BPM Minerals Ltd (ASX: BPM) ('BPM' or 'the Company') is pleased to announce that it has entered into two exclusive separate option agreements to acquire the tenements comprising the Durack Project ('the Project'), that hosts high-grade, Rare Earth Elements ('REE''s) with accessory zircon and titanium.
The Project is in the East Kimberley Region of Western Australia, approximately 100km northwest of Halls Creek and 110km south of Wyndham. These separate acquisitions align with BPM's long-term strategy and commitment to genuine exploration. The Durack Project is a significant tenement package of 494km2 covering a new REE province and encompassing over 100km of prospective strike securing BPM's first-mover advantage. Multiple rock chips from a heavy mineral bearing sandstone unit have returned exceptionally high-grade REE assay results including: 4.89% TREO (Total Rare Earth Oxide) including 1.06% Nd2O3 + Pr6O11 4.38% TREO including 0.96% Nd2O3 + Pr6O11 3.93% TREO including 0.86% Nd2O3 + Pr6O11 Coarse-grained monazite, confirmed as the dominant REE-bearing mineral, is hosted in heavy mineral-rich bands in a shallowly dipping (100 ) sandstone unit within the Proterozoic Warton Sandstone Formation. Monazite is a well-known mineral source of neodymium and praseodymium and a favourable mineral for commercial processing, with multiple processing facilities under construction in Australia and globally. REE's are classified as Critical Minerals by the Australian federal government, which has active initiatives to fund projects and position Australia as a globally competitive REE producing hub. The federal government recently approved a $1.25 billion loan for Iluka Resources Ltd's (ASX:ILU) $3.3 billion Eneabba rare earths refinery. The tenements comprising the Project are currently in the application process, with anticipated timelines for granting reflecting standard procedural durations.
Commenting on the acquisition, BPM CEO Oliver Judd: 'We are thrilled to announce BPM's acquisition of the Durack Project in Western Australia, a strategic move aligned with our vision to spearhead the next big discovery in the region. Initial rock chips have returned multiple high-grade Rare Earth Element assays demonstrating significant concentrations, including 4.89% TREO with 1.06% Nd2O3+Pr6O11. The identification of monazite is a big tick as we know this is a typical source of LREE's globally and a favourable mineral for commercial processing. HMS style deposits can be huge, often in the billions of tonnes. With this in mind, coupled with the initial high grade rock chips, large prospective land holding and compelling scalable radiometric anomalies, the Durack Project has the potential to deliver a major REE bearing resource in a new emerging REE district. With REEs recognised as a Critical Mineral by the Australian federal government, there are opportunities to benefit from national initiatives aimed at establishing Australia as a leader in the global Rare Earth market.'
Durack Project Geology and Mineralisation
The REE mineralisation at the Project is interpreted as an unusually high-grade, lithified heavy mineral sand system. Monazite, which hosts the REE, is contained in heavy mineral-rich bands in a shallowly dipping (10o ) purple sandstone unit within the Proterozoic Warton Sandstone Formation, which in turn overlies the Carson Volcanics Formation. The prospective formation outcrops the length of the project, with minor areas concealed by shallow scree. Heavy mineral sand deposits are concentrations of heavy minerals (e.g. monazite, zircon, ilmenite etc.) that form beach placers and strandline deposits. Resistant heavy minerals originally incorporated within granites and other continental rocks are eroded out of their parental rocks over millions of years and transported downstream into nearby basins where they are deposited on beaches. Tides, wind and wave action reworks and concentrates the heavy minerals within quartz-rich beach sands, forming local concentrations of the heavy mineral sands on and near historic beachlines. As oceans subside, deposits are buried and preserved often leaving them many kilometres from the current coastline. In the case of the Project, this mineralisation was buried at depth, and underwent lithification, converting the surrounding sand to sandstone. Well sorted and coarse-grained sands are preferable in HMS operations as low-cost gravity separation can be used to separate the heavy minerals from the less dense surrounding sands. Mineralisation at Durack was originally noted by Planet Mining Ltd. in the 1970's during heavy mineral sands (Ti/Zr) exploration efforts in the area. Stacked bands of lithified heavy mineral concentrations were noted along the Warton Sandstone for >135km. Petrology descriptions noted the presence of monazite amongst other heavy minerals including zircon, titanohematite and ilmenite. REE were not assayed for and the presence of monazite at that time was not deemed economically significant.
Petrographic work undertaken upon the collected rock chips has confirmed the presence of monazite as well as other valuable heavy minerals including zircon, ilmenite (Ti), titanohematite (Ti) and anatase (Ti). Monazite was typically observed as 10-15% of the mineral assemblage and is hosted within relatively well sorted, coarse sandstone. Grains are sub to well-rounded and typically measure between 50-200 -microm. As is typical of monazite currently exploited at other operations globally, the monazite at Durack contains minor amounts of thorium thus radiometric geophysical methods can be used as an effective exploration tool to find areas of higher monazite concentration (Fig. 2). Due to the coarse-grained nature and exceptionally high in-situ grades of monazite observed, it is interpreted that the mineralisation at Durack may be amenable to a simple and low-cost crushing and gravity separation circuit to produce a monazite-rich heavy mineral concentrate. While monazite is expected to be the dominant value-driver, significant by-product potential exists in the form of zircon and Ti-bearing minerals. The product produced is anticipated to be similar to that produced by HMS operations globally, thus may be suitable for existing downstream processing facilities in Australia and globally. BPM intends to begin metallurgical test work as soon as practical to support these interpretations.
REEs are currently listed as 'Critical Minerals' by the Australian Government3 . The governments 'Critical Minerals Strategy 2023-2030' has set out how the sector can seize on the emerging opportunities of the clean energy transition thanks to Australia's vast mineral reserves, expertise in mineral extraction and track record as a reliable producer and exporter. Strategies include assisting in the development of projects, encouraging downstream processing of critical minerals within Australia, R&D grants/programs and improving regulations. The Australian federal government recently approved a $1.25 billion loan for the development of $3.3b Iluka Resources Ltd.'s (ASX:ILU) Eneabba rare earths refinery4 . The refinery will produce high-value rare earths neodymium, praseodymium, dysprosium and terbium. Rare earth mineral concentrates for the refinery will be sourced from both Iluka's portfolio of operations and from a range of potential third party concentrate suppliers, making W.A. a strategic hub for rare earth mining and downstream processing. Northern Minerals Ltd (ASX;NTU) and Iluka Resources entered into a strategic partnership in late 2022 for the Browns Range Heavy Rare Earth (DyTb) Project5 . Under the terms Iluka would provide a $73m funding package in exchange for a rare earth mineral concentrate supply. The Browns Range Project is located in the East Kimberley region (Fig. 8) with concentrate to be transported 2,500km to the Eneabba refinery near Geraldton in W.A.
Contact:
Oliver Judd
CEO
Tel: +61 8 9467 6393
Email: oj@bpmminerals.com
Competent Persons Statement
The information in this announcement that relates to Exploration Results is based on information compiled by Oliver Judd, who is a Member of AusIMM and who has more than five years' experience in the field of activity being reported on. The information in the market announcement is an accurate representation of the available data. Mr. Judd has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Judd consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
About BPM Minerals
BPM Minerals Limited (ASX:BPM) is a Perth-based precious, base and critical mineral explorer with a portfolio of projects located across Western Australia. The Company seeks to build its landholdings within Tier-1 mining jurisdictions. The company is currently focussed upon its Claw Gold Project, adjacent to Capricorn Metals Ltd.'s Mt Gibson Gold Project, a highly prospective greenfield opportunity on the doorstep of West Australia's next major mining operations. The management and exploration teams are well supported by an experienced Board of Directors who have a strong record of funding and undertaking exploration activities which have resulted in the discovery of globally significant deposits both locally and internationally.
BPM MINERALS LIMITED 
