Bastion Minerals is set to gain the Ninnis gold project in Western Australia, following the acquisition of Muskwood Pty Ltd, landing the junior miner a pipeline to strong gold opportunities.
The acquisition was a $125,000 all-share deal to be issued at a price of $0.0014 per share plus a 1.5 per cent net smelter return (NSR) on gold generated from the site.
Ninnis, located in Western Australia’s (WA) Northern Goldfields, is an early-stage gold exploration project located roughly 70 kilometres west of Laverton.
The E39/2110 site covers 25 square kilometres and is approximately 6 kilometres north of Genesis Minerals’ Mt Morgans gold mining centre, as well as other major deposits, including Sunrise Dam, Granny Smith, and Magnetic Resources’ Lady Julie project.
Bastion’s non-executive chairman Gavin Rutherford congratulated his fellow shareholders on securing the first acquisition since the company’s changes in May 2025, which included an executive refresh.
“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,” he said.
“The acquisition of Muskwood and its Ninnis gold project signals Bastion’s expansion into WA’s 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 share-based value of $125,000 matched the midpoint of an independent valuation commissioned by the company, which assessed the project between $95,000 and $150,000.
The company stated that no modern exploration has been undertaken at Ninnis and that following the completion of the acquisition, it plans to “immediately commence” soil and rock chip sampling.
Ninnis itself is considered geologically similar to Mount Morgans, with mafic rocks and banded iron formation (BIF) along the western side of the project area.
“Ninnis resides in a geological address that is well-known for rewarding competent exploration with gold discoveries of scale, not only significant in WA but also globally,” Rutherford said.
“We are delighted to have secured the Ninnis gold project and look forward to getting ‘boots on the ground’ in the Northern Goldfields.”
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