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Broken Hill Prospecting's Murray Basin mineral sand targets form part of future focus

Snapshot

The company holds ground in the Murray Basin in both New South Wales and Victoria.

The explorer’s attention is on Australia’s south-east

Quick facts: Broken Hill Prospecting Ltd

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ASX:BPL
Market: ASX
Market Cap: $3.7 m
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  • While drought conditions stalled drilling, heavy minerals sands targets have been identified
  • BPL holds ground in NSW and Victoria in the world-class HMS province of Murray Basin

What does Broken Hill Prospecting do?

Broken Hill Prospecting Ltd (ASX:BPL) specialises in exploration in Australia. It is run by managing director & CEO Anthony 'Trangie' Johnston, a geologist and experienced CEO and company director.

Johnston has more than 21 years of industry experience and also heads up Trangman Consulting. He has previously held principal geologist, exploration manager and senior consultant roles at a variety of organisations including SRK Consulting after starting out his career at the Geological Survey of NSW.

What does Broken Hill Prospecting own?

The company holds assets on Australia’s east coast, including heavy mineral sands (HMS) projects in the Murray Basin region of south‐eastern Australia.

BPL’s low‐cost mineral sands exploration program in the basin was designed to leverage exploration investment made by major companies since it emerged as a world‐class HMS province in the 1990s.

The company’s acreage includes prospective ground in New South Wales and Victoria near infrastructure that could bring an HMS discovery into production.

BPL managing director & CEO Johnston and director Matthew Hill highlighted the prospectivity of the Murray Basin area in its 2018 annual report published last month.

Johnston and Hill wrote on behalf of the company’s board: “There is considerable opportunity for valuable new discoveries by testing new geophysical targets, including interpreted extensions to known deposits, and through the follow-up of isolated and/or poorly understood HM intercepts from historical drill programs.

“Exploration programs will require a relatively small component of targeted aircore drilling to test the most promising anomalies, with the ability to immediately infill adjacent to any high‐grade intersections.”

Johnston and Hill flagged the company had the largest tenement holding in the Murray Basin HMS province, pinpointing the Euston and Ouyen project areas as offering “significant exploration opportunity.”

The board acknowledged exploration activities in the basin had been deferred due to drought conditions but said the company hoped to go on to define and upgrade resources at its deposits and make new discoveries in the basin’s two south-eastern states.

BPL previously defined JORC resources under the 2012 code for the Jaws and Gilligans strandlines of the Central Para district in NSW.

Johnston and Hill wrote last month: “Once resources are estimated to the required standard, projects can undergo internal assessment and ranking using economic parameters introduced by a new mobile production model adopted by BPL.”

The company board noted in the annual report aeromagnetics data for more than half its Victorian HMS tenements had been reprocessed with HMS exploration filters, with 43 linear magnetic anomalies of being highlighted as “significant potential and prioritised for drill testing”.

BPL’s highest priority Victorian HMS targets included: extensions to a Pirro deposit mined by Iluka Resources; extensions to the Gypsum and Tempy strands south of Ouyen; and the Roselyn and Curyo strandlines of Curyo area.

The company also holds assets in the Broken Hill region of New South Wales and flagged its exploration efforts in the region had been largely deferred last year at landowner requests due to drought and heatwave conditions.

Inflection points

  • Exploration drilling success and resource upgrade and definition results for the Murray Basin in New South Wales and Victoria

  • Improvement to drought and inclement weather conditions that affect ground’s suitability for exploration activities

  • Clarity on ownership and advancement of Thackaringa Joint Venture for a cobalt project in the Broken Hill region

  • Resolution of the dispute with JV party Cobalt Blue Holdings Limited (ASX:COB) over stakeholdings

  • Significant transactions and partnerships

Company board highlights follow-up drill targets

“Although on‐ground exploration (in Murray Basin) has been deferred due to the prevailing drought conditions, significant progress was made with drill-hole targeting which will greatly improve the efficiency of future drilling,” BPL managing director and Trangie Johnston and director Matthew Hill wrote on behalf of the company’s board in BPL’s 2018 annual report last month.

“Modern aeromagnetics data covering more than 60% of BPL’s Victorian HMS tenements has been reprocessed with state‐of‐the‐art filters specifically developed for HMS exploration.

“One hundred and fifty linear magnetic anomalies were interpreted in the filtered magnetics, with 43 regarded as having significant potential and prioritised for drill testing.”

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