This follows the initial success of a maiden mapping and sampling program during October 2019, which led the company to apply for further tenements and double the project’s footprint.
Exploration work was undertaken in two areas – the resource area covering around10 square kilometres and the extension area covering around 20 square kilometres.
55 rock chip samples, 7 petrology samples and 5 x 100-kilogram bulk samples for potential additional metallurgical test work were collected.
Detailed results for the sampling will be released to the market shortly with early indications they are positive and comparable with the original sampling on which the original NI 43 101 report was based.
Two board and management changes
BPL has revealed two changes to its board and management, firstly managing director Trangie Johnston is stepping down following a period of illness.
Secondly, John Petersen, an Arizona based geologist who found the La Paz Rare Earth deposit, has agreed to take on the role of chief technical advisor.
Petersen’s appointment will be followed by the establishment of a management team under a CEO based in the US.
Rights issue underway
The one-for-one renounceable rights issue priced at 1.5 cents is underway and will close 17 February 2020.
The offer can raise up to $2.49 million and is in-the-money with shares last trading at 1.8 cents each.
The proceeds of the rights issue will be used for the following purposes:
- assess upgrading the current NI 43-101 Resource estimate to JORC 2012 standards
- commencing detailed metallurgical test work programs;
- complete a Scoping Study level economic assessment for the La Paz Project during 2020; and
- meeting general corporate and capital raising costs.