Bastion Minerals Limited provided an update on activities at the Company's Cometa Copper Project in the mineral-rich Atacama Region of Chile. Bastion is currently undertaking an evaluation of the extensive rock chip geochemistry with a specialist Australian-based geochemist, to assess elemental and alteration zoning, fluid and mineralisation pathways. This information will be integrated with geological observations and later with geophysics.

Some prospects have porphyry copper characteristics and others IOCG characteristics. Bastion is planning IP and ground magnetic geophysical surveys over the prospects defined to date, with a consultant geophysicist hired to design and supervise the surveys and to interpret the data together with Bastion's field team. Quotations are awaited from geophysical contractors, with the aim of beginning the surveys in April 2023.

The project is in a highly prospective part of the coastal belt, located 15 km directly south of the cluster of copper deposits (Cortadera [Cu porphyry] and Productora [IOCG], San Antonio) where Hot Chili Limited has defined significant copper resources. Location and general observations: The Cometa project consists of approximately 56 km2 of granted mining and exploration tenements located 40 Km southeast of Vallenar next to the El Orito gold deposit. It consists of layered Upper Cretaceous volcanic rocks of the Cerrillos Formation (predominantly intermediate volcanic rocks of andesite composition), which are intruded by Tertiary age granitic, granodioritic and dioritic rocks.

There is an east-northeast structural trend of N60- 70E through the project property, around which the Venus prospect mineralization is hosted. The project is in a belt with IOCG deposits (Candelaria, Manto Verde, Productora) and porphyry copper deposits, such as the Cortadera deposit held by Hot Chili nearby, as well as numerous gold vein deposits (including Capote). Exploration to date: Previous exploration on the Cometa project has consisted of geological mapping across the properties to evaluate the mineral systems. Rocks are predominantly volcanic, brecciated volcanic and volcaniclastic units.

Intrusive rocks include quartz monzonites, granodiorites, dacites and lesser occurrences of tonalite. Alteration consists of magnetite and hematite minerals, as well as silicification, sericite, clay minerals, epidote and chlorite and albite. There are also intervals of banded skarn associated with calcareous bands.

Mineralisation at surface consists of areas of chrysocolla (copper silicate) and brochantite (copper sulphate), minor malachite, atacamite, and chalcopyrite copper mineralisation. This is in addition to the presence of goethite, jarosite and specular hematite. In total 851 rock chip samples were collected on the property in 2021 and 2022.

These samples have multi-element analyses, which detected elevated concentrations of copper, molybdenum, gold, silver, cobalt and zinc across the different prospects. High resolution aeromagnetics was also collected across the project. This has been used to help interpret geological structures and potential mineralisation systems. There are notable NE and NW trending structures interpreted from the aeromagnetics, with the most prominent area of intersection in the Venus prospect.

Rock Chip results from sampling to date: Systematic exploration activities at Cometa have defined six large scale copper-gold targets: Orion Prospect (Cu-Au Porphyry, evidence for mineralised intrusive, with peripheral polymetallic veins: Previous assays to 4.42% Cu and 8.14g/t Au. Centauro Prospect (Cu-Au Porphyry) with hydrothermal breccias on the border of a tonalite: Previous assays to 3.08% Cu and 4.62g/t Au. Venus Prospect (Cu Porphyry), a lithocap to a deeper porphyry system: Previous assays to 4.07% Cu and 0.8g/t Au.

Escorpion Prospect (Cu-Au Porphyry), breccias with carbonate and copper oxide cement in the volcanic and sedimentary sequence: Previous assays to 2.80% Cu and 0.25g/t Au. Perseus Prospect (Iron Oxide Cu-Au) with polymetallic veins: Previous assays to 2.53% Cu and 100g/t Ag. Aldebaran Prospect (Iron Oxide Cu-Au) with skarn alteration development: Previous assays to 1.67% Cu and 109g/t Ag.

These assays highlight the significant copper mineralisation at the different prospects, which will be followed up by IP geophysics, and in placed ground magnetics, to locate areas of sulphides to target mineralisation below areas of oxide mineralisation. Planned exploration: Mapping and sampling defined the six prospects. IP electrical geophysics, and locally ground magnetics, is planned to evaluate the prospects and map the chargeability response (potential sulphide mineralisation) below oxide mineralisation and structures.

This information, together with the assay results and interpretation of alteration will be used to target drill holes planned for the September quarter. A consultant geophysicist has been hired to design the IP geophysics, to manage the program and to conduct interpretation. In parallel with the geophysical program evaluation of the geochemical data is underway to assist with more detailed interpretation and drill hole targeting.

The IP surveys are planned to maximise the depth of the data collection beneath the Venus lithocap, and to map chargeable zones in the other prospects identified to date. There is often deep leaching of metals in lithocaps, and the survey is intended to reach below the anticipated deep oxidation level in that prospect, in order to evaluate the concentration of sulphides. Project timing: The company has planned activities from geochemical interpretation and the IP survey through to drilling and interpretation, with drilling programmed for approximately third or fourth quarter of 2023.