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BBX Minerals Finds Anomalies At Plato, Compatible With Newcrest's Wafi-Golpu

Brazilian-focussed BBX Minerals (ASX:BBX) has revealed some highly encouraging induced polarization survey results at Plato.

Plato is part of the wholly-owned Juma East gold-copper project, located in the Apui region in Amazonas state.

The size, distribution and shape of the magnetic anomalies at the Plato target could be compatible with Newcrest Mining's (ASX:NCM) and Harmony Gold's (NYSE:HMY) Wafi-Golpu project in Papua New Guinea.

This is very important, as Wafi-Golpu is a world-class porphyry deposit suited to bulk underground mining techniques, similar to those being employed by Newcrest at the Cadia Valley Operations.

The project hosts 28 million ounces of gold, 9 million tonnes of copper and 50 million ounces of silver.

Induced Polarization details

An 8,700 metre Induced polarization survey program has been conducted over the Plato and Guida targets to fine tune the locations of the pioneering drill-holes.

These holes are planned to test the magnetic anomalies at Plato and the potential low sulphidation epithermal gold system at Guida.

The survey was conducted by the contractor Geomag, a former subsidiary of CGG, currently controlled by Wellfield do Brasil and the QA/QC, processing and interpretation was conducted by Reconsult.

The positive survey results at Plato have further enhanced the potential to discover economic gold and copper mineralisation in the disseminated and stockwork sulphide zone commonly associated with varying degrees of silicification hosted by breccia pipes and/or rhyolite domes.

Jeff Mckenzie, CEO, commented: "These results clearly highlight the excellent potential of Plato and Guida to contain multiple mineralised zones with scope for both narrow, high grade and bulk mining gold targets.

"As such we are planning to start the drilling program with at least one initial drill hole on each one of these targets in this highly prospective region."

Analysis

BBX Minerals' exploration for gold is focussed on the Apui region in Brazil.

To say this area is highly prospective for gold is an understatement as the region shot to fame about a decade ago after rumours of the discovery of a "new Eldorado", which attracted thousands of artisanal miners - known as garimpos in Brazil.

Now BBX's induced polarization survey results at Plato is drawing early comparisons to the world-class Wafi-Golpu project, hosting 28 million ounces of gold, 9 million tonnes of copper and 50 million ounces of silver.

Next up for the company will be a drilling program.

Considering a market cap. of circa $1.8 million, and a first mover advantage in the "new Eldorado", the $0.01 current share price looks extremely light.

BBX is therefore highly leveraged to exploration success.

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