Basin Energy Limited (ASX:BSN), a leading uranium exploration company, is excited to announce the commencement of its winter exploration activities across its Athabasca uranium projects. This significant step marks the beginning of a series of comprehensive exploration programs aimed at uncovering the potential of the Athabasca Basin, a region renowned for its rich uranium deposits.
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin is taking an aggressive approach to its winter exploration program with teams back on the ground following the holiday season. 2024 is setting up to be a big year for the Company as the uranium market continues to heat up. We have no shortage of targets in the world’s premier uranium district which we will be systematically testing.
Ground EM is being conducted at North Millennium and Marshall, as we look to explore for repeats of Cameco’s Millennium deposit located just 7 kms to the south. This will pave the way for rapid follow up drilling of these targets.
Preparations for phase 2 drilling at Geikie are now well advanced and we are excited to be following up on the success of our phase 1 drill program, which intersected the key ingredients for Athabasca basement-hosted high-grade uranium deposits. We are happy to have secured the services of Athabasca Catering Limited Partnership and ITL Drilling to conduct the drilling for phase 2. The team completed the phase 1 program for Basin and demonstrated exceptional capabilities.”
Ground Electromagnetic Survey at North Millennium and Marshall Projects
The company has initiated a substantial ground electromagnetic (EM) survey at the North Millennium and Marshall projects. This high-resolution Stepwise Moving Loop Time-Domain EM survey, conducted over approximately 100-line kilometres, is expected to be completed in 6 weeks, with results anticipated in early Q2 2024. The survey aims to progress these projects to drill-ready status, exploring the potential repetitions of Cameco’s Millennium deposit, located merely 7 kilometres to the south.
Exploration Drilling at Geikie Project
In addition to the EM survey, Basin Energy has signed key contracts for the upcoming exploration drilling at the Geikie project, scheduled to begin in February. This phase 2 drilling, following the 2023 greenfield success, targets shallow mineralisation (<300 metres) and plans for up to 2,500 metres across a minimum of 8 drill holes. The drilling services have been awarded to Athabasca Catering Limited Partnership, in partnership with ITL Diamond Drilling Ltd., showcasing Basin’s commitment to engaging with First Nations-owned businesses.
Positive Market Sentiment and Previous Successes
The commencement of these exploration activities coincides with a positive sentiment in the uranium market, as the U3O8 SPOT price has recently exceeded US$105/Lb. Basin’s 2023 maiden drill program at the Geikie project identified significant fault systems and hydrothermal alteration patterns, with assay results revealing anomalous uranium and pathfinder element anomalism. The acquisition of high-resolution Airborne Gravity Gradiometer (AGG) data further enhances Basin’s exploration capabilities, highlighting gravity low anomalies coincident with key structural features.
A Strategic Step Forward
Basin Energy’s exploration activities represent a strategic step forward in unlocking the potential of the Athabasca Basin’s uranium resources. The company’s commitment to thorough and responsible exploration is evident in its approach to the North Millennium, Marshall, and Geikie projects. With these initiatives, Basin
Energy aims to contribute significantly to the global uranium supply, capitalizing on the increasing demand for clean and sustainable energy sources.
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.