Bastion Minerals : Extensions to high-grade surface gold at Capote

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ASX ANNOUNCEMENT

1 December 2021

EXTENSIONS TO HIGH-GRADE SURFACE GOLD AT CAPOTE

HIGHLIGHTED BY DETAILED 3D MAGNETICS MODELS

Bastion Minerals Limited (ASX: BMO) (Bastion or the Company) is pleased to provide an update on its on-going exploration program and the completion of detailed geophysical activities within the Capote Mining District and surrounding vein systems in the mineral rich Atacama Region of Chile.

Highlights

• Detailed 360-line-km of 25m spaced ground magnetics acquired over the San Juan Gold Mine and surrounding vein systems.
• The modelling shows potential extensions to high-grade surface gold at Capote and the San Juan Gold vein which produced approximately 0.5Moz at 40g/t.1
• 3D magnetic inversions are mapping the sub-surface distribution of mineralised veins at depth of up to 400m highlighting sub-surface extensions.
• 50-line-kmof Induced Polarisation (IP) and 50-line-km of Audio Magnetotellutics (AMT) data currently being acquired.
• IP data acquisition expected to be complete Mid-December.
• The combined 3D Magnetic and IP data will define final drill targets for Capote.
• Maiden 5000 metre drilling campaign to commence in early 2022.

Bastion's Executive Chairman, Mr. Ross Landles, commented:

"We are extremely excited with the 3D magnetic inversion data produced from the Capote Mining District. This data clearly indicates the high-grade gold surface mineralisation and shows us how the veins hosting these extend to depth and along strike. When we combine these models with the IP and AMT data, we will have an exceptional dataset to allow for a targeted drill program at Capote."

"Since consolidation of the Capote Mining District, environmental permits have required amendments to reflect the larger landholding to allow exploration drilling to commence. We are now advanced in the process and expect approvals will be provided in December and drilling to commence in early 2022."

1 ASX Announcement 15 March 2021 - Prospectus

Bastion Minerals Limited		ASX:BMO
ABN: 19 147 948 883	Page 1 of 14
www.bastionminerals.com
Level 6, 22 Pitt Street Sydney NSW 2000

ASX ANNOUNCEMENT

Ground Magnetics Survey

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A ground magnetics survey consisting of 360-line-km of 25m spaced ground magnetics has been completed over the San Juan, Resurgimiento and Yayito Vein Systems (Figure 1). The objective of this work was to provide highly detailed 3D magnetic models which can image the sub-surface extensions of mineralised veins from surface mapping.

Final data has been received from this survey and this data has been inverted into 3D, building solid geophysical models, from which interpretations of vein orientations, structures and geology can be made (Figure 2).

Induced Polarisation (IP) / Audio-Magnetotellurics survey (CSMT)

A program of IP and AMT has been designed to cover Yayito, San Juan, Resurgimento and other recognised vein systems (Figure 1). The objective of this work is to image the subsurface expression of mineralisation. Fifty-line-kilometres of gradient array IP is planned to identify areas of sulphide associated with mineralised veins and fifty line-kilometres of AMT is designed to identify key shallow structures.

Induced Polarisation is a geophysical method which maps the sub-surface distribution of "chargeable" minerals. The sulphide minerals associated with the gold mineralisation at Capote (e.g. pyrite) are chargeable and the distribution of these minerals may correlate closely with the distribution of gold.

Audio-Magnetotellurics is a geophysical method which maps the flow of natural electrical currents within the earth's crust. These currents will follow conductive zones such as faults and structures and through mapping these key structures can be imaged.

Together the 3D magnetics, IP, AMT, surface geological mapping and geochemistry will provide a highly detailed dataset for accurate drill targeting.

Next Steps

The final preparation stages of the Company's maiden drilling program are currently underway. Drilling is aimed at expanding gold mineralisation around the known historical deposits at Yayito and Resurgimento veins and testing several new greenfield target areas. The Company will undertake an approximately 5,000-metre diamond drilling program, with a focus on testing the shallow surface expression of multiple vein systems where high-grade gold has been returned from recent rock-chip campaigns. Drill hole locations are being designed and regulatory and environmental approvals process will commence in December.

Bastion Minerals Limited		ASX:BMO
ABN: 19 147 948 883
Level 6, 22 Pitt Street Sydney NSW 2000	Page 2 of 14	www.bastionminerals.com

ASX ANNOUNCEMENT

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Figure 1: Capote Mining District showing geology, Bastion tenements (blue outline) and newly acquired tenement area (yellow tenement

boundary) showing location of the current geophysical survey.

Bastion Minerals Limited		ASX:BMO
ABN: 19 147 948 883
Level 6, 22 Pitt Street Sydney NSW 2000	Page 3 of 14	www.bastionminerals.com

ASX ANNOUNCEMENT

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Figure 2: Detailed 3D magnetic models clearly demonstrate the sub-surface potential of the main vein systems at Capote.

Bastion Minerals Limited		ASX:BMO
ABN: 19 147 948 883
Level 6, 22 Pitt Street Sydney NSW 2000	Page 4 of 14	www.bastionminerals.com

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ASX ANNOUNCEMENT

About Bastion Minerals

Bastion Minerals Limited (ASX:BMO) (Bastion or the Company) is an Australian listed exploration company focused on discovering high-grade precious and base metals deposits within the mineral-rich Atacama Region of Chile (Figure 3). Bastion's strategy is to apply cutting-edge exploration to make multiple discoveries on its highly prospective Capote Gold, Cometa Copper-Gold and Garin Gold-Silver Projects, which have had no modern exploration. Bastion provides shareholders the opportunity to participate in discoveries leveraged to precious and base metals.

Figure 3: Bastion Minerals' Chilean Project Portfolio

This announcement was approved for release by the Board of Bastion Minerals.

For more information contact:

Ross Landles

[e-mail]

[phone]

Bastion Minerals Limited		ASX:BMO
ABN: 19 147 948 883
Level 6, 22 Pitt Street Sydney NSW 2000	Page 5 of 14	www.bastionminerals.com