Bastion Minerals Ltd (ASX: BMO) is pleased to announce that, following a global review of future facing metals, it has staked a project covering 115km2 of highly prospective high REE in Sweden, the home of Europe’s largest REE discovery in the Kiruna area. The exploration tenure is located near Gyttorp in the Bergslagen district of Sweden, 180km west of Stockholm. The tenure – Gyttorp nr 100, is highly prospective for high-grade REEs, located on the southern end of a belt of iron and REE-enriched skarns, more than 100km long, known locally as the “REE-line”.
Bastion Minerals Ltd (ASX: BMO) subsidiary, Bastion Minerals (Fuerte) Pty Ltd, has staked a strategic 115km2 exploration tenure near Gyttorp in Southern Sweden.
Highlighs of the exploration tenure include rock chip samples of greater than 2.86% (28,600ppm) and 3.64% (36,400ppm). Total Rare Earth Oxide (TREO) are recorded in historic sampling with some detection limits exceeding the actual result will be greater than these figures.
The REE-mineralization exhibits an encouraging average ratio of Magnetic Rare Earth Oxide (MREO) to TREO at almost 20% and shows significant potential for the project to service the energy transition with uses in electric vehicles and wind turbines.
Sweden is the home of Europe’s largest deposit of rare earth oxides, recently discovered in the Kiruna area in the far north of the country by Swedish state-owned mining company, LKAB. The tenure is highly prospective for high-grade RREEs located on the southern end of a belt of iron and REE-enriched skarns, more than 100km long, locally known as the “REE-line” with Bastnas type REE mineralization.
The staking of this project allows the company to continue to build on its decarbonization strategy, now adding REE to its lithium and copper portfolio. BMO believes the ground may be prospective for other future facing mineral commodities and will update the market as it reviews the data and intends to undertake mapping and sampling programmes through the northern hemisphere summer.
The European and Canadian summer is an exciting time for the company, with exploration programmes to be conducted across the optioned Lithium projects in Ontario, adjacent to Green Technology Metals Ltd’s (ASX:GT1) Root Bay Lithium project and this new Swedish high-grade REE project.
Executive chairman, Mr Ross Landles, commented: “With Bastion’s Binding Heads of Agreement for the exciting Lithium portfolio in Ontario, Canada exposing us to the strong Canadian government critical mineral strategy, we feel the significant growth in the battery metals sector in Europe, more specifically within Sweden for REE, adds to the alignment of our decarbonization strategy.”
To find out more, please visit www.bastionminerals.com
