Bastion Minerals : Exploration Update - Cometa Copper Project

ASX ANNOUNCEMENT

11 April 2022

EXPLORATION UPDATE: COMETA COPPER PROJECT

Bastion Minerals Limited (ASX: BMO)(Bastion or the Company) is pleased to provide this update on its ongoing exploration program within the Cometa Copper Project, located in western Chile (Cometa). The exploration program, including detailed geochemistry and geological mapping, continues to define numerous large-scale copper-gold drill targets.

Highlights

• • One-hundred and three (103) new rock-chip samples taken across multiple targets

  • o Copper assays up to 4.1% Cu

  • o Gold assays up to 9.4g/t Au

  • o Silver assays up to 30.7g/t Ag

• • Systematic exploration activities over the past 12 months at Cometa have defined six large-scale copper-gold-silver targets

  • o Perseus Prospect (Iron Oxide Cu-Au)

    •  Previous assays to 2.53% Cu and 100g/t Ag

  • o Orion Prospect (Cu-Au-Ag Porphyry)

    •  Previous assays to 4.42% Cu and 8.14g/t Au and 48.5g/t Ag

  • o Aldebaran Prospect (Iron Oxide Cu-Au)

    •  Previous assays to 1.67% Cu and 109g/t Ag

  • o Centauro Prospect (Cu-Au-Ag Porphyry)

    •  Previous assays to 3.08% Cu and 4.62g/t Au and 16.6g/t Ag

  • o Venus Prospect (Cu-Ag Porphyry)

    •  Previous assays to 4.07% Cu and 27.4g/t Ag

  • o Scorpion Prospect (Cu-Au-Ag Porphyry)

    •  Previous assays to 3.27% Cu and 0.75g/t Au and 85.2g/t Ag

Bastion's Executive Chairman, Mr. Ross Landles, commented "As we progress towards our maiden drill program at the Capote Gold Project, our geologists have been busy advancing an impressive number of copper and precious metal drill targets at our Cometa Copper Project.

"At Cometa, we have established a significant landholding with exploration and mining licenses covering approximately 56km2 with year-round access for exploration in the world's most prolific copper province.

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"The Cometa Copper Project is situated approximately 10km south and along strike from Hot Chili's Cortadera Project, so we know this is an incredibly prospective and fertile mineral belt to be situated within. The forward work plan at the Cometa Copper Project gives the Company exposure to a metal with a robust supply-demand thematic, driven by the global transition to a green economy.

"Moving forward, Bastion's immediate corporate and strategic focus will be on the high-grade Capote Gold Project, where we expect drilling to commence in May 2022"

Cometa Copper Project

The Cometa Copper Project consists of approximately 56km2 of granted mining and exploration tenements approximately 10km south of Hot Chili's Cortadera Project and approximately 40km southeast of Vallenar (Figure 1). Cometa is an early-stage exploration project with multiple high-grade copper targets identified from limited rock-chip sampling. Bastion will focus on bringing advanced exploration techniques to the Cometa Copper Project to discover large-scale, high-grade iron-oxide copper gold or porphyry deposits. Multiple rock-chip and mapping campaigns have been undertaken at Cometa, identifying six prospects with high-grade copper-gold-silver mineralisation across the lease (Figure 2).

New Rock-Chips

The recent exploration program was focused on a northeast trending structural corridor that links the Scorpion, Venus and Centauro Prospects (Figure 3). One-hundred and three (103) rock-chip samples were collected in the sampling campaign.

The average copper grade of these samples was 0.15% Cu with a maximum of 4.1% Copper (Cu). The average gold grade of these samples was 0.18g/t Au with a maximum value of 9.4g/t Gold (Au). The average silver grade of these samples was 0.73g/t Ag with a maximum of 30.7g/t Silver (Ag).

Summary of work completed to date

When combined with previous work, a compelling picture of multiple zones of high-grade copper-gold and silver emerges across the Cometa Copper Project123. A description of each prospect is included in the following pages.

• 1 ASX Announcement 18 May 2021- Geophysics identifies high-priority copper targets at Cometa

• 2 ASX Announcement 25 May 2021 - Widespread high-grade copper in rock-chips at Cometa

• 3 ASX Announcement 10 June 2021 - Additional high-grade copper rock-chips from Cometa

ABN: 19 147 948 883

Figure 1: Cometa Copper Project locationFigure 2: Cometa Project copper rock-chip results over magneticsFigure 3: New rock-chip assay results

Perseus

The Perseus Prospect lies in the northern part of the Cometa Copper Project (Figure 2). Eighteen rock-chip samples (18) were collected at Perseus in the past 12 months displaying the geochemical signature common to low tonnage, high-grade IOCG deposits in Chile with high grade copper and silver and subdued gold results. The average copper grade of these samples is 0.51% Cu with a maximum value of 2.54% Cu. The average silver grade of these samples is 15.6g/t Ag with a maximum value of 100g/t Ag.

Visible surface mineralisation at Perseus consists of copper oxides (malachite, azurite, chrysocolla and atacamite) and chalcopyrite hosted within magnetite, tourmaline, calcite bearing veins and breccias (Figure 4). Mapping has identified an area extending some 1.25km north south and 800m wide. Magnetic data shows a strong circular anomaly 1.5km across cut by linear magnetic highs correlating with the high-grade surface samples (Figure 2). Three-dimensional magnetic inversions suggest the majority of this magnetic anomaly lies at depth with narrow fingers of highly magnetic rock associated with mineralised trend. Additional work at Perseus will consist of detailed geological mapping and sampling before potential trenching and drilling.

Figure 4: Perseus Prospect rock-chips over satellite imagery