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Highlights
- Bastion Minerals Ltd reports significant rare earth and copper findings at Swedish tenements.
- New properties show mineralization style similar to Bastion's Gyttorp project.
- Preliminary analysis reveals copper up to 24% and rare earth elements up to 18% TREE.
Bastion Minerals Ltd (ASX:BMO) has identified high-grade rare earth elements (REE) and copper in its Swedish tenements, aligning closely with the mineralization style found at its well-known Gyttorp project. Using portable X-ray fluorescence (pXRF) analysis and reconnaissance sampling, Bastion uncovered REE levels reaching 18% and copper levels as high as 24%, underscoring the potential of these new properties.
Earlier in the year, Bastion expanded its Swedish footprint by adding eight new properties to its portfolio, which already included the Gyttorp area No. 100 property. This property is recognized for its potential in REEs, copper, gallium, and germanium. Recent evaluations suggest that the mineralization style in these additional properties mirrors the skarn-type mineralization found in Gyttorp. Notably, magnetite skarn formations have developed within calcareous horizons, signaling a promising continuity of mineral resources.
The standout grades, including up to 18.5% TREE plus Yttrium and up to 24% copper, were identified in association with magnetite skarn zones through pXRF analyses. These grades indicate that REE and copper deposits are widely spread across Bastion's new tenements, particularly within magnetite areas and the tremolite-actinolite-altered regions. This skarn style, already prominent in Gyttorp, could potentially boost exploration efforts, given its presence across multiple locations within Bastion’s new properties.
Executive Chairman Ross Landles remarked that these early exploration results are helping the company strategize for future drilling initiatives. He highlighted that the newly identified REE mineralization is of similar quality and style to Gyttorp, providing clear guidance for continued exploration. Landles noted that the company intends to further map and sample these areas to pinpoint the highest REE and copper grades, as well as the thickest and longest mineralized zones, thereby refining its priorities for drilling.
Bastion’s new assets in Sweden also offer promising prospects, with a substantial holding along what is referred to as the REE Line. Landles emphasized that ongoing sampling and mapping efforts will be instrumental in identifying key areas for further development, ranking project sites, and planning future drilling programs based on initial findings.
Following the announcement of these results, shares of Bastion Minerals Ltd saw a marked increase, with trading reaching 0.7 cents at 11:13 AEDT, marking a 16.67% rise since the market opened.
