Bastion acquires Canadian copper assets
Australia-listed Bastion Minerals has announced the acquisition of three high-grade Canadian copper assets, including a copper/gold deposit in Yukon Territory, and the Mariner and Harley copper projects in the Northwest Territories.
ICE is a volcanic-hosted massive sulphide deposit, containing copper and gold, with a historical, foreign non-Joint Ore Reserve Committee- (Jorc-) compliant resource of 4.56-million tonnes at 1.48% copper in Yukon.
The resource estimate for ICE dates to 1998, when the copper price averaged $0.75/lb. The company notes that it will conduct the required exploration work to bring the resource to Jorc 2012 compliance and subsequently evaluate it using today’s copper price, which is upwards of $4/lb.
The Harley project is a largely unexplored 310 km2 prospecting licence near the Great Bear Lake. The Mariner project is a 155 km2 licence, also near the Great Bear Lake. The project is surrounded by White Cliff Minerals’ Port Radium project.
Bastion will acquire the projects for a total of A$140 000 in cash and 187.5-million shares, 93.75-million options and 125-million performance shares to be paid to shareholders of Arcus Resources.
“These highly prospective high-grade Canadian copper projects have the potential to be a game changer for Bastion and we are extremely proud to have added these to our portfolio,” says executive chairperson Ross Landles.
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