Bastion Minerals has signed an agreement with its director Raymond Muskett and Kevin Woodthorpe, an unrelated party of the company, to acquire 100% of the issued capital of Muskwood, the owner of the Ninnis gold project (E39/2110) in Northern Goldfields, Western Australia (WA).
The acquisition aligns with Bastion’s strategy to target early-stage Australian gold projects and further expand its portfolio within a tier 1 mining jurisdiction.
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The Ninnis gold project is an early-stage exploration site spanning 25km². It is situated approximately 70km west of Laverton and 6km north of Genesis Minerals’ Mount Morgans gold mining centre.
Under the terms of the agreement, Bastion Minerals will issue $125,000 (A$192,444) worth of ordinary shares at $0.0014 per share, based on the volume-weighted average price over the five trading days preceding the agreement date.
Additionally, a 1.5% net smelter royalty on gold extracted from the E39/2110 tenement area will be granted, as outlined in a royalty deed to be finalised upon completion of the transaction.
The issuance of consideration shares to Raymond Muskett or his nominee remains subject to shareholder approval.
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By GlobalDataOther conditions include the completion of capital raising and satisfactory due diligence by Bastion Minerals.
Bastion Minerals also commissioned an independent valuation report, authored by Malcolm Castle of Agricola, to provide a valuation of the Ninnis lease, which is considered to be the sole asset of Muskwood.
Bastion Minerals non-executive chairman Gavin Rutherford said: “I congratulate my fellow shareholders on securing this first acquisition since Bastion’s major changes in May of this year. It is pleasing that Bastion has secured this highly strategic mining lease in a pre-eminent part of WA’s Northern Goldfields region, located north of the Laverton-Leonora Road.
“The acquisition of Muskwood and its Ninnis Gold Project signals Bastion’s expansion into Western Australian gold projects. With our existing expertise and technical capabilities, we plan to fast-track early-stage exploration at Ninnis towards making a significant gold discovery.”
The E39/2110 region is home to several multi-million-ounce gold deposits including Sunrise Dam, Granny Smith and Magnetic Resources’ Lady Julie project.
No modern exploration has been conducted at Ninnis, although historical work dates back several decades.
The project area is considered geologically similar to Mount Morgans, featuring mafic rocks and banded iron formation along its western side.
Upon completion of the acquisition, Bastion Minerals intends to initiate soil and rock chip sampling to identify drill targets.
Rutherford added: “Ninnis resides in a geological address that is well known for rewarding competent exploration with gold discoveries of scale, not only significant in Western Australia but also globally. We are delighted to have secured the Ninnis Gold Project and look forward to getting ‘boots on the ground’ in the Northern Goldfields.”
In July last year, Bastion Minerals entered an agreement to purchase three copper projects in Canada.
