Nov 6, 2024

Bastion Minerals Reports 10.98m @ 7.15% Cu at ICE Copper Project, Yukon

Introduction:

Bastion Minerals (ASX:BMO) has reported exceptional high-grade copper results from initial resampling at its ICE Copper Project in Yukon, Canada, highlighted by 10.98m @ 7.15% Cu from 90.02m depth.

Drill Results:

10.98m @ 7.15% Cu, 0.57 g/t Au, 25 g/t Ag and 0.14% Co from 90.02m (ID97-13)
5.31m @ 9.88% Cu, 0.37g/t Au, 16 g/t Ag and 0.19% Co from 88.57m (ID97-11)
6.51m @ 4.53% Cu, 0.86 g/t Au and 29 g/t Ag from 86.77m (IC97-20)
6.37m @ 2.77% Cu and 0.34 g/t Au from 29.9m (IC97-30)‍
9.49m @ 2.88% Cu from 43.59m (IC96-02)

Project Overview:

The ICE Copper Project is located in Yukon Territory, Canada, approximately 220km northeast of Whitehorse. It is a Cyprus-style Volcanic Hosted Massive Sulphide (VHMS) deposit containing copper, gold, cobalt, and silver mineralization. The project has good infrastructure access, being approximately 19km from the Robert Campbell Highway.

The project hosts a historical, foreign non-JORC resource of 4.56 Mt @ 1.48% Cu. The deposit footprint covers an area of 600m by 400m, with only 15% of the project area explored in detail. The mineralization remains open along strike and at depth.

Program Details:

Bastion has begun resampling over 10,000m of historical drill core as part of a process to convert the historical, foreign, non-JORC resource to a JORC compliant mineral resource estimate. The initial results reported are from the first, smaller batch of samples. A second stage of resampling will cover more than 10% of the available mineralized drill core. The company is targeting the definition of a JORC (2012) compliant resource in early Q1 2025.

Understanding These Results:

The initial resampling results confirm the tenor of the historically recorded mineralization. The high-grade copper intersections, along with significant gold, silver, and cobalt credits, validate the quality of the historical data and underscore the potential of the ICE Copper Project.

The shallow nature of these high-grade intersections, with the best results coming from just ~90m depth, is particularly encouraging for potential future development scenarios. The presence of gold, silver, and cobalt alongside copper enhances the overall value proposition of the mineralization.

Management Commentary:

Ross Landles, Executive Chairman of Bastion Minerals:

“It’s fantastic to receive these initial results, confirming the tenor of the historical mineralisation with a staggering interval of 10.98m @ 7.15% Cu from just 90m. Re-assaying 10% of the mineralised intervals in the deposit will provide us with a high level of confidence regarding the original sampling, assaying and non-JORC foreign resource estimate. It will also provide us with additional information on the gold mineralisation.”

“In parallel with preparing for a maiden JORC compliant resource, post re-assaying of core and geological modelling, we are excited to show the significant exploration upside of this project. With just 15% of the project area explored in any detail we are confident the historical untested geophysics and soil geochemistry will provide high priority targets for drilling when conditions allow in 2025.”

“We are very excited with the potential to discover additional mineralised deposits, to increase the project size, as deposits of the VHMS type occur in clusters and may be vertically stacked around the feeder zones which localise mineralisation.”

Next Steps & Catalysts:

Bastion will continue to report additional sample results as they are received. This data will be checked against the historical sampling intervals and used to evaluate the historical resource estimate, which did not include value from gold or cobalt mineralization.

The company is also assessing an Exploration Target based on available geophysics and geochemistry. With only 15% of the project area explored in detail, there is significant potential for additional discoveries. Bastion plans to use modern, high-powered geophysical equipment to define new targets for future drilling programs.

Commodity Outlook:

Copper remains a critical metal for the global energy transition, with demand expected to grow significantly in the coming decades. The Yukon Territory is a tier-1 mining jurisdiction with a strong history of VHMS deposit discovery and mining, providing a supportive environment for resource development.

Conclusion:

The exceptional initial resampling results from the ICE Copper Project validate the historical data and highlight the potential for a significant high-grade copper resource with valuable by-products. With a JORC-compliant resource targeted for early 2025 and substantial exploration upside, Bastion Minerals is well-positioned to push onward.

Sources:

BMO Drill Results Announcement

Additional Figures:

Australia

ASX

Gold

Nov 7, 2024