Basin Energy Limited (ASX:BSN), a leading exploration company, is excited to announce significant findings from the recent Airborne Gravity Gradiometer (AGG) survey conducted at its Geikie Uranium Project. The preliminary results from the survey have identified several large gravity targets that align with key regional structures, marking a major step forward in the exploration of this promising site.
The Geikie Uranium Project, situated on the eastern margin of the renowned Athabasca Basin in Canada, has been the focus of Basin Energy's exploration efforts. Following the maiden drilling in August 2023, which successfully identified uranium mineralization with assays up to 0.27% U3O8, the AGG survey was initiated to further investigate the potential of the area.
Key Highlights from the AGG Survey:
- Identification of a series of gravity anomalies, notably around the north-south fault near drill hole GKI-002, which intersected significant uranium mineralization.
- The survey results support the interpretation of an active, large hydrothermal system adjacent to the Preston Creek prospect, a key area of interest within the project.
- The gravity targets identified are currently undergoing priority ranking and ongoing modeling to better understand the gravity low anomalies.
The AGG survey has successfully outlined multiple gravity low features, indicative of low-density clay-rich alteration zones. These findings are particularly significant as they coincide with fertile structural corridors previously identified through drilling and airborne magnetic surveys. The presence of these anomalies suggests a high potential for uranium mineralization in these areas.
Basin Energy is committed to advancing the Geikie Uranium Project and is excited to announce that an immediate follow-up drilling program is scheduled for Q1 2024. This program aims to further explore the identified targets and continue the company's successful exploration efforts in the region.
The Geikie Project, with its proximity to two regionally significant structures at Aero Lake and Preston Creek, and its association with extensive hydrothermal alteration, stands as a promising venture for Basin Energy. The company looks forward to providing further updates as the exploration progresses and more data becomes available.
Basin’s Managing Director, Pete Moorhouse, commented: “The Geikie Project is a geographically large area within an exciting, previously overlooked part of the prolific Athabasca basin.
Our first phase of drilling identified the key ingredients for Athabasca basement-hosted high-grade uranium, including significant alteration associated with regional structures along with the presence of uranium.
I’m delighted by the initial results from the survey, which has defined a series of strong coherent gravity lows falling on these structural zones indicating the potential for intense alteration – exactly what you need when looking for these large uranium deposits.
Whilst the technical team is conducting extensive modelling of this data to ensure the maximum effectiveness, we are now working toward the next phase of drilling scheduled for Q1 2024 and are extremely excited to get the rigs restarted at Geikie.”