Bastion Minerals Surges On Delivering High-Grade Rare Earths And Copper In Sweden

Bastion Minerals Ltd’s (ASX:BMO) share prices have surged on confirming more high-grade rare earth elements (REE) and copper hits at its Gyttorp Project in Sweden.

The company’s portable X-ray fluorescence (pXRF) analysis has returned values of up to 8.3% REE and Yttrium and 5.1% copper.

Additionally, the REE results show high concentrations, with up to 60% Heavy Rare Earths (HREE) and Magnetic Rare Earths (MREE) averaging 24% in the samples.

Notably, MREEs such as neodymium, praseodymium, terbium and dysprosium tend to have the highest market value as its favoured in new green technologies.

The markets have welcomed the news with shares trading as high as A$0.080, up 33.3% from previous close.

BMO share price chart

Potential to be a “major player”

“The results suggest Bastion may have the potential to become a major player in the discovery of rare earths and critical metals,” said Chaiman Ross Landles

Sweden is the home of Europe’s largest REE discovery at Per Geijer near Kiruna and has a well-documented history of rare earth element discovery and mining.

Currently, no REEs are mined in Europe, with China providing nearly 98% of the EU’s supply.

The Gyttorp nr 100 property is highly prospective for high-grade REEs.

The project is situated on the southern end of a belt of iron and REE-enriched skarns, more than 100 kilometres long, known locally as the “REE-line.

Next Steps

Bastion plans to undertake a ground magnetic survey across the area of elevated REE elements and copper in the north of the project.

Subsequently, the company will use this information to direct further exploration, including planning its maiden drilling program.

At the newly granted applications, Bastion plans to undertake similar sampling of the historical magnetite mines, to define areas for more detailed sampling, ground magnetic surveys and potential drilling.

This will include sampling, portable pXRF analysis and laboratory assays.

 

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