Bastion Minerals (ASX:BMO) Bastion is an early-stage exploration...

Bastion Minerals (ASX:BMO)

Bastion is an early-stage exploration minnow focused on copper, gold, and green metals. It’s scored a few wins for its share price of late, and has more news pushing the needle in the right direction today, too.

The $4.05m capper is up on divestment news – specifically the divestment of its Cometa copper project in Chile to Hot Chili (ASX:HCH)

Hot Chili has now completed its period of due diligence on the project and has officially entered into an option agreement to acquire Cometa for up to US$3.3 million, with BMO already receiving a first payment of US$100k.

What does this mean for BMO, then? A beaut bank account, basically. But more to the point, it will enable the company to place more focus on its Canadian lithium project, as well as its Swedish REE project and a lithium/REE project in WA.

All these projects are highly prospective and more funding poured in their direction is the strategic way to go for BMO right now.


Commenting on the agreement, Bastion Minerals executive chairman Ross Landles said:

“The Bastion Board is delighted to progress with the Option Agreement for the divestment of the Cometa Copper asset to our neighbours in Chile. Hot Chili Ltd has a strong track record of consolidating tenure around its Costa Fuego Project.

“With the first payment now banked, the Company will continue to concentrate its focus on our lithium and REE assets based in Canada, and Australia, Sweden respectively.”

BMO recently reported strong, high-grade results at its Gyttorp land holding in Southern Sweden – a project located on the southern end of a belt of iron and REE-enriched skarns, more than 100km long, known locally as the “REE-line”, with Bastnäs type REE mineralisation.