Bastion Minerals' Morrissey Project Update

Bastion Minerals Limited (ASX: $BMO) has completed initial mapping and sampling in the 15.58 km² Morrissey Project in the Gascoyne region of Western Australia, revealing a significant new discovery of widespread visible uranium oxide. The company's fieldwork has identified potential for economic uranium and possible Rare Earth Elements (REE), hosted at shallow depth in calcrete, with contemporary analogues such as Lake Maitland and Yeelirrie.

Executive Chairman's Commentary

It's great to finally get on the ground at the Morrissey Project in Western Australia, following an extended wet season and it has been worth the wait, with mapping and sampling confirming the presence of widespread visible uranium oxide. We believe fieldwork has revealed a significant new discovery for the Morrissey Project which identifies potential for economic uranium in association with rare-earth elements, hosted at shallow depth in a calcrete uranium deposit setting. Contemporary analogues for similar calcrete-hosted uranium deposits include Lake Maitland, or Yeelirrie. The area hosts abundant pegmatite outcrop and subcrop and it is exciting to have detected extensive carnotite mineralisation associated with the large Central Pegmatite body. This was confirmed to be radiometrically warm. We have a total of 211 rock chip samples in two sets, evaluating uranium/REE and Li mineralisation and to evaluate what other elements are elevated within the property. We are very excited with the uranium and REE potential on our property, and buoyed to have 32 samples registering more than 1000 counts per second (cps Tc).

Summary of Morrissey Project Update

Bastion Minerals' Morrissey Project update has unveiled a significant discovery of widespread visible uranium oxide, indicating potential for economic uranium and possible Rare Earth Elements (REE) in the Gascoyne region of Western Australia. The fieldwork has identified extensive carnotite mineralisation associated with pegmatite bodies, with high spectrometer responses and radiometrically warm granites. The company plans to conduct a full review of rock chip analytical results for uranium, lithium, REE, and associated pathfinder elements, followed by a program of field exploration to increase rock chip sample density and map out uranium and REE anomalies. The evaluation of potential redox fronts leading to secondary uranium deposition and the generation of first-pass exploration drilling targets are also on the agenda. It's important to note that further exploration work is required to confirm the abundance and economic potential of the mineralisation reported. The announcement was approved for release by the Executive Chairman of Bastion Minerals.