Bastion Minerals

ASX:BMO

ASX:BMO

$

ICE Copper Project (Yukon, Canada) – High Grade Copper Deposit

ICE Copper-Gold Project: Un-mined resource poised for growth

  • Resource estimation completed 1998 resulting in non-classified resource of 4.56Mt @ 1.48% Cu.
  • Approx 3.4Mt mineralisation located near surface (within 25m).
  • Located less than 20km from a major provincial road and 220km north of provincial capital Whitehorse.
  • Extensive drilling confirmed high-grade sulphide core surrounded by halo containing thick lower-grade intersections.
  • Sulphide only resource estimated over a strike length of 450m and down dip extent of 220m yielding 1Mt @ 4.32% Cu.
  • Features analogous to Cyprus-type VHMS deposits found on western side of North America.

Figure 1: Location of the ICE project relative to the Yukon Zinc Wolverine and Kudz Ze Kayah deposit with historical properties shown.

ICE Copper-Gold Project: Valuable drill core on site

Figure 2: Overview of ICE property core racks and core storage area during core resampling (geologists in centre of view)

Figure 3: ID97-13 90.42-10 Core trays from the historical drilling prior to resampling. Semi-massive sulphide concordant  with host unit bedding, with 3 to 10% chalcopyrite and up to 5% pyrite throughout the interval. Copper concentrations  over the interval 90.42-101.5 m from 1.06 to 3.15% copper, 0.04 to 0.27 g/t gold (not all assayed for gold). 376943 East/ 6862786 North. UTM Zone 9 and original project NAD27 datum.

ICE Copper-Gold Project: JORC Resource calculation commenced

Figure 4: Block model (mixed colours – red highest grade Cu) built from historical drilling data, with 1998 open pit outline shown in grey – which does not cover all the areas of higher grade mineralisation.

ICE Copper-Gold Project: Significant Open Cut Potential

  • Historical resource estimate for open pit extraction were calculated when the copper price was US$0.78/lb vs current prices above US$4/lb (October 2024).
  • 3.3Mt of the 4.56Mt estimated to be within the designed open pit for 49,810 tonnes of copper.
  • In 1998 the consultants working for Expatriate estimated the resource for the ICE deposit.
  • The resource was reviewed by an independent consultancy in 1998, who concluded that the resource was estimated in a reasonable way and was reliable.

Figure 5: Historical open pit (light green) and interpreted mineralised zone (dark green), viewed obliquely, looking north.

ICE Copper-Gold Project: Significant Exploration Upside

  • Limited exploration along strike of the deposit to the north and south.
  • Significant potential for discovery of new deposits in the project area in a similar setting to the existing deposit.
  • The potential for stacked mineralised lenses and further mineralisation in brecciated horizons has not been adequately tested
  • Drill hole locations over RTP aeromagnetics and interpreted principal trend of host basalts show scale of exploration upside

Figure 6: Concentration of drill hole locations over aeromagnetics and the interpreted principal trend of host basalts

ICE Copper-Gold Project: EM Targets & Priority Follow Up

  • Exploring undrilled EM targets previously identified  in the 2002 exploration plan (Tucker and Moore, 2002),  but never drilled.
  • Exploring zones of elevated geochemistry which have not been drilled.
  • Conducting downhole EM logging of historical drillholes,  if possible, to explore for off-hole conductors.
  • Expanding the area of soil sampling from the historical sampling

Figure 7: Soil geochemistry and EM trends and targets. EM untested to the north (survey penetration was maximum 50 m depth), soils untested to the south and west.