Bastion’s ICE Project Holds 6.43 Mt at 1.07% Copper Amid Board Changes
Bastion Minerals advances its ICE Copper-Gold Project with a new geochemical exploration program and strategic board appointments, while preparing for a November capital raise to fund ongoing activities.
- Geochemical exploration commenced at ICE Copper-Gold Project in Yukon, Canada
- JORC Mineral Resource Estimate confirms 6.43 Mt at 1.07% copper at ICE
- New board member Ray Muskett appointed to oversee Australian gold project strategy
- Experienced geologist Sherifa Munkailah joins for project due diligence and evaluation
- Company plans a capital raising in November 2025 amid cash constraints
Strategic Exploration Focus
Bastion Minerals Ltd (ASX, BMO) has provided its September 2025 quarterly update, spotlighting ongoing efforts to refine its project portfolio across Chile, Sweden, Australia, and Canada. Central to this is the ICE Copper-Gold Project in the Yukon Territory, Canada, where a targeted geochemical exploration program began in September ahead of the harsh northern winter. This program aims to identify surface indicators of Volcanic Hosted Massive Sulphides (VHMS), a mineralisation style known to cluster, potentially unlocking further resource extensions beyond the current JORC 2012 Mineral Resource Estimate (MRE) of 6.43 million tonnes at 1.07% copper.
The ICE Project’s resource base, confirmed earlier this year, includes 5.76 million tonnes of indicated resources grading 1.09% copper and 0.09 grams per tonne gold, alongside inferred resources. The company’s collaboration with the First Nation community Tu Łidlini Lands Department underscores a commitment to responsible and cooperative exploration practices in the region.
Corporate and Technical Leadership Refresh
In a move signaling a sharpened focus on Australian gold opportunities, Bastion appointed Ray Muskett as a Non-Executive Director. Muskett brings over three decades of geological expertise, particularly in gold exploration, and will spearhead the strategic review of the company’s existing assets and potential acquisitions within Australia’s early-stage gold sector. Complementing this, geologist Sherifa Munkailah has been engaged post-quarter to lead project due diligence and evaluation, bringing valuable experience in mapping, drilling supervision, and database management from her prior roles in West Africa and Australia.
Financial Position and Capital Raising Plans
Despite active exploration, Bastion’s cash position tightened to $152,000 at quarter end, with exploration and evaluation expenditure totaling $252,000 for the period. The company completed a fully underwritten entitlement offer earlier in the year, raising approximately $678,000, but with cash reserves now limited, the board has initiated preparations for a capital raising in November 2025. Management expresses confidence in securing sufficient funding to continue advancing its corporate strategy and exploration objectives.
Broader Portfolio and Outlook
Beyond ICE, Bastion continues strategic reviews of its Cometa Copper Project in Chile and the Gyttorp Rare Earth Elements Project in Sweden, while targeting early-stage Australian gold projects for acquisition. The company’s diversified approach across jurisdictions and commodities aligns with its ambition to become a leading explorer in the energy transition metals sector.
As assay results from the recent ICE exploration program are pending, Bastion’s next steps will be closely watched by investors eager to see if the northern Canadian project can deliver further resource growth and underpin future development plans.
Bottom Line?
Bastion Minerals is at a pivotal juncture, balancing exploration progress with financial constraints as it seeks to unlock value from ICE and reposition its portfolio.
Questions in the middle?
- What will the upcoming assay results reveal about the potential for expanding the ICE Copper-Gold resource?
- How will the new board and technical appointments influence Bastion’s strategic direction, especially in Australian gold acquisitions?
- What are the terms and expected size of the planned November capital raising, and how might it impact shareholder value?
