The new licences in Victoria mark the expansion of BPL’s interest across the broader Murray Basin heavy mineral sands (HMS) province.
Shares are up almost 23% to 13.5 cents.
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Managing director Trangie Johnston said: “Mineral sands commodity prices continue to perform well and we are seeing improved financial performance from existing mineral sands producers.
“The granting of four new exploration tenements with walk-up resource targets places the company in a strong position.
“We now have the critical mass to accelerate these projects at a time of strong underlying market conditions.”
Each new tenement areas hosts multiple parallel mineralised strandlines which in some instances persist over several kilometres of strike.
New tenement in South Australia
Another exploration licence has also been granted in South Australia, along strike from Tararra in New South Wales.
The company has started an in-depth technical data compilation, validation and infill drill program design on the new tenement areas.
These areas are located near key infrastructure and are characterised by strandline-type mineralisation encountered in reconnaissance drill traverses.
Mineralisation persists up to 15 kilometres in strike in some areas with overburden varying between 5 and 20 metres in thickness.
The new tenements complement recently acquired holdings in the Euston area of NSW, on the north side of the Murray River.
BPL now holds about 7,300 square kilometres of ground prospective for mineral sands.
Exploration has identified multiple high-grade low-tonnage heavy mineral sands strandline deposits to support BPL’s mobile mining business model.
To support this concept, BPL aims to establish a sustainable pipeline of high-grade, relatively low-tonnage HMS deposits amenable to processing through mobile plant equipment.