BBX Minerals ASX:BBX Stock Report

BBX Minerals Limited Announces Assay Results for RC Drill Hole TERC007

BBX Minerals Limited announced assay results for RC drill hole TERC007, drilled during its 2017 programme at Três Estados. Assays were conducted for gold, platinum, palladium, iridium and rhodium. Precious metal mineralisation was encountered within both the weathered and unweathered portion of the hole. Significant results include: 2m @ 0.30 g/t Pd, 0.64 g/t Pt, 0.37 g/t Ir and 0.08 g/t Rh from 6m; 4m @ 0.29 g/t Pd, 1.09 g/t Pt, 0.67 g/t Ir and 0.15 g/t Rh from 10m; 2m @ 0.21 g/t Pd, 0.31g/t Pt, 0.15 g/t Ir and 0.21 g/t Rh from 24m.

BBX Minerals Limited Announces Retirement of Mike Schmulian as Director, Effective June 30 , 2022

BBX Minerals Limited Reports Assay Results for Diamond Drill Hole Ted 001, Drilled in the 2021 Drilling Programme At the Tabocal Prospect, Três Estados Project

BBX Minerals Limited reported assay results for diamond drill hole TED 001, drilled in the 2021 drilling programme at the Tabocal prospect, Três Estados project. Tabocal is located approximately 3.5km east of Adelar, the location of hole TED 015. Significant platinum values were obtained in the upper portion of the hole, principally below the base of weathering, followed by a deeper high grade multi-element intersection within unweathered, weakly altered gabbro: 2m @ 0.98 g/t Au, 4.43 g/t Pd and 10.82 g/t Pt from 37m. During October 2020 to April 2021 BBX completed 31 diamond drill holes in its follow-up drilling programme at Três Estados. Au, Pt, Pd, Rh and Ir assays have been reported for hole TED 001 at the Tabocal prospect. This hole was successfully analysed by the procedure developed in-house for this complex PGM/Au mineralisation). The method utilised comprises a nickel smelt at 1,500°C, producing a nickel bead which is subsequently digested in HCl and the residue dissolved in 4 acids. The solution is fire assayed by conventional lead collection with an AA finish.

BBX Minerals Limited Reports Assay Results for Diamond Drill Hole TED 015, Drilled in the 2021 Drilling Programs At the Três Estados Project

BBX Minerals Limited reported assay results for diamond drill hole TED 015, drilled in the 2021 drilling programme at the Três Estados project. Significant precious metal values were obtained throughout the hole, principally from below the zone of intense weathering. Results include: 2m @ 1.82g/t Ir, 1.55g/t Pt, 0.63g/t Pd and 0.18g/t Au from 30m; 7m @ 0.85 g/t Ir and 0.99 g/t Pt from 38m; 7m @ 0.87g/t Ir and 0.73 g/t Pt from 47m 1m @ 1.86 g/t Ir, 2.18 g/t Pt, 0.06g/t Rh from 59m; 1m @ 11.52g/t Pt, 0.41 g/t Au and 0.12g/t Rh from 84m; during October 2020 to April 2021 BBX completed 31 diamond drill holes in its follow-up drilling programme at Três Estados. Au, Pt, Pd, Rh and Ir assays have been reported for hole TED 015 at the Adelar prospect, the first hole successfully analysed by the procedure developed in-house for this complex PGM/Au mineralisation). This hole was selected as it traverses the full profile of weathered gabbro, unweathered hematitic hydrothermally altered gabbro and unweathered weakly unaltered chloritic gabbro. The method utilised comprises a nickel smelt at 1,500°C, producing a nickel bead which is subsequently digested in HCl and the residue dissolved in 4 acids. The solution is fire assayed by conventional lead collection with an AA finish. The BBX team has for some time been working on fine-tuning its analytical methodology, designed to assay for both gold and PGM's in a single assay method. The Company's technical team is now satisfied that the method developed, which yields satisfactory results for QA/QC control samples for all the precious metals, is sufficiently robust to enable full-scale assaying to commence. Following the purchase of additional equipment and strengthening of the laboratory team the assay throughput rate will be accelerated in the coming weeks. It remains the opinion of the BBX team that the assay method may benefit from additional fine-tuning. Investigative work on the assay method will therefore continue in parallel with systematic drill-hole assaying. Metallurgical pilot plant test work is also continuing to define a commercially viable extraction technique.

Less than half of directors are independent

Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Mike Schmulian was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.