Bastion buys Ninnis Gold Project from its own director in $125K scrip, royalty deal

Microcap Bastion Minerals (ASX:BMO) has expanded its early-stage exploration portfolio in the Northern Goldfields, paying director Raymond Muskett $125,000 in shares and giving him a 1.5% net smelter royalty for the project.

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The Western Australian project spans 25 square kilometres, located approximately 70km west of Laverton, and comes with an exploration licence. Bastion has been looking to scoop up more early-stage Australian gold digs in CY25, and this “highly strategic” acquisition lines up with those ambitions perfectly.

No modern exploration has been conducted at Ninnis yet, though historical RAB drilling and subsurface soil sampling have been run semi-recently.

Those returned anomalous gold values of up to 17.5 parts per billion, suggesting there could be potential mineralisation below surface cover. Bastion plans to find out: It’s already cooking up soil and rock chip sampling plans.

“With our existing expertise and technical capabilities, we now plan to fast-track early-stage exploration at Ninnis towards making a significant gold discovery,” company chairman Gavin Rutherford pledged today.

“Ninnis resides in a geological address that is well-known for rewarding competent exploration with gold discoveries of scale, not only significant in Western Australia, but also globally,” Mr Rutherford continued. “We’re delighted to have secured Ninnis and look forward to getting boots on ground.”

This $125K deal marks the first that Bastion has landed since it restructured its long-term strategy back in May. The microcap has been biding its time looking for a deal, but swooped quickly on this chance.

The deal will still need to go through approvals, too; not least the shareholder voting that is now scheduled in for early January next year.

Mr Muskett, who sits on the Bastion board, was only one of two parties in the deal. The other was Kevin Woodthorpe, who is unrelated to the ASX microcap. The deal was done through a subsidiary, Muskwood Pty Ltd.

Bastion also owns a project in Chile where it’s been hunting gold. It also recently purchased three Canadian projects it’s looking to develop.

BMO heads into Tuesday’s (flat) trade selling at 0.1cps.

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