BHP Providing Much Needed Leg-Up to Juniors with new Xplor Program
COMMODITY CAPERS: Mining giant BHP has opened its doors to aspiring exploration companies, especially those in the hunt for copper, nickel and other critical minerals.
The major’s new BHP Xplor initiative is a simple way for the company to outsource grassroots exploration by financing juniors with a good tale to tell, but nobody to listen.
According to the BHP web page Xplor is, “dedicated to accelerating innovative, early-stage mineral exploration start-ups to find the critical resources necessary to drive the energy transition”.
A smart move to get in early and being in the room should any of these minnows hit something of potential, thereby removing any possible bidding wars with any other super-miner that may be interested.
The choice of commodity is also interesting, given BHP’s long track record with coal and iron ore.
Now it seems it wants to move with the agenda many juniors have set in motion years ago.
“We are searching around the globe for the next generation of explorers that are ready to think about the earth’s minerals systems differently to unlock copper, nickel and other critical mineral deposits,” BHP said.
Companies selected to join the program receive a one-off, non-dilutive grant of US$500,000.
This combines with other important non-tangible assets, such as mentorship, and networking opportunities with industry and investors and connections.
ASX-listed juniors taken in the 2023 draft included Nordic Nickel (ASX: NNL), Impact Minerals (ASX: IPT) and Kingsrose Mining (ASX: KRM).
Nordic Nickel indicated it would be spending its US$500,000 on a recently commenced 2023 drill program.
The funds will pay for deeper holes to test known EM targets the company says appear to be located near the base of the ultramafic cumulate layer at the Hotinvaara nickel prospect, for ‘Sakatti-style’ massive sulphide accumulations.
“We are excited to have been selected to participate in the BHP’s Xplor cohort for 2023,” Nordic Nickel managing director Todd Ross said.
“This validates the quality and potential of our flagship Pulju nickel project in northern Finland, where we are targeting the potential for Tier-1 nickel discoveries in an under-explored greenstone belt with proven geological potential for large-scale critical mineral deposits.”
Impact Minerals has earmarked its BHP Xplor funding to identify new target areas for copper and other energy metals around the company’s Broken Hill project in New South Wales.
Impact Minerals has been busy around the Broken Hill area, adding to its ground position over the past few years.
Impact believes untapped exploration potential still exists at Broken Hill for copper mineralisation and has been working on a new model for copper associated with mafic intrusions that are part of the Broken Hill Group rocks.
“We are thrilled and honoured to be one of first-ever participants of the prestigious BHP Xplor program and to partner with the world’s largest mining company in our exploration,” Impact Minerals managing director Dr Mike Jones said.
“This is a testament to Impact’s innovative thinking over the years and we are looking forward to working with them to accelerate exploration at Broken Hill and also upgrading our skills company-wide by gaining access to their global network.”
As a part of the BHP Xplor program, Kingsrose Mining has developed a strategy of regional target generation for nickel massive sulphide deposits, applying modern mineral systems concepts and generative exploration methods across two highly prospective but underexplored geological belts in Finland and Norway.
“We are delighted to have been selected to participate in BHP Xplor, and to collaborate on our concept for nickel discovery in the Nordic region,” Kingsrose Mining managing director Fabian Baker said.
“It is by developing and testing new exploration concepts, and building positive relationships with stakeholders, that major discoveries of critical metals required for the energy transition will be made, and BHP Xplor allows Kingsrose to increase the odds of discovery success.”
Four other candidates make up the cohort of seven selected to join the BHP Xplor accelerator program for 2023.
These include:
Tutume Metals – a private, junior exploration company in Botswana with secured ground searching for new magmatic nickel, copper systems in southern Africa;
Asian Battery Metals – a junior exploration company focused on finding economic deposits of critical minerals in the Asia Pacific region;
Red Ox Copper – a private minerals exploration group in Australia, specialising in generating grassroots, greenfield conceptual plays with potential for tier 1 ore deposits; and
Bronzite Corp – an early-stage exploration for copper in northern Canada. Spearheaded by Prof. James Mungall, experienced field and economic geologist at Carleton University, Ottawa.
“We are amazed by the diversity and quality of the submissions we reviewed and selected,” BHP Xplor vice president Sonia Scarselli said.
“We are confident that the BHP Xplor program will support the companies chosen to accelerate their concepts and ideas, to help take them to the next level.”