BPM Minerals (ASX:BPM) share price leaps 7% on exploration update

BPM Minerals is making progress this year…

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The BPM Minerals Ltd (ASX: BPM) share price ended Tuesday's trading session firmly in the green. This comes after the Perth-based gold, nickel and base-metal explorer provided an update on its exploration activities.

At the closing bell, BPM Minerals finished 7.40% higher to 29 cents apiece.

What did BPM Minerals announce?

In a statement to the ASX, BPM Minerals provided an update for its Western Australia projects.

The company advised that the Rhodes and Ivan Well lead-zinc-silver projects in Earaheedy Basin have now been granted. The site is an emerging base-metal precinct that has been largely untested for deposits.

BPM Minerals stated that external aeromagnetic-photographic interpretations have been completed at both projects. As such, the results show 21 and 13 Litho-Structural lead (Pb), zinc (Zn) and silver (Ag) exploration targets respectively.

Soil and stream sediment geochemical programs have been scheduled for Rhodes and Ivan Well to be completed in November. This is expected to assist with drill targeting and mapping of anomalous structures that may lead to mineralisation.

In addition, the Hawkins Project is slated for a grant in mid-November, with Native Title agreements now well advanced. The Hawkins area is considered to cover a significant strike length of the prospective Frere-Yelma Formation unconformity.

The company noted that ground gravity programs are planned to begin at Hawkins in mid-November. The geological survey is designed to identify areas of accumulations of massive sulphides.

Utilising a combination of airborne magnetics, gravity and passive seismic tools is expected to lead to Pb-Zn-Ag mineralisation. Should this occur, the BPM Minerals share price could potentially shoot higher in future. Investors have already expressed their positive assessment, sending the company's shares higher today.

BPM Minerals share price summary

Since listing on the ASX in December 2020, it has been a relatively positive year for BPM Minerals, up 20%. The company's share price accelerated to an all-time high of 59.5 cents in May, before sharply pulling back. 

On valuation grounds, BPM Minerals commands a market capitalisation of roughly $10.8 million, with approximately 37.5 million shares on issue.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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