Wedoany.com Report-Nov. 5, Bastion Minerals has entered into an agreement with its director Raymond Muskett and independent party Kevin Woodthorpe 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 supports Bastion’s strategic goal of targeting early-stage Australian gold projects and expanding its asset base within a tier-one mining jurisdiction.

The Ninnis gold project is an early-stage exploration site spanning 25km².

The Ninnis Gold Project, covering 25km², is located approximately 70km west of Laverton and 6km north of Genesis Minerals’ Mount Morgans gold centre. Under the agreement terms, Bastion Minerals will issue A$192,444 (US$125,000) in ordinary shares, priced at A$0.0014 per share, calculated from the five-day volume-weighted average price before the agreement date. In addition, a 1.5% net smelter royalty on gold extracted from the E39/2110 tenement will be granted as part of a royalty deed to be completed after the transaction closes.

The issuance of consideration shares to Raymond Muskett or his nominee will be subject to shareholder approval, alongside conditions including successful capital raising and completion of due diligence by Bastion Minerals. The company also commissioned an independent valuation report by Malcolm Castle of Agricola, who assessed the value of the Ninnis lease, 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 area hosts several major gold deposits, including Sunrise Dam, Granny Smith, and Magnetic Resources’ Lady Julie Project. While no modern exploration has been conducted at Ninnis, historical studies dating back several decades have indicated promising geological potential. The project area shares geological similarities with Mount Morgans, characterized by mafic rocks and banded iron formations along its western flank.

Following the completion of the acquisition, Bastion Minerals plans to begin soil and rock chip sampling to define drill targets for future exploration. 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.”

The move follows Bastion Minerals’ earlier strategy of portfolio diversification, which included an agreement signed in July 2024 to acquire three copper projects in Canada, reinforcing the company’s continued commitment to expanding its presence in key mineral sectors.