Bastion Minerals Ltd (ASX: BMO) has provided an update on its activities in Sweden, where the company holds the highly prospective high-grade copper and Rare Earth Elements (REE) project, Gyttorp area no. 100 and eight additional properties along the REE line.
Commenting on the update from the company’s Swedish projects, executive chairman, Mr Ross Landles, said: “It’s great to get on the ground on our new Swedish properties. The Gyttorp programme has progressed extremely well and the magnetic survey, now near completion, will improve our understanding of the magnetite distribution, and allow definition of drill targets for the project’s maiden drill programme. The Gyttorp project has producing exciting REE results over an extensive area.”
BMO has commenced a ground magnetic survey in the northern part of the Gyttorp REE property. This property is notable for its high-grade REE mineralization, with concentrations reaching up to 7.27% TREE+Y, associated with magnetite skarns. Additionally, there are areas with significant copper mineralization, showing values between 2.5% and 8.5% copper.
The magnetic survey aims to map the extent of the magnetite skarn along a 3km mineralized trend that has been defined through previous sampling. This mapping will help identify targets for drilling, particularly in areas where the skarn is thicker and more complex. Bastion Minerals plans to initiate a maiden drilling programme in Sweden as soon as possible.
Additionally, Bastion’s wholly owned subsidiary, Bastion Minerals Fuerte Pty Ltd, has received confirmation that eight application areas have been granted. These properties are located along the “REE line,” a 100km belt in the Bergslagen district of southern Sweden, where rare earth mineralization is associated with magnetite bodies and copper mineralization.
The company has already visited the newly granted properties as part of a rock chip sampling and pXRF analysis programme conducted by the company’s consultants. These new properties will undergo reconnaissance rock chip sampling and mapping of historical magnetite iron workings and recorded REE occurrences to assess the extent and form of the REE mineralization.
Preliminary sampling has identified REE occurrences up to an impressive 18.56% TREE+Y, confirmed by pXRF in the new Striberg property, which is located immediately north of Gyttorp. The assay results of these pXRF samples are expected in four weeks.
Historical drilling in the recently granted Striberg property, just north of Gyttorp, has encountered high-grade copper mineralization. Bastion is currently awaiting access to this historical core to sample it for REE and evaluate the potential thickness of the mineralization.
The elevated REE trend becomes more copper-rich towards the south, extending over approximately 3km. Bastion Minerals is excited about the potential of these properties and looks forward to advancing its exploration and drilling programmes in the near future.Top of FormBottom of Form
“The principal focus of activities is the 3km trend in the north of the property where REE are present. The extent of the mineralization indicates the potential to develop significant tonnages of REE mineralization. Copper mineralization is located in the same magnetic complex as the most elevated REE results and the area of the magnetic survey will also cover the copper mineralization,” Added Ross.
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