VITA RESOURCES NL — Management Reports 2021

Apr 6, 2021

Bastion Minerals Ltd (ASX: BMO ) (“ Bastion ” or “the Company ”) is pleased to report that a detailed high-resolution airborne magnetic survey has been completed at the Company’s flagship Capote Gold Project, located in the mineral-rich Atacama mining region in northern Chile. The processing and interpretation of this data has led to the identification of numerous high-priority targets on the 100% owned ground at Capote.

Highlights

• 1,473-line-kilometres of airborne magnetic and radiometric data collected at Capote

• Program has identified multiple high-quality gold and copper targets across a range of geological and structural settings

• New data highlights structures and extensional targets associated with historical highgrade gold deposits (San Juan), artisanal gold mining and historic high-grade rock-chips

• Significant anomalies identified at previously recognised gold targets Yayito and Taquia

• Project-scale rock-chip programme ongoing, initial results expected mid-April

• Historic rock-chip data at Capote suggests there is potential for Iron Oxide Copper Gold (IOCG) and Silver-Lead Zinc deposits

• Detailed data integration, interpretation and drill planning is underway

Bastion’s Executive Director, Mr Ross Landles, commented

“This is an exciting initial step for the Capote project. The first modern exploration technique used in this historically significant gold mining district. Airborne magnetic and radiometric is an effective first-pass prospecting technique that can detect deep-seated structures controlling high-grade gold mineralisation under shallow cover.

We have speculated for some time that the regional structures that control high-grade gold mineralisation at the San Juan gold mine extend north and south and this new data now confirms our beliefs and lays a solid foundation to continue our exploration activities. We expect to receive the first round of rock-chip assays shortly which will help support planning for drilling at Capote.”

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Capote Airborne Magnetics

A helicopter borne magnetic and radiometric survey has been conducted over the entire Capote Gold Project (Figure 1). The objective of this survey was to map the key gold bearing structures at Capote and expand these beneath shallow soil cover and at depth (Figure 2). Regional magnetics can also provide lithological and alteration information to aid in mapping the mineralised system.

There are three components to the magnetic data and when processed using sophisticated modelling and self-organising maps (SOM’s) can clearly:

• Separate out structures,

• Highlight areas that are unusual (anomalous), and

• Identify areas where the magnetic properties of the rocks have been changed through alteration and mineralisation (Figure 3).

Bastion is applying these cutting-edge modern exploration techniques to focus on areas in the region that show similarities to known high-grade mineralisation to make new discoveries.

Multiple new targets have been identified already and this data will be refined and continually reviewed to assist in providing a pipeline of additional targets for Bastion geologists to map and sample in the field.

Capote Field Work

Bastion’s first field campaign has been completed, focussing on along strike and outcropping vein sampling, and the second campaign is now nearing completion which will focus on the wider project area (Figure 4). Results are expected for the Campaign One in the second week of April whilst results from Campaign Two are expected late April/early May.

Field Campaign One

The objective of the first field campaign at Capote is to obtain a high density of rock-chip data along strike of existing rock-chipping and to sample as many outcropping veins as possible. This data will provide additional information required to design follow up trenching and drilling activities and is designed to highlight the areas most likely of hosting larger, high-grade gold deposits. Initial focus has been on the Yayito area, along strike of the San-Juan historic gold mine.

One-hundred and fifty-seven (157) channel and rock-chip samples have been collected in Campaign One and are being processed by ALS in Chile.

Field Campaign Two

The objective of the second field campaign at Capote is to step out into the broader region and test for a mix of targets (Au-Ag-Cu-Pb and Zn). The historic rock-chipping at Capote has suggested there is potential for Iron Oxide Copper Gold (IOCG) and Silver-Lead Zinc deposits as well. To ensure that this potential is assessed early in the project life 25% of the initial work at Capote will involve these target types.

One-hundred and eleven (111) channel and rock-chip samples have been collected to date in Campaign Two and are being processed by ALS in Chile.

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Capote Gold Project

The Capote Gold Project consists of approximately 77km[2] of granted mining and exploration tenements surrounding the historic San Juan Gold Mine, approximately 20km northeast of Vallenar (Figure 2). Known mineralisation at Capote consists of high-grade gold found within quartz-carbonate-sulphide (iron oxide at surface) veins associated with north to northwest trending structures cutting the host granite and metamorphic rocks.

About Bastion Minerals

Bastion Minerals is an Australian listed exploration company focused on discovering highgrade 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 and Garin Gold-Silver Projects, which have had no modern exploration. Bastion provides shareholders the opportunity to participate in discoveries leveraged to precious and base metals.

This announcement was approved for release by the Board of Bastion Minerals.

For more information contact

Ross Landles Ross.landles@bastionminerals.com 0438 959 144

David Nolan

David.nolan@bastionminerals.com 0410 770 469

Nick Doherty nick@whitenoisecomms.com 0400 643 799

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Figure 1: Location of the Capote Gold Project

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Figure 1: Capote Gold Project Total Magnetic Intensity (TMI) with mineralised structures existing targets and newly identified targets.

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Figure 2: Magnetic data can be processed to provide many different useful products. Each product provides different information relating to the background rocks, alteration and mineralisation.

Top Left: First Vertical Derivative (1VD) provides useful structural mapping tools which highlight structures and lineations in the dataset. This product is often used to map linear geological features such as faults.

Top Right: Edge Enhanced Black and White is used to identify the edges of geological features and supports the structural mapping.

Bottom Left: Perp is one of the three components of vector magnetics and when processed in a self-organising map can highlight large scale changes to the pre-existing rocks such as alteration and mineralisation.

Bottom Right: aTe is an analysis of the three components of vector magnetics which highlights changes in the vector magnetics not visible in normal magnetics. aTe is very useful for mapping geology and identifying mineralisation and alteration.

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Figure 5: Capote Gold Project geology with mineralised structures existing targets and newly identified targets and Rock-chip locations. Assays are pending.

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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 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

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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	•	The survey was conducted using helicopter. The aircraft used
techniques		cut channels, random chips, or		was an Airbus AS350 B3 Helicopter with call sign CC-AIS
		specific specialised industry standard		equipped with a Cesium magnetometer mounted in a fixed
		measurement tools appropriate to the		stinger assembly, and an RS-500 airborne spectrometer that
		minerals under investigation, such as		is mounted in the helicopter cabin behind the front seats. The
		down hole gamma sondes, or		aviation company providing the aircraft service was
		handheld XRF instruments, etc).		Transporte Albatros Ltda., based out of Santiago, Chile.
		These examples should not be taken	•	Line spacing was 50m with 500m cross lines
		as limiting the broad meaning of	•	Flight height was 60m
		sampling.	•	The geophysical equipment comprised of one high-sensitivity
	•	Include reference to measures taken		Cesium-3 magnetometer and a 1024-channel spectrometer
		to ensure sample representivity and		with four downward-looking crystals (total 16 liters) and one
		the appropriate calibration of any		upward-looking crystal (total 4 liters). The airborne ancillary
		measurement tools or systems used.		equipment included digital recorders, a fluxgate
	•	Aspects of the determination of		magnetometer, radar and laser altimeters and a global
		mineralisation that are Material to the		positioning system GPS) receiver, which provided accurate
		Public Report.		real-time navigation and subsequent flight path recovery.
	•	In cases where ‘industry standard’		Ground equipment included a magnetic base station with
		work has been done this would be		GPS time synchronization and a PC-based field workstation,
		relatively simple (eg ‘reverse		which was used to check the data quality and completeness
		circulation drilling was used to obtain		on a daily basis.
		1 m samples from which 3 kg was	•	MAGNETOMETER
		pulverised to produce a 30 g charge		Two Scintrex CS-3 optically pumped Cesium split beam
		for fire assay’). In other cases more		sensors were mounted in a fixed stinger. The magnetometer’s
		explanation may be required, such as		Larmor frequency output was processed by a KMAG-4
		where there is coarse gold that has		magnetometer counter, which provides a resolution of 0.15
		inherent sampling problems. Unusual		ppm (in a magnetic field of 50,000 nT, resolution equivalent to
		commodities or mineralisation types		0.0075 nT). The raw magnetic data was recorded at 50 Hz,
		(eg submarine nodules) may warrant		anti-aliased with a 51-point cosine filter and resampled at 10
		disclosure of detailed information.		Hz.
			•	FLUXGATE MAGNETOMETER
				One Bartington Three – Axis Magnetic Field Sensor was
				mounted in the fixed stinger assembly. The raw fluxgate data
				was recorded at 50 Hz, anti-aliased with a 51-point cosine
				filter and resampled at 10 Hz.
			•	GPS NAVIGATION
				A NovAtel state of the art OEM628 GPS board was used for
				navigation and flight path recovery. The OEM628 is designed
				with NovAtel’s new 120 channel ASIC, which tracks all
				current and upcoming GNSS constellations and satellite
				signals including GPS, GLONASS, Galileo and Compass.
				The channels were configured for GPS: L1, L2.
			•	RADAR ALTIMETER
				A TRA 3500 radar altimeter was mounted inside the stinger.
				This instrument operates with a linear performance over the
				range of 0 to 2,500 feet and records the terrain clearance of
				the sensors. The raw radar altimeter data was recorded at 50
				Hz, anti-aliased with a 21-point cosine filter and re-sampled at
				10 Hz.
			•	LASER ALTIMETER
				A Renishaw Plc. ILM-1200-R laser altimeter was mounted to
				the base of the stinger. This instrument operates with a linear
				performance over the range of 0 to 4,000 feet (1200 m) and
				records the terrain clearance of the sensors. The raw laser
				altimeter data was recorded at 10 Hz, anti-aliased with a 101-
				point cosine filter.
			•	GEOPHYSICAL FLIGHT CONTROL SYSTEM
				New-Sense’s iNAV V4 geophysical flight control system
				recorded and monitored the performance of the
				magnetometer, altimeter, and GPS equipment. Input from the
				various sensors was monitored every 0.005 seconds for the
				precise coordination of geophysical and positional
				measurements. The input was recorded fiftytimesper second

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY	COMMENTARY
			(ten times per second in the case of GPS data).
		•
		•	GPS positional coordinates and terrain clearance information
			were made available to the pilot by means of a panel
			mounted LCD indicator display. The magnetometer response,
			fluxgate profiles, the altimeter profiles and equipment
			performance were also accessible through a netbook
			computer via Ethernet cable for real-time monitoring.
		•	SPECTROMETER
			The RS-500 Airborne Spectrometer with RSX-5 detector
			pack, manufactured by Radiation Solution’s Inc. (RSI), was
			used for the survey. The RS-500 spectrometer has a multi-
			peak gain stabilization algorithm and is capable of recording
			1024 channels with an accuracy of 0.1 to 10 counts/second.
			The RS-500 is connected to a crystal pack comprising four
			downward-looking crystals (16 liters total) and one upward-
			looking crystal (4 liters total). The downward crystals record
			the radiometric spectrum from 410 KeV to 2810 KeV over
			1024 discrete energy windows, as well as from a cosmic ray
			channel that detects photons with energy levels above 3.0
			MeV. From these 1024 channels, the standard Total Count,
			Potassium, Uranium and Thorium channels are extracted.
			The upward crystal is used to measure and correct for
			atmospheric Radon interference. The shock-protected
			Sodium Iodide (Thallium) crystal package is unheated and
			automatically stabilizes with respect to multiple peaks. The
			RS- 500 provides raw data that has been automatically
			corrected for gain, base level, ADC offset, and dead time.
		•	IDAS DIGITAL RECORDING
			The output of the CS-3 magnetometer, fluxgate
			magnetometer, radar and laser altimeters, GPS coordinates,
			and time (system and GPS), were recorded digitally on a
			solid-state drive (SSD) at a sample rate of fifty times per
			second (ten times per second for GPS) by the NSG iNAV
			system.
		•	PRESSURE AND TEMPERATURE
			A Stellar Instruments pressure and temperature sensor,
			model PT1702-20A-101, was used to record the ambient
			pressure and temperature during the survey. The instrument
			was used to record the absolute pressure and temperature
			during the survey, and was mounted in the helicopter stinger.
			The sensor’s units of measure were recorded in mbars
			(pressure), and degrees Celsius (temperature).
		•	SPECTROMETER DIGITAL RECORDING
			The output of the RS-500 spectrometer, GPS coordinates and
			time (UTC) were recorded digitally on an internal RS-500
			flash drive at a sample rate of 1 Hz. After each flight, the data
			was copied and synchronized using UTC clock with the iDAS
			digital records.
		•	BASE STATION MAGNETOMETER
			A Scintrex CS-3 optically pumped cesium split beam sensor
			was used at a remote base installation Santa Lucia (close to
			the survey area), Puno. The station was set up in an area of
			low magnetic gradient as well as low cultural electric and
			magnetic noise sources. The sensitivity and absolute
			accuracy of the ground magnetometer is +/- 0.01 nT. Data
			was recorded continuously at fifty times per second
			throughout all survey operations in digital form on a solid
			state hard drive (SSD). Both the ground and airborne
			magnetic readings were synchronized based on the GPS
			clock
		•	RECORDING
			The output of the magnetic and GPS monitors was recorded
			digitally on a solid state hard drive (SSD). A visual record of
			the last three hours was graphically maintained on the
			computer screen to provide an up-to-date appraisal of
			magnetic activity. At the conclusion of eachproduction flight,

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY	COMMENTARY	COMMENTARY
					raw GPS and magnetic data were transferred to the main field
					compilation computer, then uploaded for office compilation
					and processing.
				•	FIELD COMPILATION SYSTEM
					A field laptop computer was used for field data processing
					and verification of data quality and completeness. Data
					checks were carried out at the end of every survey day /
					flight. The raw data was imported to Geosoft Oasis montaj for
					QA/QC and processing purposes.
					-----------------------------------------------------------------------
				•	Capote and Garin Projects rock chips
					o Rock-chip sampling has been conducted over
					numerous campaigns between 2011 and 2019.
					o Rock-chip samples taken from potentially
					mineralised veins were taken as contiguous
					channel samples across the vein using a chisel and
					hammer. Sample widths were recorded within the
					sample description.
					o Reference rock chips taken from surrounding
					alteration and lithology were taken as 20-30 small
					chips of rock from an area of 1-2m square
			•	Cometa Project
					o Rock-chip sampling has been undertaken as a mix
					of grab sampling, channel sampling and rock-chip
					sampling
			•	These methods are considered appropriate for the early stage of
				exploration at all three projects
			•	No drilling has been conducted on any project to date.
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.
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 containingand equalproportion of

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY	COMMENTARY
	•	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	•	Capote Project
assay data		appropriateness of the assaying and		o	All samples from Capote have been analysed by
and laboratory tests		laboratory procedures used and whether the technique is considered partial or total.		o	ALS Laboratories in La Serina. All samples from Capote have been analyzed for Gold using a fire assay with atomic absorption
	•	For geophysical tools, spectrometers,			spectroscopy, Au-AA23 with a 30gm charge
		handheld XRF instruments, etc, the		o	Approximately half the samples collected at Capote
		parameters used in determining the			have been analysed for a multi-element suite.
		analysis including instrument make		o	Samples collected before 2012 at Capote were
		and model, reading times,			analysed by ALS using a multielement suite
		calibrations factors applied and their			MEICP-61 with a four acid digest and an ICP finish
		derivation, etc.			for (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe,
	•	Nature of quality control procedures			Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc,
		adopted (eg standards, blanks,			Sr, Th, Ti, U, V, W, Zn)
		duplicates, external laboratory		o	Samples collected after during and after 2012 from
		checks) and whether acceptable			Capote have been run for a multielement suite ME-
		levels of accuracy (ie lack of bias)			ICP41 with an aqua regia digest and an ICP finish
		and precision have been established.			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.
			•	Garin Project
				o	Sampling conducted at Garin between 2005 and
					2011 was analysed by ACME laboratory in
					Santiago for Au via AAS with a 25 gram charge and
					a multielement suite ICP analysis using an aqua
					regia digestion for the following elements (Ag, Al,
					As, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, K, La, Mg,
					Mn, Mo, Na, Ni, P, Pb, Sb, Sr, Th, Ti, U, V, W, Zn)
				o	Sampling conducted at Garin between 2012 and
					2019 was analysed at ALS laboratories in La
					Sarena for Gold via Fire Assay and Atomic
					Absorption Spectroscopy and Multi-Element
					analysis via Aqua regia digest and ICP using ME-
					ICP for the following elements (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.
				o	Ore Grade samples for Cu, Ag, Pb and Zn were re-
					analysed via AA62
			•	Cometa Project
				o	Sampling at Cometa was conducted in 2014
				o	All samples from Cometa have been analysed by
					ALS Laboratories in La Serina.
				o	All samples from Cometa have been analyzed for
					Gold using a fire assay with atomic absorption
					spectroscopy, Au-AA23 with a 30gm charge
				o	Rock-chip sampling at Cometa has 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,

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY	COMMENTARY
				Zn): aqua regia digest is considered a near total
				digest and appropriate for regional exploratory
				appraisal.
				o Ore Grade samples for Cu were run using OG-46
Verification of	•	The verification of significant	•	Sample locations were recorded using a hand-held GPS in
sampling and		intersections by either independent or		PSAD54-19S as prescribed by the Chilean Mining Regulations.
assaying		alternative company personnel.	•	Geology was recorded for each sample including, sample widths,
	•	The use of twinned holes.		mineralogy, type (vein, host rock, alteration etc). Structural data was
	•	Documentation of primary data, data		recorded for vein orientations were available.
		entry procedures, data verification,
		data storage (physical and electronic)
		protocols.
	•	Discuss any adjustment to assay
		data.
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.

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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:
		o easting and northing of the drill
		hole collar
		o elevation or RL (Reduced Level
		– elevation above sea level in
		metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and
		interception depth
		o hole 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 Suite 221, 111 Harrington Street Sydney NSW 2000

ASX:BMO bastionminerals.com