Murray Basin Heavy Mineral Sands Expansion Plans Confirmed

BPL has refocussed its corporate strategy towards becoming a significant Heavy Mineral Sands (HMS) producer focusing on the world-class Murray Basin in western New South Wales (ASX Announcement: 8 February 2017 and 18 April 2017).

Murray Basin Minerals Pty Ltd, a wholly owned BPL subsidiary, is pleased to announce the granting of three new tenements known as Central Para (EL8559), Tararra (EL8558) and Budgeree (EL8560). The tenements are located between Broken Hill and Mildura. Combined with six exploration licences already owned wholly or in joint venture, BPL holds the third largest tenement portfolio in the Murray Basin after industry leaders Iluka Resources Ltd and Cristal Mining. The new tenements cover shallow, high-grade HMS strandlines similar in mineralogy but physically distinct to those already identified at the Copi North and Magic deposits. The Copi North and Magic deposits, which comprise Mineral Resources of 14.2 Mt at 6.6% total heavy mineral (THM) and 15 Mt at 3.7% THM respectively, are owned in joint venture with Relentless Resources Limited (RRL).

The expansion of BPL’s interests in the Murray Basin is the result of extensive data compilation and prospectivity analysis undertaken in recent months by the Company’s expanded exploration and management team. This analysis of publicly available data has equipped BPL with a unique proprietary database comprising approximately 13,000 drill holes and 550,000 metres of drilling. The database reflects a total exploration replacement value of approximately $20 million (drilling and assay only) in today’s terms. Ongoing data analysis is currently being directed at the eastern and southern sectors of the Murray Basin. Detailed assessment of the new tenement areas has indicated existing drilling will support Mineral Resource estimation with modelling currently focussed on three priority targets: Jaws (EL8559): The Jaws strand is characterised by a shallow, well-developed foreshore horizon comprising medium - coarse mineral sands persistent over some 17km strike. The strand is approximately 200m wide and 6m thick with cover between 9 - 39m. 500 (EL8310): The 500 strand comprises a coarse, highvalue mineral assemblage defined over 10km and up to 75m wide. The mineralisation is shallow with an average 18m of overburden intersected during historical drilling. Gilligans: The Gilligans strand is located approximately 6.5km south of the 500 strand with extensive mineralisation occurring up to 350m wide and over 15km of strike. Overburden is variable though averages 22m shallowing at the peripheries. The above strandline targets all occur within a radius of 20km, supporting the Company’s exploration and project development strategy; targeting the establishment of a sustainable pipeline of high grade, low tonnage deposits amendable to processing through mobile plant equipment