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VITA RESOURCES NL — Capital/Financing Update 2021
Aug 25, 2021
66025_rns_2021-08-25_d36238e7-33b1-4cfa-a440-f5cc4aa68131.pdf
Capital/Financing Update
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Bastion Minerals Limited (ASX: BMO ) (“ Bastion ” or “the Company ”) is pleased to advise that it has entered into a Binding Framework Agreement for the execution of a Mining Purchase Option Contract (“Binding Agreement”) with Sociedad Minera del Norte (“SMDN”) to enter into an Option to acquire 100% of the San Juan Gold Project and surrounding licences within Capote Mining District in the mineral-rich Atacama Region of Chile.
Highlights
-
Binding Agreement executed to enter into an Option to acquire 100% of the highgrade San Juan Gold Project and surrounding licences within Capote Mining District
-
This acquisition has the potential to transform Bastion into a gold producer
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The Company has secured a portfolio including three high-grade gold projects in the Capote Mining District with a focus on early gold production:
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The San Juan Gold vein is reported to have produced approximately 0.5MOz at 40g/t and processed a total of 1.7 Moz Au at 52g/t gold from San Juan vein and nearby veins and has never been explored with modern exploration methods[1]
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High-grade gold mineralisation at San Juan vein untested below ~350m, with mineralisation remaining open in all directions
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High-grade gold mineralisation at Resurgemento vein system
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All licences demonstrate significant regional exploration potential with numerous drill ready targets
-
Drilling to be fast-tracked and scheduled to commence September 2021
1 ASX Announcement 15 March 2021 - Prospectus
ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000
ASX:BMO bastionminerals.com
Bastion’s Executive Director, Mr Ross Landles, commented “ This acquisition represents a rare opportunity to consolidate and control a historically significant high-grade gold system covering approximately 30 square kilometers. The potential of this new tenement package cannot be understated and represents execution of Bastion’s corporate strategy to identify, acquire and explore high-grade gold districts that have been locked-up for several decades and missed any modern exploration methods. This is very exciting and pivotal period for Bastion as we fast-track drilling at Capote, our in-country exploration team is on the ground at Capote finalising drill targets with drilling scheduled to commence in September.
About the San Juan Gold Project
The San Juan Gold Project comprises a package of 18 Mining Licenses, comprising approximately 11.5 square kilometres, and located in the Capote Mining District in the Atacama Region, Chile ( Figure 1 ).
All newly acquired Tenements are strategically located in within the Company’s Capote Mining District and includes the high-grade San Juan, Resurgemento and La Buena Gold veins systems ( Figure 2 ).
Mining occurred within the Capote Mining District for over 300 years ending in 1954, when the gold price was less than US$350 per ounce. No modern exploration has been conducted in the district. A total of 1.7 Moz Au at 52g/t gold is estimated to have been processed through the Capote Mining Operation from San Juan Vein and the surrounding high-grade gold Veins.
The San Juan Vein represents the largest high-grade gold bearing vein system in the district with over 1.5km of strike and mined to roughly 350m in depth. The vein system remains open at depth and along strike ( Figure 2 ).
The Resurgimento Vein lies 1.4km east of San Juan ( Figure 2 ). The vein system at Resurgimento extends for over 3km and has been mined in places to up to ~150m in depth. The vein system remains open at depth and along strike.
ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000
ASX:BMO bastionminerals.com
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Figure 1: Capote Mining District including newly acquired tenement area
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Figure 2: San Juan and Resurgemento vein systems within the Capote Mining District
ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000
ASX:BMO bastionminerals.com
KEY TERMS OF THE BINDING AGREEMENT
-
Bastion has entered into a Binding Framework Agreement for the execution of a Mining Purchase Option Contract with Sociedad Minera del Norte (“SMDN”) through its Chilean subsidiary company Sociedad Contractual Minera Constelación to enter into an Option to acquire the San Juan Gold Project and surrounding licences within the Capote Mining District (“Licences”)
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Purchase Option Agreement to be signed within 45 days following completion of Bastion due diligence and is not subject to any other conditions
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Bastion has access to the ground to complete due diligence over this period
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Total consideration of USD1,500,000 (“Option Price”)
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USD175,000 (USD200,000 less USD25,000 previously paid for exclusivity) payable upon execution of Option Agreement (“Option Date”). USD300,000 payable within 12 months of Option Date and final USD1,000,000 payable within 24 months of Option Date.
-
Bastion can conduct all exploration works on the Licences during the Option period
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2% NSR payable to SMDN once Option Price is recovered by Bastion
-
No obligation on Bastion to exercise Option or make any additional payments after the initial USD200,000 or then after second USD300,000
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Option Price can be paid in full at any time following which title to Licences will be transferred to Bastion
-
SMDN entitled to 10% of any amount above Option Price if Bastion on-sells the Licences
ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000
ASX:BMO bastionminerals.com
About Bastion Minerals
Bastion Minerals (ASX:BMO) is an Australian listed exploration company focused on discovering high-grade precious and base metals deposits within the mineral-rich Atacama Region of Chile. Bastion’s strategy is to apply cutting-edge exploration to make multiple discoveries on its highly prospective Capote Gold, Cometa Copper-Gold and Garin GoldSilver Projects, which have had no modern exploration. Bastion provides shareholders the opportunity to participate in discoveries leveraged to precious and base metals.
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1 ASX Announcement 15 March 2021 - Prospectus
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Figure 3: Bastion Minerals’ Chilean Project Portfolio
This announcement was approved for release by the Board of Bastion Minerals.
For more information contact
Ross Landles
[email protected] 0438 959 144
Andrew Stewart
[email protected] 0409 819 922
David Nolan
[email protected] 0410 770 469
ABN: 19 147 948 883
ASX:BMO bastionminerals.com
Suite 221, 111 Harrington Street Sydney NSW 2000
APPENDIX 1
Statements and Disclaimers
Competent Person Statement
The information in this announcement that relates to exploration results is based on information compiled by Mr Mathew Brown, who is responsible for the exploration data, comments on exploration target sizes, QA/QC and geological interpretation and information. Mr Brown who is an independent consultant to Bastion Minerals and is a Member of the Australasian Institute of Geoscientists, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the “Competent Person” as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves . Mr Brown consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Forward-Looking Statements
Certain statements contained in this Announcement, including information as to the future financial or operating performance of Bastion Minerals and its projects may also include statements which are ‘forward ‐ looking statements’ that may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These ‘forward-looking statements’ are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Bastion Minerals, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward ‐ looking statements.
Bastion Minerals disclaims any intent or obligation to update publicly or release any revisions ‐ to any forward looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this Announcement or to reflect the occurrence of unanticipated events, other than required by the Corporations Act 2001 (Cth) and the Listing Rules of the Australian Securities Exchange (ASX). The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‐ ‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar expressions identify forward looking statements.
All ‘forward ‐ looking statements’ made in this Announcement are qualified by the foregoing ‐ cautionary statements. Investors are cautioned that ‘forward looking statements’ are not
ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000
ASX:BMO bastionminerals.com
guarantee of future performance and accordingly investors are cautioned not to put undue reliance on ‘forward ‐ looking statements’ due to the inherent uncertainty therein.
For further information please visit the Bastion Minerals website at www.bastionminerals.com
ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000
ASX:BMO bastionminerals.com
JORC Code, 2012 Edition – Table 1 report
Section 1 Sampling Techniques and Data
| CRITERIA | JORC CODE EXPLANATION | JORC CODE EXPLANATION | COMMENTARY | COMMENTARY |
|---|---|---|---|---|
| Sampling | • | Nature and quality of sampling (eg | • | Samples collected were taken as either continuous channel |
| techniques | cut channels, random chips, or | samples across the veins sampled or when the vein was too large | ||
| specific specialised industry standard | as 30 small golf ball sized chips from an area covering 2m2. | |||
| measurement tools appropriate to the | ||||
| minerals under investigation, such as | ||||
| down hole gamma sondes, or | ||||
| handheld XRF instruments, etc). | ||||
| These examples should not be taken | ||||
| as limiting the broad meaning of | ||||
| sampling. | ||||
| • | Include reference to measures taken | |||
| to ensure sample representivity and | ||||
| the appropriate calibration of any | ||||
| measurement tools or systems used. | ||||
| • | Aspects of the determination of | |||
| mineralisation that are Material to the | ||||
| Public Report. | ||||
| • | In cases where ‘industry standard’ | |||
| work has been done this would be | ||||
| relatively simple (eg ‘reverse | ||||
| circulation drilling was used to obtain | ||||
| 1 m samples from which 3 kg was | ||||
| pulverised to produce a 30 g charge | ||||
| for fire assay’). In other cases more | ||||
| explanation may be required, such as | ||||
| where there is coarse gold that has | ||||
| inherent sampling problems. Unusual | ||||
| commodities or mineralisation types | ||||
| (eg submarine nodules) may warrant | ||||
| disclosure of detailed information. | ||||
| Drilling | • | Drill type (eg core, reverse | • | No drilling has been conducted on any project to date |
| techniques | circulation, open-hole hammer, rotary | |||
| air blast, auger, Bangka, sonic, etc) | ||||
| and details (eg core diameter, triple | ||||
| or standard tube, depth of diamond | ||||
| tails, face-sampling bit or other type, | ||||
| whether core is oriented and if so, by | ||||
| _what method, etc). _ | ||||
| Drill sample | • | Method of recording and assessing | • | No drilling has been conducted on any project to date |
| recovery | core and chip sample recoveries and | |||
| results assessed. | ||||
| • | Measures taken to maximise sample | |||
| recovery and ensure representative | ||||
| nature of the samples. | ||||
| • | Whether a relationship exists | |||
| between sample recovery and grade | ||||
| and whether sample bias may have | ||||
| occurred due to preferential loss/gain | ||||
| of fine/coarse material. | ||||
| Logging | • | Whether core and chip samples have | • |
No drilling has been conducted on any project to date |
| been geologically and geotechnically | • | Rock Chip and channel samples have been logged to record | ||
| logged to a level of detail to support | location, sample type, sample width, alteration and mineralisaiton | |||
| appropriate Mineral Resource | visible and structural orientation data | |||
| estimation, mining studies and | ||||
| metallurgical studies. | ||||
| • | Whether logging is qualitative or | |||
| quantitative in nature. Core (or | ||||
| costean, channel, etc) photography. | ||||
| • | The total length and percentage of | |||
| the relevant intersections logged. |
ABN: 19 147 948 883
ASX:BMO
Suite 221, 111 Harrington Street Sydney NSW 2000
bastionminerals.com
| CRITERIA | JORC CODE EXPLANATION | JORC CODE EXPLANATION | COMMENTARY | COMMENTARY | COMMENTARY | COMMENTARY | |
|---|---|---|---|---|---|---|---|
| Sub-sampling | • |
If core, whether cut or sawn and | • | No drilling has | been conducted on any project to date | ||
| techniques and sample preparation |
• | whether quarter, half or all core taken. If non-core, whether riffled, tube |
• | Rock chip and channel samples have been taken from 3-5kg of available material to ensure sufficient sample size w.r.t host rock grain size. |
|||
| sampled, rotary split, etc and whether | • |
Channel sampling was conducted to ensure a representative | |||||
| sampled wet or dry. | sample across | each vein containing and equal proportion of | |||||
| • | For all sample types, the nature, | material from the edges and center of the vein | |||||
| quality and appropriateness of the | |||||||
| sample preparation technique. | |||||||
| • | Quality control procedures adopted | ||||||
| for all sub-sampling stages to | |||||||
| maximise representivity of samples. | |||||||
| • | Measures taken to ensure that the | ||||||
| sampling is representative of the in | |||||||
| situ material collected, including for | |||||||
| instance results for field | |||||||
| duplicate/second-half sampling. | |||||||
| • | Whether sample sizes are | ||||||
| appropriate to the grain size of the | |||||||
| material being sampled. | |||||||
| Quality of | • | The nature, quality and | • | Samples collected by Bastion Minerals (post March listing) have | |||
| assay data | appropriateness of the assaying and | been run for Fire Assay and or Screen Fire Assay by ALS Chile. | |||||
| and laboratory tests |
laboratory procedures used and whether the technique is considered partial or total. |
oo |
Fire assays use a 50gm charge Screen fire assays use1kg pulp screened to 100 microns . Duplicate 50g assay on screen |
||||
| • | For geophysical tools, spectrometers, | undersize . Assay of entire oversize fraction. | |||||
| handheld XRF instruments, etc, the | • | All samples were run for multielement assays for 48 | |||||
| • | parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
elements using ALS lab code ME-MS61. Please see ALS website for full description and analytical detection limits. oGold samples above the detection limit (10gm) were run using Au-GRA22 oCopper samples above the upper limit (1%) were run using Cu-OG62 oLead samples above the upper limit (1%) were run using Pb-OG62 oZinc samples above the upper limit (1%) were run using Zn-OG62 |
|||||
| • | Samples collected after during and after 2012 from Capote have | ||||||
| been run for a multielement suite ME-ICP41 with an aqua regia | |||||||
| digest and | an ICP finish for (Ag, Al, As, B, Ba, Be, Bi, Ca, Cd, Co, | ||||||
| Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, S, Pb, Sb, Sc, Sr, | |||||||
| Th, Ti, Tl, U, V, W, Zn): aqua regia digest is considered a near total | |||||||
| digest and | appropriate for regional exploratory appraisal. Capote | ||||||
| Project | |||||||
o |
All historic samples from Capote have been | ||||||
| analysed by ALS Laboratories in La Serina. | |||||||
o |
All samples from Capote have been analyzed for | ||||||
| Gold using a fire assay with atomic absorption | |||||||
| spectroscopy, Au-AA23 with a 30gm charge | |||||||
o |
Approximately half the samples collected at Capote | ||||||
| have been analysed for a multi-element suite. | |||||||
o |
Samples collected before 2012 at Capote were | ||||||
| analysed by ALS using a multielement suite | |||||||
| MEICP-61 with a four acid digest and an ICP finish | |||||||
| for (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, | |||||||
| Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, | |||||||
| Sr, Th, Ti, U, V, W, Zn) | |||||||
o |
Samples collected after during and after 2012 from | ||||||
| Capote have been run for a multielement suite ME- | |||||||
| ICP41 with an aqua regia digest and an ICP finish | |||||||
| for (Ag, Al, As, B, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, | |||||||
| Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, S, Pb, | |||||||
| Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn): aqua regia | |||||||
| digest is considered a near total digest and | |||||||
| appropriate for regional exploratoryappraisal. |
ABN: 19 147 948 883
ASX:BMO bastionminerals.com
Suite 221, 111 Harrington Street Sydney NSW 2000
| CRITERIA | JORC CODE EXPLANATION | JORC CODE EXPLANATION | COMMENTARY | COMMENTARY |
|---|---|---|---|---|
o |
||||
o |
||||
| • | F | • | Sample locations were recorded using a hand-held GPS in | |
| PSAD54-19S as prescribed by the Chilean Mining Regulations. | ||||
| • | Geology was recorded for each sample including, sample widths, | |||
| mineralogy, type (vein, host rock, alteration etc). Structural data was | ||||
| recorded for vein orientations were available. | ||||
| Location of | • | Accuracy and quality of surveys used | • |
Sample locations were recorded using a hand-held GPS in |
| data points | to locate drill holes (collar and down- | PSAD54-19S as prescribed by the Chilean Mining Regulations. | ||
| hole surveys), trenches, mine | • | High resolution satellite imagery and digital elevation grids have | ||
| workings and other locations used in | been acquired for Capote and Garin. A similar survey is planned for | |||
| Mineral Resource estimation. | Cometa. | |||
| • | Specification of the grid system used. | |||
| • | Quality and adequacy of topographic | |||
| control. | ||||
| Data spacing | • | Data spacing for reporting of | • | Rock-chip sampling has been conducted on an opportunistic (where |
| and | Exploration Results. | possible) basis. Sampling of vein material has been based on | ||
| distribution | • | Whether the data spacing and | available outcrop. | |
| distribution is sufficient to establish | ||||
| the degree of geological and grade | ||||
| continuity appropriate for the Mineral | ||||
| Resource and Ore Reserve | ||||
| estimation procedure(s) and | ||||
| classifications applied. | ||||
| • | Whether sample compositing has | |||
| been applied. | ||||
| Orientation of | • | Whether the orientation of sampling | • | Channel samples are taken as a contiguous sample perpendicular |
| data in | achieves unbiased sampling of | to the vein boundaries to obtain a representative sample across the | ||
| relation to geological structure |
possible structures and the extent to which this is known, considering the deposit type. |
vein | ||
| • | If the relationship between the drilling | |||
| orientation and the orientation of key | ||||
| mineralised structures is considered | ||||
| to have introduced a sampling bias, | ||||
| this should be assessed and reported | ||||
| if material. | ||||
| Sample | • | The measures taken to ensure | • | Samples were hand delivered by the sampling geologist to the |
| security | sample security. | laboratory. | ||
| Audits or | • | The results of any audits or reviews | • | The data provided by Bastion has been reviewed by SRK and is |
| reviews | of sampling techniques and data. | considered to be industry standard and fit for the purpose of early | ||
| stage exploration. |
ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000
ASX:BMO bastionminerals.com
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | Commentary | Commentary |
|---|---|---|---|---|---|
| Mineral | • | Type, reference name/number, | • | Tenement Information is tabulated in Bastion Minerals Prospectus | |
| tenement and | location and ownership including | Documents available on Bastion Minerals website. | |||
| land tenure status |
agreements or material issues with third parties such as joint ventures, |
• | All tenements are believed to be in good standing and there is no known impediment to operating in the area. |
||
| partnerships, overriding royalties, | |||||
| native title interests, historical sites, | |||||
| wilderness or national park and | |||||
| environmental settings. | |||||
| • | The security of the tenure held at | ||||
| the time of reporting along with any | |||||
| known impediments to obtaining a | |||||
| licence to operate in the area. | |||||
| Exploration done | • |
Acknowledgment and appraisal of | Capote Project | ||
| by other parties | exploration by other parties. | • | Capote consists of a historic gold mining district. Handheld | ||
| mining was conducted in the region from pre-colonial times | |||||
| up until 1954. | |||||
| • | Comet Exploration conducted rock-chip and channel | ||||
| sampling between 2011 and 2019 with 134 surface samples | |||||
| from the current Bastion Tenure Area | |||||
| • | No modern exploration has been conducted within the | ||||
| tenement area outside of simple rock-chips and channel | |||||
| sample by Comet Exploration | |||||
| Garin Project | |||||
| • | Handheld mining for silver and gold was conducted sparsely | ||||
| within the Garin area from precolonial times until the 1980’s. | |||||
| • | Comet Exploration conducted rock-chip and channel | ||||
| sampling between 2011 and 2019 with 236 surface samples | |||||
| from the current Bastion Tenure Area | |||||
| • | No modern exploration has been conducted within the | ||||
| tenement area outside of simple rock-chips and channel | |||||
| samples by Comet Exploration | |||||
| Garin Project | |||||
| • | Minor historical shafts and pits are observed within the | ||||
| Cometa property, presumably mined for copper. | |||||
| • | Comet Exploration conducted rock-chip and channel | ||||
| sampling between 2011 and 2019 with 110 surface samples | |||||
| from the current Bastion Tenure Area | |||||
| • | No modern exploration has been conducted within the | ||||
| tenement area outside of simple rock-chips and channel | |||||
| sample by Comet Exploration | |||||
| Geology | • | Deposit type, geological setting and | Capote Project |
||
| style of mineralisation. | • | Capote sits within Cretaceous granodiorite intruding | |||
| Paleozoic sediments and Jurassic volcanic rocks. | |||||
| • | Potential mineralisation styles range from epithermal gold | ||||
| and silver mineralisation, IOCG style copper silver | |||||
| mineralisaiton and potentially copper gold porphyry | |||||
| mineralisation. The main target at Capote is epithermal gold | |||||
| mineralisation and the historical mining was focused on this. | |||||
| Garin Project | |||||
| • | Garin sits within an early Cretaceous volcanic arc containing | ||||
| structurally controlled batholithic intrusions. | |||||
| • | Potential mineralisation styles range from epithermal gold | ||||
| and silver mineralisation and potentially copper gold | |||||
| porphyry mineralisation. The main target at Garin is | |||||
| epithermal gold and silver mineralisation. |
ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000
ASX:BMO
bastionminerals.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | Commentary | Commentary |
|---|---|---|---|---|---|
| Cometa Project | |||||
| • | Cometa sits within an early Cretaceous volcanic arc | ||||
| containing structurally controlled batholithic intrusions. | |||||
| • | The main target at Cometa is IOCG copper silver | ||||
| mineralisation. | |||||
| Drill hole | • | A summary of all information | • | No drilling has been completed on any of the three projects | |
| Information | material to the understanding of the | ||||
| exploration results including a | |||||
| tabulation of the following | |||||
| information for all Material drill | |||||
| holes: | |||||
oeasting and northing of the drill |
|||||
| hole collar | |||||
oelevation or RL (Reduced Level |
|||||
| – elevation above sea level in | |||||
| metres) of the drill hole collar | |||||
odip and azimuth of the hole |
|||||
odown hole length and |
|||||
| interception depth | |||||
ohole length. |
|||||
| • | If the exclusion of this information is | ||||
| justified on the basis that the | |||||
| information is not Material and this | |||||
| exclusion does not detract from the | |||||
| understanding of the report, the | |||||
| Competent Person should clearly | |||||
| explain why this is the case. | |||||
| Data aggregation | • |
In reporting Exploration Results, | • | No drilling has been completed on any of the three projects | |
| methods | weighting averaging techniques, | • | No equivalent metal values have been used for rock chip data | ||
| maximum and/or minimum grade | |||||
| truncations (eg cutting of high | |||||
| grades) and cut-off grades are | |||||
| usually Material and should be | |||||
| stated. | |||||
| • | Where aggregate intercepts | ||||
| incorporate short lengths of high | |||||
| grade results and longer lengths of | |||||
| low grade results, the procedure | |||||
| used for such aggregation should | |||||
| be stated and some typical | |||||
| examples of such aggregations | |||||
| should be shown in detail. | |||||
| • | The assumptions used for any | ||||
| reporting of metal equivalent values | |||||
| should be clearly stated. | |||||
| Relationship | • | These relationships are particularly | • | No drilling has been completed on any of the three projects | |
| between | important in the reporting of | ||||
| mineralisation widths and intercept lengths |
• | Exploration Results. If the geometry of the mineralisation with respect to the |
|||
| drill hole angle is known, its nature | |||||
| should be reported. | |||||
| • | If it is not known and only the down | ||||
| hole lengths are reported, there | |||||
| should be a clear statement to this | |||||
| effect (eg ‘down hole length, true | |||||
| _width not known’). _ | |||||
| Diagrams | • | Appropriate maps and sections | • | No drilling has been completed on any of the three projects | |
| (with scales) and tabulations of | |||||
| intercepts should be included for | |||||
| any significant discovery being | |||||
| reported These should include, but | |||||
| not be limited to a plan view of drill | |||||
| hole collar locations and | |||||
| appropriate sectional views. |
ABN: 19 147 948 883
ASX:BMO
Suite 221, 111 Harrington Street Sydney NSW 2000
bastionminerals.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| Balanced | • | Where comprehensive reporting of | • No drilling has been completed on any of the three projects |
| reporting | all Exploration Results is not | • All historic rock-chip data has been displayed and is reported |
|
| practicable, representative | within the Bastion Minerals Prospectus available on the Bastion | ||
| reporting of both low and high | Minerals Website. | ||
| grades and/or widths should be | |||
| practiced to avoid misleading | |||
| reporting of Exploration Results. | |||
| Other | • | Other exploration data, if | • No drilling has been completed on any of the three projects |
| substantive exploration data |
meaningful and material, should be reported including (but not limited |
• All rock-chip data has been displayed and is reported within the Bastion Minerals Prospectus available on the Bastion Minerals |
|
| to): geological observations; | Website. | ||
| geophysical survey results; | • No geophysical surveys have been conducted |
||
| geochemical survey results; bulk | • No bulk sampling has been conducted |
||
| samples – size and method of | • Satellite imagery, Digital Elevation Models and 13 band alteration |
||
| treatment; metallurgical test results; | mapping satellite data has been acquired for Capote and Garin. A |
||
| bulk density, groundwater, | similar survey is planned for Cometa | ||
| geotechnical and rock | |||
| characteristics; potential | |||
| deleterious or contaminating | |||
| substances. | |||
| Further work | • | The nature and scale of planned | Capote Project |
| • | further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the |
The exploration program for the Capote Project has been designed for maximum speed and efficiency. Initial rock chip and mapping program will be conducted focused on existing areas of interest (Yayito, Taquia and Andacollo) and areas of strong alteration identified from satellite |
|
| areas of possible extensions, | imagery and 13 band satellite alteration mapping analysis. Key areas | ||
| including the main geological | for drilling will be identified from the compiled assay and mapping data. | ||
| interpretations and future drilling | Ground magnetics will be conducted to cover the entire lease to help | ||
| areas, provided this information is | identify blind structures and image sub-surface vein extents. Electrical | ||
| not commercially sensitive. | geophysics will be considered to help constrain areas of potential sulphide accumulation and sub-surface structure for drill targeting. |
||
| Maps, plans and diagrams showing the location of target areas and | |||
| descriptions of these can be found in and is reported within the Bastion | |||
| Minerals Prospectus available on the Bastion Minerals Website. | |||
| Garin Project | |||
| The exploration program for the Garin Project has been designed for | |||
| maximum speed and efficiency. Initial rock chip and mapping program | |||
| will be conducted focused on existing areas of interest at Zulama Vein | |||
| Extensions, Distal Vein, Garin Veijo, Copiapina and areas of strong | |||
| alteration identified from satellite imagery and 13 band satellite | |||
| alteration mapping analysis. Key areas for drilling will be identified | |||
| from the compiled assay and mapping data. Ground magnetics will be | |||
| conducted to cover the entire lease to help identify blind structures and | |||
| image sub-surface vein extents. Electrical geophysics will be | |||
| considered to help constrain areas of potential sulphide accumulation | |||
| and sub-surface structure for drill targeting. Maps, plans and diagrams | |||
| showing the location of target areas and descriptions of these can be | |||
| found in and is reported within the Bastion Minerals Prospectus | |||
| available on the Bastion Minerals Website. | |||
| Cometa Project | |||
| The exploration program for the Cometa Project has been designed for | |||
| maximum speed and efficiency. Initial rock chip and mapping program | |||
| will be conducted focused on existing areas of interest (I,II and III) and | |||
| areas of strong alteration identified from satellite imagery and 13 band | |||
| satellite alteration mapping analysis. Key areas for drilling will be | |||
| identified from the compiled assay and mapping data. Ground | |||
| magnetics will be conducted to cover the entire lease to help identify | |||
| blind structures and image sub-surface vein extents. Electrical | |||
| geophysics will be considered to help constrain areas of potential | |||
| sulphide accumulation and sub-surface structure for drill targeting. | |||
| Maps, plans and diagrams showing the location of target areas and | |||
| descriptions of these can be found in and is reported within the Bastion | |||
| MineralsProspectus available ontheBastion MineralsWebsite. |
ABN: 19 147 948 883
ASX:BMO bastionminerals.com
Suite 221, 111 Harrington Street Sydney NSW 2000