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BMO - Bastion Minerals (1 Viewer)

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Bastion Minerals' main activities currently focus on exploration for, and subsequent development and mining of, gold, silver and copper deposits at the Capote, Garin and Cometa projects (the Projects) in Chile.

Bastion holds its interests in the Projects through its Chilean subsidiary, Sociedad Contractual Minera Constelación (SCM Constelación). Bastion holds 99.99% of the total issued share capital of SCM Constelación, with the remaining 0.01% held by the estate of Henry Edward Cecil Floyd (Minority Shareholder). The Minority Shareholder’s interest in SCM Constelación:
  • entitles the Minority Shareholder to 0.01% of any dividends paid by SCM Constelación and 0.01% of any surplus in the event of a winding up; and
  • does not entitle the Minority Shareholder to appoint any directors of SCM Constelación or to affect Bastion’s ability to manage SCM Constelación and its affairs.
Bastion’s Projects comprise three areas of interest (in the form of granted exploration licences), known as the Capote, Garin and Cometa Projects. Collectively, these tenements cover a combined area of approximately 146.41 km2. The Projects lie within part of the Coastal Cordillera and are considered prospective for gold (Au), silver (Ag), copper (Cu), lead (Pb), and zinc (Zn) mineralisation formed in porphyry- epithermal or iron oxide copper-gold (IOCG) settings. The Projects are marked by old workings or historical mine sites but have received little attention by modern exploration methods except surface sampling and geological mapping.

Capote Project
In the Capote project area, Cretaceous granodiorite intrudes Paleozoic sedimentary rocks in the west and Mesozoic andesitic rocks in the east. The granodiorite and the country rock have been further cut by younger andesitic dykes that could have been associated with the emplacement of the granodioritic batholith or related to a later tectonic event. Gold mineralisation is hosted within quartz, carbonate, iron oxide veins with variable amounts of secondary chrysocolla after primary Cu mineralisation. Vein widths range from one to tens of metres and strike lengths from tens of metres to hundreds of metres at the historical San Juan mine site. Cu, Pb and Zn sulphides commonly accompany Au mineralisation. The presence of auriferous veins accompanied by varying amounts of Cu, Pb and Zn sulphides might represent a surface expression of an underlying IOCG system.

Garin Project
The Garin Project is marked by a large zonal alteration in the centre of the project area, where a phyllic alteration zone is rimmed by a chlorite-epidote alteration zone. Mineralised quartz- carbonate veins with various amounts of base and precious metals are present at various prospects of the project. The occurrence of the large zonal alteration together with mineralised base metals and Ag veins with elevated Au grades may suggest the potential presence of an epithermal-porphyry system in this area. The mineralised veins might have formed at a sub- epithermal level while the alteration zones probably represent the roof of a porphyry system.

Cometa Project
The Cometa Project covers the contact between a monzodiorite intrusion and a succession of Early Cretaceous andesitic and volcaniclastic rocks. A major northeast-trending fault and a set of secondary northwest trending faults dissect the area. Along this major structural corridor and lithological contact, iron oxide-bearing hydrothermal breccia with various amounts of Cu oxide minerals are present. Stratabound hydrothermal breccia supported by a magnetite-carbonate matrix with Cu oxide mineralisation is also present. The sampling results together with presence of hydrothermal breccia and veins provide immediate targets for potential IOCG-type mineralisation.

It is anticipated that BMO will list on the ASX during March 2021.

 

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