Bastion Minerals has released a new JORC Code Mineral Resource Estimate for its ICE Copper-Gold Project in Yukon, Canada, validating historical resources and revealing significant potential for expansion with multiple untested targets.
- JORC Code (2012) resource confirms 6.43 Mt at 1.07% copper
- 92% of resource classified as Indicated, suitable for open pit mining
- Resource includes gold, cobalt, silver, and zinc not previously accounted
- Less than 1% of project area drill tested, with 11 priority exploration targets
- Resource model uses advanced ordinary kriging and density weighting
Resource Confirmation and Upgrade
Bastion Minerals Ltd (ASX, BMO) has announced a significant milestone for its ICE Copper-Gold Project in the Yukon Territory, Canada, with the release of a new JORC Code (2012) Mineral Resource Estimate (MRE). This updated estimate confirms the original historical resource tonnage and grade, reporting a total of 6.43 million tonnes at an average grade of 1.07% copper at a 0.3% cutoff. The resource is predominantly classified as Indicated (92%), reflecting a high degree of confidence in the estimate and supporting the project's potential for open pit mining.
Inclusion of By-Product Metals
Importantly, the new resource estimate incorporates additional metals such as gold, cobalt, silver, and zinc, which were not included in the original historical assessment. While copper remains the primary commodity, the presence of these by-products could add substantial value to the project once metallurgical recoveries are confirmed. Bastion's chairman, Gavin Rutherford, highlighted the potential economic uplift from these metals, emphasizing the project's multifaceted mineralisation.
Exploration Upside and Untested Targets
Despite the robust resource, exploration to date has been limited, with less than 1% of the project area drill tested. Bastion has identified 11 priority exploration targets within the project boundaries, many of which remain untested. Geochemical and geophysical surveys, including ground and helicopter electromagnetic (EM) data, suggest the presence of additional mineralised lenses and conductors extending beyond the current resource footprint. This offers significant upside potential for resource expansion and new discoveries, particularly given the geological setting known for hosting clusters of volcanogenic massive sulphide (VHMS) deposits.
Technical Approach and Validation
The resource estimation employed ordinary kriging, a geostatistical method that provides a smoothed and realistic spatial distribution of grades, incorporating density weighting to reflect variations in rock types and mineralisation styles. The model was rigorously validated against historical data and a nearest neighbour check model, confirming its reliability. The deposit's mineralisation begins at surface, enhancing the feasibility of open pit extraction, with historical conceptual pit designs indicating manageable stripping ratios and pit slopes.
Next Steps and Market Implications
While the resource estimate marks a key advancement, Bastion Minerals acknowledges the need for further metallurgical test work to determine recoveries of copper and by-product metals. Additionally, follow-up drilling on the identified exploration targets is planned to unlock the project's full potential. For investors, the ICE Project represents a promising asset with a solid resource base and significant growth opportunities in a well-regarded mining jurisdiction.
Bottom Line?
With a confirmed resource and multiple untested targets, Bastion Minerals’ ICE Project is poised for a pivotal exploration and development phase.
Questions in the middle?
- What metallurgical recoveries can be achieved for gold, cobalt, and other by-products?
- How will upcoming drilling on the 11 priority targets impact the resource size and classification?
- What are the economic assumptions underpinning the open pit mining scenario amid fluctuating copper prices?