Bastion receives first option payment as part of Cometa Project divestment

Agustín de Vicente / February 23, 2024 | 12:13
Bastion Minerals is an Australian-listed early stage exploration company focused on Copper, Lithium & Green metals.

Bastion has announced that it has entered into an Option Agreement with ASX listed Hot Chili for the divestment of the Cometa Copper Project located 40km southeast of Vallenar in Chile. 

Pursuant to the terms of the Option Agreement, a non-refundable cash payment of US$100,000 has been made to Bastion upon signing the Option Agreement (Grant Date). 

Cometa consists of exploration and mining licenses covering approximately 56km2 of granted mining and exploration tenements. 

The Hot Chili team is well-positioned to explore Cometa from its existing exploration base to the north, with a highly experienced team and an active drill program aimed at expanding the scale of its Costa Fuego copper development.

Commenting on the signing of the Agreement, Bastion Minerals Executive Chairman, Mr 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.”

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