Basin Energy Limited (ASX:BSN) ("Basin" or the "Company") is excited to announce the achievement of significant milestones in the Geikie Uranium Project ("Geikie" or the "Project"). Situated on the eastern margin of Canada’s world-class Athabasca Basin, the Geikie project has been the focus of robust development and exploration activities.
60% Option Payment Achieved
Basin is pleased to report that it has satisfied all the necessary expenditure requirements to meet the 60% Option Payment for the Geikie Project. This accomplishment brings the company to a 60 percent ownership stake in the project, in partnership with CanAlaska Uranium Ltd (TSX-V:CVV).
Advancing to Stage 3
Building on this momentum, Basin has elected to move forward as the operator and proceed with Stage 3 to earn up to an 80% interest in Geikie. This decision comes after Basin and CanAlaska Uranium Ltd entered into a property Option Agreement on April 22, 2022, setting the path for three defined earn-in stages.
Falcon Airborne Gravity Survey and Maiden Drilling
The company is also pleased to highlight the ongoing Falcon Airborne Gravity survey, which has followed a successful maiden drilling campaign. The drilling intersected significant alteration and structural framework that are indicative of basement-hosted uranium systems, signaling promising prospects for future exploration.
Upcoming Deliverables
Results for both the maiden drilling assays and gravity survey are expected to be delivered in mid-September. These results will further contribute to the interpretation and understanding of the site’s geological features and potential.
Finances
As of June 30, 2023, Basin remains in a strong financial position with $5.2 million in cash reserves, fully capable of completing all follow-up work at the Geikie Project.
Basin’s Managing Director, Pete Moorhouse, commented:
“We are pleased to have reached this milestone for Basin, bringing us majority ownership of this exciting project. Following the initial results of the maiden drilling, the decision to advance to 80% was an easy one to make. We look forward to updating the market directly on the ongoing airborne gravity survey and plans to follow up on these exciting initial drill results.”
About us:
Basin Energy (ASX: BSN) is a uranium exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada.
Contact details:
Chloe Hayes