Bastion Minerals Ltd. (ASX: BMO) has been granted an exploration permit for a strategic land holding of 115km2 of prospective rare earth element (REE) tenure (the Gyttorp Project) in Sweden.
Executive Chairman of Bastion, Mr. Ross Landles, stated “The Bastion board is very pleased with the grant of this exploration permit, checking off another milestone towards hitting the ground at our new rare earth element tenure in Sweden.”
The site is located near Gyttorp in the Bergslagen district, 180km west of Stockholm, and on the southern end of a belt of iron and REE enriched skarns, over 100km in length, known as the “REE Line”.
Sweden hosts Europe’s largest REE deposit, which was recently discovered in the Kiruna area, by LKAB, a Swedish sate-owned mining company.
Historic sampling at Gyttorp recorded rock chip samples of greater than 2.86% and 3.64% Total Rare Earth Oxide (TREO), with results exceeding detection limits. Subsequently, the actual results will be greater than these figures.
The company received comprehensive REE analyses of 50 samples, of these, nine returned highly anomalous grades of over 1000ppm TREO.
The REE mineralization shows an encouraging ratio of Magnetic Rare Earth Oxide (MREO) to TREO at almost 20%.
The results exhibit the potential for the company to serve the energy transition, contributing to the production of electric vehicles and wind turbines. The exploration permit will allow Bastion to continue to build on its decarbonization strategy, by adding REE to its lithium and copper portfolio.
In the coming months, Bastion plans to undertake systematic geochemical sampling of known mineral occurrences within the permit in conjunction with reconnaissance geological mapping.
Existing airborne geophysical magnetic surveys will be used to help define prospective regions.
To find out more, please visit www.bastionminerals.com
