including BPL. The area hosts a cluster of uorite occurrences associated with Broken Hill Type base metal mineralisation and signi cant industrial mineral projects, including the Triple Chance Feldspar Mine, that demonstrate its economic potential.
These three new projects, combined with the Company’s exclusive rights to base and precious metals at theThackaringa Cobalt Project (in joint venture with Cobalt Blue Holdings Ltd (COB)) form the nucleus of an expanded focus on the Broken Hill Region.
Apart from the clear potential for base and precious metals in this expanded tenement package, the Board believes that the industrial mineral potential of the Broken Hill Region has been systematically ignored over recent years. A number of large, advanced projects in the area will potentially bring additional and improved infrastructure services and/or generate their own industrial mineral demands, delivering a change to their economic case.