Basin Energy Limited (ASX:BSN) – Basin Energy Limited, commonly referred to as 'Basin' or the 'Company', is thrilled to share an update on its exploration activities at the 60% owned Geikie Uranium Project (‘Geikie’ or the ‘Project’). The project is strategically situated on the eastern margin of the globally renowned Athabasca Basin in Canada.
Key Highlights:
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The maiden drilling program at Geikie successfully intersected anomalous uranium in four out of the eight holes drilled. Notable intersections include:
- 0.5m at 0.27% U3O8 (2,680ppm U3O8) from 185m (GKI-002)
- 9m at 263ppm U3O8 from 84m within a broader 27m uranium anomalous intersection (GKI-004)
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Observations from the drilling revealed elevated lead isotope anomalies and extensive hydrothermal alteration in five holes, pointing to the potential of a significant uranium mineralising system.
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In light of the drilling results, an immediate Airborne Gravity Survey was commissioned to map alteration systems. This survey has now been concluded, with results anticipated in early October. It's worth noting that this technique has successfully mapped analogous basement-hosted uranium alteration systems within the Athabasca Basin in the past.
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Basin is in a robust financial position and remains fully funded to conduct a subsequent drill program in the upcoming winter season.
The maiden drilling program at Geikie, which comprised eight diamond drill holes spanning 2,217 metres (as depicted in Figure 1), was wrapped up in August 2023. The Company is pleased to report that all geochemical assay results have been received, and the findings are extremely promising.
The drilling has effectively pinpointed uranium mineralisation, with assays reaching up to 0.27% U3O8. This mineralisation is closely situated to two regionally significant structures at Aero Lake and Preston Creek. These structures are accompanied by extensive hydrothermal alteration, a hallmark of vast uranium mineralising systems. Additionally, a comprehensive geochemical pathfinder halo was identified at Preston Creek, mirroring uranium mineralising systems observed in other parts of the district.
Basin is currently in anticipation of the results from its high-resolution airborne gradient gravity survey. This survey was explicitly designed to map the extent of alteration along the now-established fertile fault corridors. The forthcoming results, combined with the promising data from the maiden drilling program, will lay the groundwork for targeted exploration in the Company’s upcoming phase two drilling program, slated for early 2024.
Basin’s Managing Director, Pete Moorhouse, commented: “Basin’s maiden drill program has identified significant uranium mineralisation within a system that is demonstrating the scale potential to produce a major discovery.
The presence of uranium, along with a coherent pattern of pathfinder elements associated with extensive and pervasive hydrothermal alteration, which is typical of basement mineralisation of the Athabasca Basin, is an excellent result for our maiden drill program.
We eagerly await the results of the now completed gravity survey, which has been specifically designed to map the extent of alteration discovered to date. This will drive the planning for the next phase of drill testing as we explore this emerging, historically overlooked portion of the prolific Athabasca Basin.
As the demand for uranium tightens, Basin is strongly positioned with exposure to multiple high quality uranium targets in the world’s leading jurisdiction for uranium discoveries.”
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