Bastion Minerals (ASX:BMO) has bolstered its landholding in the Bergslagen district of Sweden after applying for an additional eight property claims.
Bastion, which has a $3.44 million market capitalisation, says it will move forward with plans to begin initial fieldwork, including mapping and sampling, once the claims have been granted and weather permits.
High priority areas will then be targeted for more advanced exploration, such as surveys and drilling.
The new claims sit along the same belt that extends over 100km through the Bergslagen district of southern Sweden, where Bastion has already identified rare earth element (REE) values of up to 7.27% total rare earth elements plus yttrium, as well as 8.5% copper at its Gyttorp Project.
The company believes the new claims have potential to host similar REE mineralisation.
“This significant land acquisition strategically positions Bastion as the leading explorer for rare earth elements in the Bergslagen district,” Executive Chairman Ross Landles says.
“These new claims demonstrate strong potential for high-grade REE mineralisation, further solidifying our commitment to becoming a key supplier of critical materials for the clean energy transition. Sweden has been a revelation for Bastion, facilitating the rapid permitting of the Gyttorp property and enabling the company to conduct initial exploration activities.
Given the exciting REE results at Gyttorp, Bastion is committed to expanding its exposure to the prospective mineralised belt and building a significant strategic property holding in the region.
The addition of these new properties aligns with Bastion’s decarbonisation strategy, and the company’s growing REE portfolio positions it to capitalise on the increasing demand for critical minerals.”
Bastion Minerals is an early-stage explorer focused on copper, gold, and green metals. The company’s Gyttorp Project lies 180 west of Stockholm.
As of 31 December 2023, the company had just over $1 million in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Nordic Visitor
