Basin Energy Limited (ASX:BSN), a leading energy exploration company, is thrilled to share significant updates on its Marshall Project, situated in the southeastern region of the globally renowned Athabasca Basin.
Key Highlights Include:
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Advanced Geophysical Analysis: Basin Energy has successfully completed a 3D inversion of historical geophysical datasets. This advanced analysis, conducted in collaboration with geophysical experts Computational Geosciences Inc. and Convolutions Geoscience, has led to the identification of multiple priority anomalies. These anomalies are located both above and below the Athabasca unconformity, present in both the sandstone and basement stratigraphy at Marshall.
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Uranium Market Momentum: The uranium market continues to show positive sentiment. The U3O8 SPOT price has now surpassed the US$70/Lb mark, indicating a robust market environment.
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Geikie Project Advancements: Work is progressing steadily at the Geikie Project, following its inaugural drilling program. The company anticipates the results of an airborne gravity survey in October, which will provide further insights into the project's potential.
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Financial Preparedness: Basin Energy remains well-funded and is in a strong position to undertake the next phase of exploration drilling.
The recent geophysical analysis has been particularly enlightening. The identification of the geophysical anomalies is a promising development, especially considering the limited exploration previously conducted on these tenements. Basin Energy is poised to leverage these findings for future exploration endeavors, aligning them with the continuous work at Geikie.
Basin’s Managing Director, Pete Moorhouse, commented: “Basin has continued advancing the Marshall Project through the reprocessing of historic geophysical data – this is a continuation of the recently updated work at North Millennium which identified a significant unconformity target.
The identified sandstone conductivity anomalies, with corresponding basement anomalies provide immediate targets for Athabasca unconformity and basement hosted uranium mineralisation exploration and we are very excited with the results from the review of the historical data.
Combined with Basin’s recent work at North Millennium, the studies support our prospectivity analysis for this area, located within the heartland of the traditional uranium discoveries of the eastern Athabasca. With U3O8 spot prices continuing to surge, we are positioning Basin in the enviable position of having multiple top-quality exploration targets in the world’s best uranium jurisdiction.”
Next Steps
The Company has now completed review of both the Marshall and neighbouring North Millenium Projects 4 , and plan to streamline exploration efforts to advance both Projects simultaneously. Next steps for the will likely include Stepwise Moving Loop Time-Domain Electromagnetic (SWML TDEM) surveys combined with Direct Current Resistivity and Induced Polarisation (DCIP) focussing on the priority areas highlighted in figures 2 to 4. Electrical and electromagnetic methods are commonly used in the Athabasca region to detect subsurface geological targets often associated with uranium mineralisation. Such geological targets include large graphitic conductors and the mapping of faults and fracture zones. Both SWML TDEM and DCIP methods are ground-based surveys, offering smaller scale coverage with higher resolution geophysical imagery.
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
chloe@janemorganmanagement.com.au
