Bastion Minerals Commences Ground Magnetic Survey in Sweden
BASTION MINERALS LIMITED (BMO) Share Update September 2024 Monday 23rd
Bastion Minerals Initiates Ground Magnetic Survey in Sweden
Bastion Minerals Ltd (ASX: BMO) has launched a ground magnetic survey in the Gyttorp area of Sweden to identify high-priority drilling targets for rare earth elements (REE) and copper. This marks a significant step in the company's exploration activities in the region.
Instant Summary:
- Ground magnetic survey initiated in northern Gyttorp REE property.
- High-grade REE mineralization up to 7.27% TREE+Y identified.
- Copper values range between 2.5% and 8.5%.
- Magnetic survey to map magnetite skarn along a 3 km mineralized trend.
- Eight new properties granted along the 'REE line' in southern Sweden.
- Preliminary sampling in Striberg property shows up to 18.56% TREE+Y.
- Historical drilling in Striberg indicates high-grade copper mineralization.
Survey Details and Objectives
Bastion Minerals has commenced a ground magnetic survey in the northern part of its Gyttorp REE property. The property has shown high-grade REE mineralization, with values reaching up to 7.27% TREE+Y. Additionally, copper values between 2.5% and 8.5% have been recorded in the area. The magnetic survey aims to map the extent of the magnetite skarn along a three-kilometer mineralized trend, which will help define targets for future drilling.
The company plans to undertake its maiden drilling program in Sweden as soon as possible, focusing on areas where the skarn is thicker and more complex. This will allow Bastion Minerals to better understand the distribution of magnetite and associated REE and copper mineralization.
New Property Grants and Preliminary Findings
Bastion Minerals has also received confirmation that eight new application areas have been granted. These properties are located along the 'REE line,' a 100 km belt through the Bergslagen district of southern Sweden. This area is known for its association with magnetite bodies and copper mineralization. The new properties will undergo reconnaissance rock chip sampling and mapping of historical magnetite iron workings to assess the extent and form of the REE mineralization.
Preliminary sampling in the newly granted Striberg property, located immediately north of Gyttorp, has revealed REE occurrences up to a staggering 18.56% TREE+Y, confirmed by portable XRF analysis. Assay results of these samples are expected within four weeks.
Historical Context and Future Plans
Historical drilling in the Striberg property has encountered high-grade copper mineralization. Bastion Minerals is currently waiting for access to this historical core to sample it for REE and assess the potential thickness of the mineralization. The elevated REE trend becomes more copper-rich in the south, extending over approximately three kilometers.
The district is historically significant for REE mineralization, being the location of the discovery of cerium in 1804 at the Bastnäs deposit. Although originally mined for iron and copper, the area produced 160 tonnes of rare earth-bearing minerals between 1860 and 1914.
The initiation of the ground magnetic survey and the granting of new properties are positive developments for Bastion Minerals. The high-grade REE and copper findings could significantly enhance the company's resource base, potentially leading to increased investor interest. However, the actual impact on the stock will depend on the results of the upcoming drilling program and further exploration activities.
Investor Reaction:
Analysts are likely to view the commencement of the magnetic survey and the preliminary high-grade findings positively. However, they will be cautious, awaiting the final assay results and the outcomes of the drilling program. The historical significance of the area adds credibility to the potential of these new properties.
Conclusion:
Investors should keep a close eye on the upcoming assay results and the progress of the drilling program. Bastion Minerals' strategic exploration efforts in Sweden could unlock significant value, making it a company to watch in the REE and copper sectors.