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ASX ANNOUNCEMENT
5 July 2022
OVERSUBSCRIBED $2.1M PLACEMENT: WIDESPREAD INTERVALS OF PLATINUM
and IRIDIUM MINERALISATION ENCOUNTERED FROM SURFACE
Highlights:
- Oversubscribed placement to raise $2.1M (before costs) from professional, sophisticated and institutional investors.
- Funds will be used to accelerate and complete BBX's ongoing assaying programme, advance its extraction test work and move towards a JORC resource.
- Leading Melbourne-boutique investment management firm, Peak Asset Management led the raise.
- Assays completed for drill holes TERC-006 and TED-009 following the installation and commissioning of a new AA. Widespread intervals of platinum and iridium mineralisation were encountered in both holes.
TERC-006:
o 20m at 1.45 g/t 5E PGM1 (1.36 g/t Pt, 0.07 g/t Ir and 0.03 g/t Rh) from 0m including:- 2m at 3.84 g/t 5E PGM (3.72 g/t Pt and 0.12 g/t Rh) from 10m
- 2m at 1.96 g/t 5E PGM (1.84 g/t Pt, 0.05 g/t Ir and 0.07 g/t Rh) from 18m
TED-009:
o 3m at 3.48 g/t 5E PGM (2.95 g/t Pt, 0.26 g/t Au, 0.17 g/t Ir and 0.1 g/t rh) from 0m o 2m at 1.81 g/t 5E PGM (1.25 g/t Au and 0.56 g/t Ir) from 16m
o 2m at 1.92 g/t 5E PGM (1.82 g/t Pt and 0.1 g/t Ir) from 24m o 2m at 3.0 g/t 5E PGM (2.35 g/t Pt and 0.65 g/t Ir) from 28m
o 2m at 3.45 g/t 5E PGM (3.19 g/t Pt, 0.13 g/t Ir and 0.13 g/t Rh) from 48m
BBX Minerals Limited (ASX: BBX) ("BBX" or the "Company") is pleased to announce that it has received firm commitments from professional and sophisticated investors for a placement to raise $2,132,000 (before costs) ("Placement") through the issue of 26,000,000 fully paid ordinary shares at $0.082 per share ("Placement Shares") and 26,000,000 attaching options ("Options") with an exercise price of $0.12, expiring 31 December 2025. The Placement Shares and Options will be issued under the Company's existing capacity under ASX Listing Rule 7.1.
Proceeds from the Placement will be utilised to complete BBX's ongoing assaying programme required for the delivery of a JORC resource. Furthermore, the funds raised will enable BBX to advance its extraction test work.
Commenting on the Placement, CEO Andre Douchane said: "We are very pleased with the interest received following the recent PGM assay results from the Três Estados project. The Company is simultaneously working on several key activities and is now in a strong financial position to deliver on its immediate objectives with an ultimate goal of becoming a precious metals producer".
1 5E PGM refers to the sum of platinum (Pt), palladium (Pd), gold (Au), iridium (Ir) and rhodium (Rh) expressed in units of g/t.
BBX Minerals Ltd (ABN: 82 089 221 634)
AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T +61 8 6383 7820
BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T +55 21 2439 5700
www.bbxminerals.com
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The issue price of $0.082 per Placement Share under the Placement represents a 13.7% discount to the trading price of the Company's shares prior to the stock being placed in a Trading Halt on Friday 1st July 2022.
The Placement was led by Melbourne based boutique investment management and corporate advisory firm Peak Asset Management
Assay Results: TERC-006 and TED-009
Following the delivery, installation, and calibration of its newly acquired Atomic Absorption Spectrometer (AA), the Company completed the assaying of RC drill hole TERC-006 from its 2017 drilling programme and
- drill hole TED-009 from its 2020-21 drilling programme (Figure 1). Both drill holes are in the Três Estados Project (Figure 2). Assays were conducted for gold, platinum, palladium, iridium, and rhodium. Widespread intervals of platinum and iridium mineralisation were encountered in both holes.
Significant results include:
TERC-006
- 20m at 1.45 g/t 5E PGM (1.36 g/t Pt, 0.07 g/t Ir and 0.03 g/t Rh) from 0m including:
- 2m at 3.84 g/t 5E PGM (3.72 g/t Pt and 0.12 g/t Rh) from 10m
- 2m at 1.96 g/t 5E PGM (1.84 g/t Pt, 0.05 g/t Ir and 0.07 g/t Rh) from 18m
TED-009
-
3m at 3.48 g/t 5E PGM (2.95 g/t Pt, 0.26 g/t Au, 0.17 g/t Ir and 0.1 g/t rh) from 0m o 2m at 1.81 g/t 5E PGM (1.25 g/t Au and 0.56 g/t Ir) from 16m
o 2m at 1.56 g/t 5E PGM (0.64 g/t Pt, 0.33 g/t Au and 0.59 g/t Ir) from 20m o 2m at 1.92 g/t 5E PGM (1.82 g/t Pt and 0.1 g/t Ir) from 24m
o 2m at 3.0 g/t 5E PGM (2.35 g/t Pt and 0.65 g/t Ir) from 28m o 2m at 1.43 g/t 5E PGM (1.4 g/t Pt and 0.03 g/t Rh) from 34m
o 2m at 3.45 g/t 5E PGM (3.19 g/t Pt, 0.13 g/t Ir and 0.13 g/t Rh) from 48m
Refer to Appendix 1 for the complete results.
CEO Andre Douchane said: "It's exciting that we continue to see continuity from hole to hole. While we do see some good grades along with some modest numbers, the fact that we see metal content from hole to hole in these widely spaced holes is significant. Additionally, the near surface occurrence of the mineralised zone indicates economical surface mining techniques can be used for what we are currently finding. Now that both AA machines are working, we hope to quickly finish up through TED 019; begin work on a JORC compliant resource; and continue work on the treatment process."
BBX Minerals Ltd (ABN: 82 089 221 634)
AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T +61 8 6383 7820
BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T +55 21 2439 5700
www.bbxminerals.com
For personal use only
Figure 1 - Adelar target drilling collar summary
Figure 2 - Três Estados project
BBX Minerals Ltd (ABN: 82 089 221 634)
AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T +61 8 6383 7820
BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T +55 21 2439 5700
www.bbxminerals.com
For personal use only
Figure 3 - C-D cross section with TERC 006.
Figure 4 - A-B cross section with TED 009
Drillhole Locations
Hole ID | East | North | RL | Azimuth | DIP | Depth (m) | Tenement | Method |
TERC-006 | 225095.00 | 9198008.00 | 218.00 | 0 | -90 | 33.00 | 880.080/2008 | RC |
TED-009 | 224983.00 | 9197998.00 | 186.00 | 0 | -90 | 86.09 | 880.080/2008 | DD |
BBX Minerals Ltd (ABN: 82 089 221 634)
AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T +61 8 6383 7820
BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T +55 21 2439 5700
www.bbxminerals.com
For personal use only
This announcement has been authorised for release by the Board of Directors.
For more information:
André Douchane Chief Executive Officer adouchane@bbxminerals.com
Competent Person Statement
The information in this report that relates to analytical test results of gold mineralisation in the Apuí region in Brazil is based on information compiled by Mr. Antonio de Castro, BSc (Hons), MAusIMM, CREA, who acts as BBX´s Senior Consulting Geologist through the consultancy firm, ADC Geologia Ltda. Mr. de Castro has sufficient experience which is relevant to the type of deposit under consideration and to the reporting of exploration results and analytical and metallurgical test work to qualify as a competent person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Castro consents to the report being issued in the form and context in which it appears.
CREA/RJ:02526-6D
AusIMM:230624
About BBX Minerals Ltd
BBX Minerals Limited is a mineral exploration and technology company listed on the Australian Securities Exchange. Its major focus is Brazil, mainly in the southern Amazon, a region BBX believes is vastly underexplored with high potential for the discovery of world class gold and precious metal deposits.
BBX's key assets are the Três Estados and Ema Gold Projects in the Apuí region, Amazonas State. The company has 270.5km² of exploration tenements within the Colider Group, a prospective geological environment for gold, PGM and base metal deposits.
BBX Minerals Ltd (ABN: 82 089 221 634)
AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T +61 8 6383 7820
BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T +55 21 2439 5700
www.bbxminerals.com
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BBX Minerals Ltd. published this content on 04 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2022 00:02:00 UTC.