Bam Bam Resources Provides Company Update to Shareholders
Bam Bam Resources Corp. (CSE: BBR) (OTC PINK: NPEZF) (FSE: 4NPB) (“Bam Bam” or the “Company”) is pleased to provide a Company update to the shareholders.
Bam Bam Resources Corp. (CSE: BBR) (OTC PINK: NPEZF) (FSE: 4NPB) (“Bam Bam“ or the “Company“) is pleased to provide a Company update to the shareholders.
Since the Company acquired the Majuba Hill Porphyry Copper Project (the “Project” or “Majuba Hill”) in March of 2019, it was believed that Majuba Hill could be a district size project. This impression holds true and, as of today, the Company has expanded its land position by more than 300% to a total size of 15.1 square miles (39.2 sq km) / 9,678 acres (3,917 ha). Private surface and mineral claims comprise approximately 26% of the total land position (2,586 acres/1,048 Ha).
Bam Bam was able to attract a world class team of geologists and Technical Advisory Board members, led by E.L. “Buster” Hunsaker. Bam Bam welcomed Dr. Mike Ressel to the Technical Advisory Board in May 2020 and in February 2021, Larry Segerstrom came aboard. The Company gained the support of the Center for Research in Economic Geology at University of Nevada Reno (CREG).
The involvement and interest of the CREG program provided strong academic and economic support for Bam Bam. Dr. Matthieu Harlaux has placed a graduate student at Majuba Hill to complete a M.S. Thesis.
The porphyry copper experience and knowledge of the Company’s Technical Advisory Board was critical since Majuba Hill has a long history of exploration and production activities.
Since 1941, there have been seven historic drill campaigns that drilled 73 holes at Majuba Hill. Six were mining exploration companies and the seventh the U.S. Bureau of Mines. Prior to 1970, 16 holes (1,061 m/3482 feet) were drilled by Freeport Sulfur Company (1942) and the U.S. Bureau of Mines (1948). Since 1970, 13,906 meters (45,622 feet) in 58 core and RC holes were completed at Majuba Hill.
Historic Production Results on Majuba Hill:
This long history of exploration and production activities at Majuba Hill left Bam Bam with a mountain of data to analyze and interpret. The Company constructed a detailed geologic model using all the drill data. This 3D GIS model provided a solid spatial platform to visualize the Known Oxide Zone and expand it into the much larger Majuba Oxide Extension Area.
Historic surface drilling has delineated an outcropping copper and silver oxide zone. Historic core holes drilled by Max Resources and described in the Technical Report prepared for Galileo Exploration Ltd. in May 2017 (NI 43-101 Technical Report, Majuba Hill Project, Pershing County, Nevada, A.J. Morris CPG QP) indicated good oxide copper in a discrete area around the historic underground workings. The historic drilling suggested that Majuba Hill potential is at least 350-500 million tons of oxide mineralization at grades estimated to be 0.3 to 0.4% Copper (Cu), 9 to 14 ppm Silver (Ag), and 0.175 to 0.25 ppm Gold (Au)
This data allowed Bam Bam to develop and execute on an initial drill program that protected its shareholders by first confirming the interpretations of the historic data.
The results of this program were encouraging and so the Company created and completed a staged exploration program that has greatly increased the potential size of the target at Majuba Hill using:
- Surface rock and soil sampling; and
- Drone Magnetic and Induced Polarization Geophysics.
The comprehensive exploration program by Bam Bam was two-fold:
- Define, expand, and quantify the near-surface, open-pittable, oxide copper-silver mineralization; and
- Identify and expand the footprint of the underlying copper-porphyry, sulfide mineralization.
Early drilling by Bam Bam at Majuba Hill was focused on confirming the historical data and to expand the near-surface oxide zone. The Company drilled nine holes for a total of 8706 feet (2653.5 meters) in 5 core and 4 reverse-circulation holes. Significant oxide/enriched results released in July 2020 included:
• MHB-1: 74 ft (22.6 m) of 0.35% Copper (Cu) and 10.2 g/t Silver (Ag) from 210 to 284 ft (64-86.6 m)
• MHB-2: 146 ft (44.5 m) of 1.41% Copper (Cu) and 97.6 g/t Silver (Ag) from 0 to 146 ft (0-44.5 m)
By converting length weighted silver values to copper using US$17/ounce silver
and US$2.50/lb. copper, this interval is 2.36% Copper Equivalent (CuEq).
• MHB-4: 45 feet (13.7 m) of 0.45% Copper (Cu) and 8.2 g/t Silver (AG) from 775-820 feet (13.7m/236.2-249.9m)
• MHB-5: 310 feet (94.5 m) of 0.29% Copper (Cu) and 10 g/t Silver (Ag) from 445 to 755 feet (135.6-230.1m)
• MHB-6: 50 feet (15.2 m) of 0.72% Copper (Cu) and 19.8 g/t Silver (Ag) from 750 to 800 feet (228.6-243.8m)
MHB-6 also contained chalcocite enriched sulfides and the hole ended in 20 feet of 1.31 % Copper (Cu) from 780-800 feet (6.1m/237.74-243.84m).
Very positive results from each phase of the exploration program confirmed the next step: In late November 2020, Bam Bam completed 4920 feet (1499.6 m) in deep core holes MHB-7, MHB-8, and MHB-9 to explore for an underlying deep sulfide mineralization expected to occur directly below the widespread oxide and enriched oxide copper mineralization. MHB-7 and MHB-9 intersected strong, well-developed porphyry copper sulfides and phyllic alteration. Both holes also showed variable supergene leaching enrichment features that will be important for quantifying the higher-grade, enriched zones within the known deposit.
Drill hole MHB-8 stepped out 1700 feet (518 meters) south from the oxide/enrichment zone to test a deep Induced Polarization (IP) chargeability high. The 1635 foot (498.3 m) long hole intersected over 1200 feet (366 m) of chalcopyrite in veins, stockworks, and disseminated with tourmaline, below the zone of oxidation and enrichment.
Copper and silver in this chalcopyrite-sulfide zone included:
- MHB-8: 65 feet (19.8 m) of 0.35% Copper (Cu) and 13.9 g/t Silver (Ag) from 865 to 930 feet (263.7-283.5m)
Copper Equivalent (CuEq) of 0.49%.
The broader interval of copper and silver in MHB-8 returned:
- MHB-8: 470 feet (143.2m) of 0.1% Copper (Cu) and 4.04 g/t Silver (Ag) from 830 to 1300 feet (253.0-396.2 m)
Copper Equivalent (CuEq) of 0.14%.
The exciting news is that sulfide mineralization was discovered on every drill hole, including the step out extensions. All three of these deeper holes hit viable mineralization indicating an underlying sulfide deposit.
Based on these encouraging results, there are additional deep historic drill holes that now need offset drilling. These include:
From management’s perspective, it is believed that the Company has a deep-seated sulfide deposit underneath the viable oxide cap.
The team of geologists and Technical Advisors all agreed that the best and most cost-effective approach forward was to extend the soil sampling, Mag survey and deep IP analysis into areas that haven’t been examined before. The team wanted to review and extend all the soil sampling, extend the mag surveys that have been completed, and review and extend the IP surveys over the land position Bam Bam owns.
This turned out to be an excellent strategy. The Company has now defined the potential for an oxide deposit that appears to be over 250% greater than the size originally anticipated.
In May 2021, a property-wide, 322 line-km drone magnetic survey was completed by Zonge International, Inc. The magnetic survey shows that the Tertiary Intrusive Assemblage at Majuba Hill is at least 2.5 times larger than the geologic mapping indicated. The much larger extent shown by the positive magnetic response matched the encouraging 2020 drilling and exploration results.
Zonge International was also engaged to complete an extensive Induced Polarization/Resistivity (IP) program to expand and extend the existing deep IP coverage. A 2007 survey using 300 meter dipole spacing and a 2018 in-fill program has proven remarkably successful in defining high-chargeability and resistivity anomalies that correlate to porphyry copper related phyllic alteration and sulfide zones with chalcopyrite, pyrrhotite, pyrite, and arsenopyrite.
The very direct correlation between the high chalcopyrite, pyrrhotite, pyrite, & arsenopyrite content in core hole MHB-8 and the high-chargeability anomalies outlined by the previous surveys is a good indication of the importance of the IP geophysics for identifying drill targets and outlining the potential scale for mineralization at Majuba Hill.
The expanded IP survey was completed in late May 2021 and the results are very encouraging. James Wright, a highly respected consulting geophysicist in Nevada, provided the Company’s technical oversight and interpretation. The survey identified a large, oval-shaped resistivity response on lines L7 to L9 northeast of the previously known oxide mineralization. This “789 Zone” has a 1500 m diameter and the eastern side of the 789 Zone is coincident with the north trending granodiorite/remanent magnetic zone.
Wright commented: “The resistivity annulus suggests some form of intrusive with a surrounding resistivity alteration rim. Deep chargeability anomalies coincident with the rim indicate an increased sulfide association relative to the center.”
He concluded: “Associated with this feature are both shallow and deep resistivity/chargeability anomalies consistent with a variant of the classic Guilbert and Lowell (1974) porphyry model.”
In mid-October 2020, 399 soil samples were collected from the eastern side of the intrusive complex at the Majuba Hill. Anomalous copper, silver, molybdenum, zinc, and gold correlate with the intrusive centers identified from the 2020 exploration program.
The 2021 soil sampling program started on June 1. New sample coverage is laid out to expand the large copper, silver, zinc, molybdenum, and gold anomalies outlined from the earlier work. The sampling was completed in late July and all assay results are expected by the end of September.
All of the work completed to date led the Company to realize that Majuba Hill is a much more significant porphyry copper deposit than had previously been recognized.
When Bam Bam commenced work on Majuba Hill, a 500 million ton potential was expected. The results now suggest that it is a district with over 1 billion ton potential. The ability to integrate a large amount of historic data and expand the potential of the copper mineralization has been very timely since the demand for copper is sky-rocketing.
Based on the exciting results and data received from previously completed work at Majuba Hill, Bam Bam planned out the drill program for 2021. The focus is now on extending the tonnage of the oxide cap and to drill deep holes to continue to define the boundaries of the sulfide deposit.
This work will provide a better understanding of the size, tonnage and grade of the oxide deposit and will allow Bam Bam to plan its 2022 exploration program, to in-fill drill, and to provide the data needed for a NI 43-101 Technical Report.
The Company is fully funded for the 2021 exploration program (including part of next year’s drill program as well) and expects that the warrants expiring this year will provide the Company with additional funding once exercised.
The scientific and technical information contained in this letter has been reviewed by E.L. “Buster” Hunsaker III, CPG 8137, a non-independent consulting geologist who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”).
On Behalf of the Board of Bam Bam Resources Corp.
David C. Greenway
President & CEO
For further information, please contact:
VP of Corporate Communications
P: 1 (855) 475-0745
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Bam Bam Resources Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Bam Bam Resources Corp. management on the date the statements are made. Except as required by law, Bam Bam Resources Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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