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Bastion Minerals Ltd (ASX:BMO) has identified rare earth elements grading up to 18% as well as copper grading up to 24% following pXRF analysis and reconaissance sampling of mineralisation at its tenements in Sweden, suggesting similar skarn mineralisation to that found at its district-scale Gyttorp project.
Earlier this year, Bastion added 8 additional properties to its portfolio in Sweden, which at that time already included the Gyttorp area no. 100 property, which is prospective for REEs, copper, gallium and germanium.
Analyses of mineralisation at these new properties showed them to have the same skarn style as Gyttorp, with initial evaluation indicating the magnetite skarn to be developed in calcareous horizons.
The similarity to Gyttorp was indicated though the REE and copper grades, which included up to 18.5% Total Rare Earth Elements (TREE) plus Yttrium, and up to 24% copper found in
pXRF analyses associated with magnetite skarns.
These skarns are found throughout the new properties, with widespread copper in the magnetite and REE mineralisation in the surrounding tremolite-actinolite alteration in multiple locations.
Executive chairman Ross Landles said the early-stage exploration work was providing good guidance when it came to developing plans for drilling.
“The REE mineralisation in the newly granted properties is of the same skarn style as at Gyttorp, with similar high-grade results,” he said.
“Given the extensive property holding along the REE Line, we will continue to conduct sampling and mapping across the properties, in order to establish the areas with the
highest REE and Cu grades and the greatest thickness and length of mineralisation.
“This will allow us to rank the project areas and decide which is the highest priority for drilling.”
Bastion shares spiked higher on the news, and at 11:13 AEDT, they were trading at 0.7 cents – a rise of 16.67% since the market opened.
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