Bastion Minerals - ICE Copper Project Update - 17 September 2024
BMO (BMO) Share Update September 2024 Monday 16th
Bastion Minerals Confirms Historical Drill Core at ICE Copper Project
Bastion Minerals Ltd (ASX:BMO) has announced a significant milestone for its ICE Copper Project in Yukon Territory, Canada, confirming the presence of 10,500 meters of historical drill core on site. This confirmation is a crucial step towards defining a JORC-compliant resource.
Instant Summary:
- ICE is a Cyprus-style Volcanic Hosted Massive Sulphide (VHMS) deposit with copper-gold and cobalt.
- Historical, foreign non-JORC resource of 4.56 Mt @1.48% Cu.
- 10,584 meters of original drill core confirmed on site.
- Re-sampling and re-assaying of core underway, including gold analysis.
- Drill collars relocated and GPS coordinates confirmed.
- QA/QC certified standards and duplicates included in core samples for assay.
- Potential for additional copper mineralization along trend to the NNE and SSW.
- New EM surveys using modern techniques planned.
Project Overview
The ICE Copper Project is a highly prospective copper-gold-cobalt deposit located in the Yukon Territory, Canada. The project contains a historical, foreign non-JORC resource of 4.56 million tonnes at 1.48% copper. Bastion Minerals has recently confirmed the presence of 10,584 meters of original drill core on site, a major positive for the project.
The core is in good condition and laid out in an orderly manner, facilitating the re-sampling and re-assaying process. Initial re-sampling has been undertaken, focusing on portions of the drill core that were not originally assayed for gold. This step is crucial for defining a JORC-compliant resource.
Drill Collars and QA/QC
Drill collars from 1996 and 1997 have been relocated, with GPS coordinates confirmed for a representative number of drill sites. This validation of original locations is another important step towards upgrading the historical, foreign non-JORC resource to JORC (2012) compliance. Drill holes have steel pipes as collars and are labeled with metal tags.
QA/QC certified standards and duplicates are being included with core samples submitted for assay. This rigorous approach aims to ensure the accuracy and reliability of the assay results, which will be used to define a JORC (2012) compliant resource.
Exploration Potential
The ICE deposit outcrops with oxide copper present at the surface, which will be further evaluated as the surficial oxide material was not fully included in the historical resource estimate. There is potential to discover additional copper mineralization along the trend to the NNE and SSW of the existing mineralization, associated with a particular layer in the stratigraphic sequence.
Walk-up undrilled targets have been defined from helicopter and ground-based Electromagnetic (EM) surveys and soil geochemistry. New EM surveys using modern techniques are planned to further explore these targets.
The confirmation of the historical drill core and the ongoing re-sampling and re-assaying efforts are significant milestones for Bastion Minerals. These steps are crucial for defining a JORC-compliant resource, which could positively impact the company's stock price as investors gain confidence in the project's potential. The inclusion of QA/QC certified standards and duplicates in the assay process further enhances the credibility of the results.
Investor Reaction:
Analysts are likely to view the confirmation of the historical drill core and the rigorous re-sampling efforts positively. The potential for additional copper mineralization along the trend and the planned new EM surveys using modern techniques are also encouraging signs. However, investors will be keen to see the final assay results and the subsequent resource estimate to fully assess the project's potential.
Conclusion:
Investors should closely monitor the progress of the ICE Copper Project as Bastion Minerals continues its efforts to define a JORC-compliant resource. The confirmation of the historical drill core and the ongoing re-sampling and re-assaying efforts are promising steps towards realizing the project's potential. Stay tuned for further updates from Bastion Minerals on this exciting copper opportunity.