West Australian gold explorer BMG Resources Limited (ASX: BMG) has provided its quarterly activities report for the period ended 31 December 2020.
Completion of acquisition of three highly prospective Western Australian gold projects through acquisition of Oracle Mining Limited (Oracle).
Acquisition completed together with a $4m capital raising, via a Share Purchase Plan ($1m) and Placement ($3m) to professional and sophisticated investors.
John Prineas and John Dawson appointed to BMG’s Board as Non-Executive Directors, with Simon Trevisan and Malcom Castle resigning from the Board.
Immediate ramp-up of exploration at newly acquired projects.
Completion of first drilling at the high-grade Abercromby Gold Project.
Completion of aeromagnetic and radiometric survey at Invincible project.
Ramp-up in exploration at Abercromby and Invincible
During the reporting period, BMG launched exploration initiatives at its 100% owned Abercromby and Invincible gold projects, located in the Wiluna district and the Central Pilbara regions of Western Australia, respectively.
A 5,000m reverse circulation (RC) and diamond drilling program was planned for Abercromby with 2,880m drilled in Phase 1 of the program. At Invincible, an ultra-detailed high resolution aeromagnetic and radiometric survey of project area was undertaken.
Drilling at Abercromby
In December, BMG commenced drilling at its Abercromby Gold Project, marking the first time in over 15 years that gold-focused drilling had been undertaken at Abercromby.