Bastion Minerals Advances High-Potential ICE Copper-Gold Project

ICE Copper Project Delivers Strong 6.43 Mt JORC Resource

Bastion Minerals has unveiled a robust JORC Code (2012) Mineral Resource Estimate for its flagship ICE Copper-Gold Project in Canada's Yukon Territory, confirming 6.43 Mt @ 1.07% Cu at a 0.3% copper cut-off grade.

Resource Highlights: High-Grade Copper with Growth Potential

The newly defined resource includes 5.76 Mt @ 1.09% Cu in the Indicated category (92% of the total resource), with 0.67 Mt @ 0.83% Cu classified as Inferred. The high proportion of Indicated material demonstrates significant confidence in the geological model and provides a solid foundation for future development studies.

This resource contains 68,600 tonnes of copper metal, with additional value potential from gold (0.09 g/t), cobalt (0.018%), silver (2.9 ppm) and zinc (0.11%) credits. With mineralisation starting at surface, the deposit shows clear potential for efficient open-pit extraction methods.

Remarkably, drilling to date has tested less than 1% of the entire Project area, highlighting substantial exploration upside. The company has already identified 11 priority exploration targets throughout the property with potential to discover additional zones of volcanic-hosted massive sulfide (VHMS) mineralisation.

"It is a great result to announce a JORC Code MRE for the ICE Copper-Gold Project in Canada. The new JORC MRE not only confirms the copper contained in the original 1998 foreign historical estimate but also demonstrates the potential to add substantial, additional value from the gold, cobalt and minor silver and zinc in the deposit, which were not included in the original estimate. With mineralisation beginning at surface, the potential for open-pit extraction is clearly demonstrated," said Bastion Chairman, Mr Gavin Rutherford.

Geological Setting and Mineralisation Characteristics

The Bastion Minerals ICE Copper-Gold Project is located in the Slide Mountain Terrane, interpreted as a paleo-oceanic sequence of mafic volcanic rocks adjacent to the Yukon-Tanana Terrane in the Finlayson Lake district. These terranes represent arc-back-arc systems that formed adjacent to the Laurentian continental margin in the mid-Paleozoic.

Mineralisation at ICE is hosted in a sequence of submarine basalts and brecciated basalts, with intervals of chert and mudstone. The deposit features:

• A zone of oxide mineralisation in the northwestern up-dip portion
• Massive sulphide mineralisation with disseminated pyrite and interstitial chalcopyrite
• A more massive sulphide unit extending down dip to the southeast
• Lower grade disseminated mineralisation surrounding the main body

The deposit remains open along strike, with electromagnetic survey data indicating potential for extensions both to the north-northeast and south-southwest of the current resource.

Understanding VHMS Deposits: Why ICE Has Strong Expansion Potential

VHMS (Volcanic-Hosted Massive Sulfide) deposits like those at the Bastion Minerals ICE Copper-Gold Project typically form in clusters rather than as isolated occurrences. These deposits develop in submarine volcanic environments where metal-rich hydrothermal fluids are discharged onto or near the seafloor.

A key characteristic of VHMS districts is the tendency for multiple mineralised lenses to develop within the same stratigraphic package. The Finlayson Lake district, where ICE is located, hosts several significant VHMS deposits, including the ~19.1 Mt Kudz Ze Kayah deposit located approximately 80 km to the southeast.

The geochemical and geophysical data collected at ICE strongly support the potential for additional mineralised bodies beyond the currently defined resource. Electromagnetic surveys have identified conductive zones extending north-northeast and south-southwest of the resource area that remain untested by drilling.

"One of the many exciting features of the ICE Project is that detailed exploration to date has only been concentrated on the ICE deposit. We therefore have huge potential for additional mineralisation along strike and at depth from the known mineralisation, given drilling to date covers less than 1% of the entire Project area. There are 11 exploration targets already defined within the Project, which as yet have had no follow-up exploration."

Exploration Methods and Data Collection

The Bastion Minerals ICE Copper-Gold Project was discovered from follow-up of a highly elevated stream sediment sample in 1996, with subsequent drilling during 1996 and 1997. The current resource estimate is based on 115 drill holes that intersected the deposit, with the majority less than 200m deep.

Key data collection methods included:

1. Diamond Drilling: HQ and NQ diamond core provided high-quality samples for analysis and geological interpretation
2. Geophysical Surveys: Both ground HLEM (Horizontal Loop Electromagnetic) and helicopter EM surveys helped identify conductive zones associated with sulphide mineralisation
3. Soil Sampling: Systematic soil sampling across the project area identified geochemical anomalies
4. Density Measurements: 323 specific gravity measurements throughout the deposit support tonnage calculations

The resource estimate utilised modern geostatistical methods, with ordinary kriging used to estimate grades for copper, gold, silver, zinc, and cobalt. The high proportion of Indicated resources reflects the confidence in the geological model and the quality of the historical data.

Upcoming Exploration Plans

With 11 priority targets already identified and less than 1% of the project area drilled, Bastion has outlined a clear path forward for resource expansion:

1. Follow-up drilling along strike of the existing resource, particularly testing the electromagnetic conductors to the north-northeast and south-southwest
2. Systematic testing of the 11 priority exploration targets across the property
3. Deeper drilling below the current resource, which remains open at depth
4. Metallurgical testing to determine recoveries of copper, gold, cobalt and other metals

The geophysical data suggests significant potential for resource growth, with conductive zones potentially representing additional mineralised lenses typical of VHMS districts.

Investment Thesis: Multiple Catalysts for Growth

Bastion Minerals presents a compelling investment opportunity with the ICE Copper-Gold Project for several reasons:

1. Established Resource Base: The 6.43 Mt resource provides a solid foundation with 92% already in the Indicated category
2. High-Grade Nature: At 1.07% Cu, the deposit contains high-grade material that could support economic extraction
3. Surface Expression: With mineralisation starting at surface, development capital requirements could be significantly reduced
4. Multiple Metal Credits: Beyond copper, the resource contains gold, cobalt, silver and zinc that could enhance project economics
5. Substantial Exploration Upside: With less than 1% of the property drilled and 11 targets identified, significant resource growth potential exists
6. Strategic Location: The Yukon Territory is a mining-friendly jurisdiction with established infrastructure

Why Investors Should Monitor Bastion Minerals

The Bastion Minerals ICE Copper-Gold Project represents a significant copper development opportunity in a tier-one jurisdiction at a time when copper demand is projected to grow substantially due to electrification and renewable energy transitions.

Bastion now has multiple potential value-creation pathways:

1. Resource Expansion: Drilling the identified targets could substantially increase the current resource base
2. Development Studies: The high proportion of Indicated resources enables the company to advance technical studies
3. Strategic Options: The project could attract interest from larger mining companies seeking quality copper assets

The table below summarises the resource at a 0.3% Cu cut-off grade:

With a clear exploration strategy, a significant existing resource, and multiple catalysts ahead, Bastion Minerals offers investors exposure to a compelling copper development story with substantial upside potential.

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