BPM Minerals Secures AU$1.675 million to Fund Gold Exploration at Claw Project

Key Highlights:

• BPM Minerals raised AU$1.675 million through an oversubscribed placement.
• Funds will focus on further exploration at the Claw Gold Project, including 2,500m RC drilling.
• Assay results from the Louie discovery are expected mid-October 2024.

Capital Raise to Fuel Exploration

BPM Minerals Ltd (ASX: BPM) has successfully raised AU$1.675 million from a single-tranche placement to sophisticated, professional, and institutional investors. The funds will accelerate ongoing exploration at the company’s Claw Gold Project in Western Australia. The issue price of AU$0.10 per share represents a 4.8% discount to BPM's last traded price of AU$0.1050. At the time of writing, this capital raised BPM to enhance its drilling efforts.

Supporting Key Discoveries

The funds will primarily support drilling activities at the Louie Gold Prospect, where a recent discovery of 30m @ 1.84 g/t Au has shown promising results. Further assay results are expected by mid-October 2024. The capital raised will also fund an additional 2,500 meters of RC drilling, set to commence by November/December 2024.

Regional Exploration Expands

Beyond Louie, BPM aims to explore the broader potential of the Claw Project, with regional exploration expected to begin in early 2025. The Claw Project, adjacent to Capricorn Metals' 3.24 million-ounce Mount Gibson Gold Project, has drawn significant investor interest, reflecting optimism in BPM's growth prospects.

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