Basin Energy Limited (ASX:BSN) (“Basin” or the “Company”), a pioneering force in the uranium exploration sector, is excited to announce the upcoming commencement of its Phase two drilling program at the Geikie Uranium Project (“Geikie” or the “Project”), slated to begin in Q1 2024.
Key Details of the Phase Two Drilling Program:
- The program plans for an extensive 2,000 meters of drilling, distributed across a minimum of 8 drill holes.
- High-priority shallow structural targets have been identified, featuring notable gravity anomalies.
- The first phase of drilling was a resounding success, notably with drill hole GKI-002 intersecting 0.27% U3O8, confirming the presence of an active uranium system.
- Multiple tenders have been received for key contractor roles, enabling the mobilization of resources to commence in early February.
- The uranium market continues to show positive sentiment, with the U3O8 SPOT price surpassing US$85/Lb, bolstering the project's potential.
The Geikie Project, located on the eastern margin of the globally renowned Athabasca Basin in Canada, has shown promising signs of significant uranium mineralization. The maiden drilling completed in August 2023 was a landmark achievement, successfully identifying uranium mineralization with assays up to 0.27% U3O8. This mineralization is strategically situated near two regionally significant structures at Aero Lake and Preston Creek. These areas are characterized by extensive hydrothermal alteration, indicative of large uranium mineralizing systems.
The integration and modeling of the recently completed Airborne Gravity Gradiometer (AGG) data have been instrumental in identifying a series of high-priority targets for the next phase of drilling. The AGG survey was meticulously designed to target areas of enhanced basement alteration associated with uranium fertile structural corridors as defined by drilling.
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin is preparing for a busy winter exploration season at its Athabasca uranium projects. We are excited to be following up on the success of our phase one drilling at Geikie, which intersected significant uranium mineralisation, with a robust phase two drill program.
Our first phase of drilling identified uranium mineralisation and the key ingredients for an Athabasca basement-hosted high-grade uranium deposit, including significant alteration associated with regional structures. Our AGG survey then defined a series of compelling gravity lows indicating the potential for intense alteration. This combined data leaves us with very exciting drill targets that we are eager to move forward on in phase two of drilling.
Also, the recent news of consolidation in the Eastern Athabasca further supports our interpretation of the prospectivity of this previously overlooked part of the prolific Athabasca Basin.
We are continuing to see a very positive sentiment in the uranium space with the uranium spot price now at 15 year highs. Basin is extremely well positioned to capitalise on this through the exploration of its projects in the world-class Athabasca Basin.”
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.