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Bastion Minerals enters agreement for San Juan Gold Mine

Published by
Global Mining Review,


Bastion Minerals Ltd has entered into a binding framework agreement for the execution of a mining purchase option contract (binding agreement) with Sociedad Minera del Norte (SMDN) to enter into an option to acquire 100% of the San Juan Gold Project and surrounding licences within Capote Mining District in the mineral-rich Atacama Region of Chile.

Highlights

  • Binding agreement executed to enter into an option to acquire 100% of the highgrade San Juan Gold Project and surrounding licences within Capote Mining District.
  • This acquisition has the potential to transform Bastion into a gold producer.
  • The company has secured a portfolio including three high-grade gold projects in the Capote Mining District with a focus on early gold production:
    • The San Juan Gold vein is reported to have produced approximately 0.5 million oz at 40 g/t and processed a total of 1.7 million oz gold (Au) at 52 g/t gold from San Juan vein and nearby veins and has never been explored with modern exploration methods.
    • High-grade gold mineralisation at San Juan vein untested below ~350 m, with mineralisation remaining open in all directions.
    • High-grade gold mineralisation at Resurgemento vein system.
    • All licences demonstrate significant regional exploration potential with numerous drill ready targets.
  • Drilling to be fast-tracked and scheduled to commence September 2021.

Bastion’s Executive Director, Ross Landles, commented: “This acquisition represents a rare opportunity to consolidate and control a historically significant high-grade gold system covering approximately 30 km2. The potential of this new tenement package cannot be understated and represents execution of Bastion’s corporate strategy to identify, acquire and explore high-grade gold districts that have been locked-up for several decades and missed any modern exploration methods. This is very exciting and pivotal period for Bastion as we fast-track drilling at Capote, our in-country exploration team is on the ground at Capote finalising drill targets with drilling scheduled to commence in September.”

Read the article online at: https://www.globalminingreview.com/finance-business/27082021/bastion-minerals-enters-agreement-for-san-juan-gold-mine/

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