ASX ANNOUNCEMENT
29 March 2022
HIGH GRADE COPPER GOLD ROCK-CHIPS AT CAPOTE
Bastion Minerals Limited (ASX: BMO)(Bastion Minerals or the Company) is pleased to provide an update on its on-going exploration program within the Capote Mining District and surrounding vein systems in the mineral rich Atacama Region of Chile.
Highlights
• High-grade rock-chip samples received from recent sampling program at Capote:
o Maximum Gold value of 22.9g/t Au (average 1g/t Au)
o Maximum Copper value of 2.75% Cu (average 0.36% Cu)
• Final environmental approval is now in the review stage to be granted.
• Maiden 5,000 metre drilling campaign to commence as soon as permit is granted.
Bastion's Executive Chairman, Mr. Ross Landles, commented:
"These new rock-chips provide a significant reminder of the grade potential of the Capote System. While high-grade gold is our primary focus, copper-gold results add multi-commodity blue sky to the project. We are very pleased to be counting down the days until the final government approval is completed and will drill immediately following."
Surface Geochemistry
Forty-five (45) rock-chip samples have been collected during the past months during detailed mapping exercises, aimed at understanding the size and orientation of mineralised veins at surface (Figure 1).
• The average gold grade of the 45 samples is 1g/t with a maximum of 22.9g/t Au.
• The average copper value of these samples is 0.36% Cu with a maximum of 2.75% Cu.
These rock-chips highlight the multicommodity potential of the Capote District, with potential for not only high-grade gold deposits, but iron oxide copper-gold (IOCG) deposits. As the gold potential of the district is focused on, Bastion Minerals will work up copper-gold targets in parallel.
Next Steps
The final preparation stages of the Company's maiden drilling program are currently underway. Drilling is aimed at expanding gold mineralisation around the known historical deposits at Yayito and Resurgimiento veins and testing several new greenfield target areas.
1
Bastion Minerals Limited
ABN: 19 147 948 883
Level 6, 22 Pitt Street Sydney NSW 2000
The Company will undertake an approximately 5,000-metre diamond drilling program, with a focus on testing the shallow surface expression of multiple vein systems where high-grade gold has been returned from recent rock-chip campaigns. Drill hole locations are being designed and regulatory and environmental approvals process have commenced.
Figure 1: Capote Mining District showing geology, Bastion tenements (blue outline) and option agreement area (yellow tenement boundary) showing recently received rock chip results (Au).
ABN: 19 147 948 883
Level 6, 22 Pitt Street Sydney NSW 2000
About Bastion Minerals
Bastion Minerals Limited (ASX:BMO) is an Australian listed exploration company focused on discovering high-grade precious and base metals deposits within the mineral-rich Atacama Region of Chile (Figure 2). Bastion's strategy is to apply cutting-edge exploration to make multiple discoveries on its highly prospective Capote Gold, Cometa Copper-Gold and Garin Gold-Silver Projects, which have had no modern exploration. Bastion Minerals provides shareholders the opportunity to participate in discoveries leveraged to precious and base metals.
Figure 2: Bastion Minerals' Chilean Project Portfolio
This announcement was approved for release by the Executive Chairman of Bastion Minerals.
For more information contact:
Ross Landles
Executive ChairmanRoss.landles@bastionminerals.com +61 438 959 144
ABN: 19 147 948 883 | ASX:BMO |
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Level 6, 22 Pitt Street Sydney NSW 2000 | www.bastionminerals.com |
APPENDIX 1
Statements and Disclaimers
Competent Person Statement
The information in this Announcement that relates to exploration results is based on information compiled by Mr Mathew Brown, who is responsible for the exploration data, comments on exploration target sizes, QA/QC and geological interpretation and information. Mr Brown who is an independent consultant to Bastion Minerals and is a Member of the Australasian Institute of Geoscientists, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the "Competent Person" as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Brown consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Forward-Looking Statements
Certain statements contained in this Announcement, including information as to the future financial or operating performance of Bastion Minerals and its projects may also include statements which are 'forward‐looking statements' that may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These 'forward-looking statements' are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Bastion Minerals, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Bastion Minerals disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this Announcement or to reflect the occurrence of unanticipated events, other than required by the Corporations Act 2001 (Cth) and the Listing Rules of the Australian Securities Exchange (ASX). The words 'believe', 'expect', 'anticipate', 'indicate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward‐looking statements.
All 'forward‐looking statements' made in this Announcement are qualified by the foregoing cautionary statements. Investors are cautioned that 'forward‐looking statements' are not guarantee of future performance and accordingly investors are cautioned not to put undue reliance on 'forward‐looking statements' due to the inherent uncertainty therein.
For further information please visit the Bastion Minerals website atwww.bastionminerals.com
ABN: 19 147 948 883 | ASX:BMO |
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Level 6, 22 Pitt Street Sydney NSW 2000 | www.bastionminerals.com |
JORC Code, 2012 Edition - Table 1 Report
Section 1 Sampling Techniques and Data
CRITERIA | JORC CODE EXPLANATION | COMMENTARY |
Sampling techniques
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Drilling techniques
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Drill sample recovery
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Logging
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Bastion Minerals Limited ABN: 19 147 948 883
Level 6, 22 Pitt Street Sydney NSW 2000
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Bastion Minerals Ltd. published this content on 28 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2022 22:03:25 UTC.