Australian Securities Exchange (ASX)-listed exploration and development company Bastion Minerals has entered an agreement to purchase three copper projects in Canada.
These projects are the ICE Copper-Gold deposit in Yukon Territory, and the Mariner and Harley Copper projects in the Northwest Territories.
The ICE Project is a Cyprus-style VMS deposit comprising copper and gold. It features a historical foreign non-JORC resource estimate of 4.56 million tonnes (mt) with a copper grade of 1.48%.
Harley Copper spans 310km² and remains unexplored, whereas Mariner Copper covers 155 km². Both projects are situated in proximity to Great Bear Lake.
To facilitate this acquisition, the company has signed a share purchase agreement with Knightons Way and Marnus Botha.
The agreement enables Bastion Minerals to acquire the entirety of the issued capital of Arcus Resources, which owns the projects.
Under the agreed terms, Bastion will pay $140,000 (C$193,447) in cash, issue 187.5 million shares at $0.008 per share and grant 93.75 million options at $0.03 each with a three-year expiration period.
Additionally, Bastion agreed to issue 62.5 million performance shares, which will convert into ordinary shares if, within two years, a drilling intersection of at least 15m at 1% copper is achieved in one of the projects.
The company also agreed to issue an additional 62.5 million performance shares, convertible into ordinary shares, upon establishing a 10mt resource at 1% copper in one of the projects within 36 months.
Bastion executive chairman Ross Landles said: "The ICE acquisition represents a fantastic opportunity for Bastion, with a defined high-grade copper resource of 4.56 million tonnes at 1.48% copper.
“Interestingly, the historical resource was estimated without including any value for gold, which may add extra value. The projects have untested drill targets on electromagnetic geophysics and geochemistry, to discover new high-grade mineralised lenses to increase the project size.
“Bastion intends to rehabilitate road access to the project and re-establish the project camp to support drilling activities. The deposit is located approximately 20km from a major provincial road and is 220km north-east of the provincial capital.”
