Bastion Minerals Awaits Assay Results from Sweden, Europe’s Land of a Rare Earth Giant

Bastion Minerals Ltd (ASX: BMO) is paving a way towards a maiden drilling program at its high-grade rare earth elements (REE) project in Sweden, the Gyttorp Project.

Results from rock chips are expected in four weeks.

Samples from pXRF sampling of veins delivered up to 21.74% (TREE+Y) rare earth elements and yttrium.

Other highlights included up to 17.9% copper from samples at historical workings.

Why Sweden

Sweden is home to Europe’s largest REE discovery, in the Kiruna area.

The country’s state-owned mining company has identified more than 1 million tonnes of rare earth minerals.

The deposit, found next to its iron ore mine, is the largest in Europe.

Adding interest, the Kiruna mine is the largest and most modern underground iron ore mine in the world.

The mining industry in Sweden dates back thousands of years, and in the 1600’s, the Falun Mine accounted for two-thirds of the world’s copper production.

Latest progress

Ross Landles, executive chairman, commented on Bastion’s latest progress:

“The confirmation and extension of the high-grade REE mineralisation trend to over 3 kilometres is a major breakthrough for the project.

“The identification of the separate high-grade copper mineralisation over 1 kilometre is an unexpected bonus and adds further potential upside to Gyttorp.”

Results highlight the prospectivity of the company’s landholdings.

European needs

While Sweden is known to host rare earth elements, the country does not currently mine them.

Nor do any other country in Europe.

Instead, the reliance is on China, provided nearly 98% of supply.

This provides an opportunity for companies such as Bastion.

 

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