Multi-commodity exploration company Bastion Minerals (ASX:BMO) reports it is progressing with exploration activities at the Cometa Copper Project in Chile.
The company says it is currently undertaking an evaluation of the extensive rock chip geochemistry with a specialist Australian-based geochemist to assess elemental and alteration zoning, fluid, and mineralisation pathways. This information will be integrated with geological observations and later with geophysics.
It also notes some prospects have porphyry copper characteristics and others have iron oxide copper-gold (IOCG) characteristics.
Commenting on the exploration activities at the project, Bastion Minerals Executive Chairman Ross Landles says: “After an extensive surface campaign at Cometa where we collected more than 800 samples which defined 6 prospects and delivered grades to 4.4% Cu (copper), Bastion will continue exploration activities at the company’s Cometa Project, which hosts exciting copper targets and has no historical drilling.
“We expect to commence IP geophysical surveys over prospects in April, in particular to evaluate the Venus trend and the extensive alteration observed there”
This project is 15km south of Hot Chili’s (ASX:HCH) Cortadera deposit, in the Chilean Coastal Belt. We expect to commence IP geophysical surveys over prospects in April, in particular to evaluate the Venus trend and the extensive alteration observed there. We look forward to providing updates as activities advance.”
Bastion reports it is currently planning induced polarisation (IP) and ground magnetic geophysical surveys over the prospects defined to date, with a consultant geophysicist hired to design and supervise the surveys and to interpret the data together with Bastion’s field team. Quotations are awaited from geophysical contractors, with the aim of beginning the surveys in April.
The company says Cometa is in a ‘highly’ prospective part of the coastal belt, located 15km directly south of the cluster of copper deposits (Cortadera copper porphyry and Productora IOCG) where Hot Chili (ASX:HCH) has defined ‘significant’ copper resources.
Previous exploration on the project has consisted of geological mapping across the properties to evaluate the mineral systems. In total 851 rock chip samples were collected on the property in 2021 and 2022. These samples have multi-element analyses, which detected elevated concentrations of copper, molybdenum, gold, silver, cobalt, and zinc across the different prospects.
Bastion also reports high-resolution aeromagnetics were also collected across the project which were used to help interpret geological structures and potential mineralisation systems.
The company says there are notable northeast and northwest trending structures interpreted from the aeromagnetics, with the most prominent area of intersection in the Venus prospect.
Systematic exploration activities at the project have defined 6 large scale copper-gold targets including the Orion, Centauro, Venus, Escorpion, Perseus, and Aldebaran prospects.
Bastion reports mapping and sampling, IP geophysics, and locally ground magnetics is planned for these prospects to map the chargeability response below oxide mineralisation and structures. This information together with the assay results and interpretation of alteration will be used to target drillholes planned for the September quarter.
A consultant geophysicist has been hired to design the IP geophysics, to manage the program, and to conduct interpretation. In parallel with the geophysical program evaluation of the geochemical data is also underway, aiming to assist with a more detailed interpretation and drillhole targeting.
The company reports the IP surveys are currently planned to maximise the depth of the data collection beneath the Venus lithocap, and to map chargeable ones in other prospects identified to date. There is often a deep leaching of metals in lithocaps, and the survey is intended to reach below the anticipated deep oxidation level in that prospect, in order to evaluate the concentration of sulphides.
Bastion Minerals is an ASX-listed multi-commodity exploration company that currently holds a portfolio of prospective projects in Chile. These projects include the Cometa Copper-Gold, Capote Gold, and Garin Gold-Silver projects.
The company has also entered into a binding heads of agreement (HOA) for an option to acquire the Pakwan East Lithium, Raleigh Lake Lithium, and the McCombe North Lithium projects in Ontario, Canada.
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