Basin Energy Limited (ASX:BSN) ('Basin' or the 'Company') today unveiled significant developments concerning its North Millennium Project located in the globally renowned Athabasca Basin.
In a progressive move to better understand the potential of the Project, Basin enlisted the expertise of Computational Geosciences Inc. and Convolutions Geoscience. Together, they carried out an advanced 3D inversion and processing of the previously collected geophysical data. This latest analysis solidifies the Company’s interpretation, notably highlighting a 5-kilometre target corridor at North Millennium, seamlessly extending to the Mother Fault. For reference, the Mother Fault is the host of Cameco’s prodigious Millennium deposit, situated just 7km to the south.
This discovery is particularly exhilarating for the Basin team, as this newly identified corridor, bearing resemblance to the conduit for mineralisation at the esteemed Millennium Deposit, has seen minimal exploration efforts in its history.
In the backdrop of these developments, the global uranium market continues its positive trajectory. As of now, the U3O8 SPOT price has surpassed US$63/Lb, a testament to the burgeoning demand and potential for companies in the sector.
The month of September remains pivotal for Basin. The Company eagerly awaits the final assay results from the inaugural drilling session at the Geikie uranium project, alongside preliminary gravity outcomes.
With a robust cash reserve of 5.2 million as of 30 June 2023, Basin Energy Limited remains financially poised to pursue its exploration endeavors, committed to enhancing shareholder value.
Basin’s Managing Director, Pete Moorhouse, commented “Basin has continued advancing the North Millennium Project through the reprocessing of historic geophysical data. The delineation of disruptions to a basement conductor by an extension to the fault responsible for hosting the world class Millennium uranium deposit provides a tantalising target for unconformity and basement style uranium mineralisation.
Recent discoveries in the area from projects such as West McArthur2 and Moon Lake South3 demonstrate the discovery potential for high-grade uranium mineralisation in this part of the Athabasca Basin. The results from Basin’s study show the exploration prospectivity that North Millennium holds.
Whilst our short-term focus will be the follow up of shallow targets identified through phase one drilling at Geikie, we continue to position the wider portfolio of quality uranium projects to be drill tested.
The uranium sector has had multiple positive catalysts in recent weeks, which is being reflected in the U3O8 spot price. As momentum continues to build, our aim is to position Basin as the preferred ASX listed explorer for high grade uranium discoveries.”
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.