Basin Energy Limited (ASX:BSN), uranium exploration and development company, is excited to announce the commencement of Phase 2 drilling at its flagship Geikie Uranium Project, located on the eastern margin of the Athabasca Basin in Canada. This new phase of drilling marks a significant step forward in the exploration and development of the project, following the successful identification of uranium mineralisation in its initial drilling phase.
The exploration team, alongside drilling contractors, have arrived on-site, setting the stage for an ambitious drilling program that aims to further delineate the uranium potential of the Geikie project. The program plans for up to 2,500 metres of drilling across a minimum of eight drill holes, targeting high-priority shallow structural targets identified through recent geophysical surveys, including gravity anomalies.
Phase 1 drilling at the project was a resounding success, uncovering an active uranium system. Notably, drill hole GKI-002 intersected significant uranium mineralisation, assaying at 0.27% U3O8. This discovery, along with the positive uranium market sentiment and the U3O8 SPOT price exceeding US$100/Lb, underscores the project's potential and the timing of this next phase of drilling.
The Geikie Uranium Project benefits from its strategic location near two regionally significant structures, Aero Lake and Preston Creek, which are associated with extensive hydrothermal alteration indicative of large uranium mineralising systems. The integration of Airborne Gravity Gradiometer (AGG) data has been instrumental in refining the drill targets for this phase, focusing on areas with enhanced basement alteration and uranium fertile structural corridors.
The drilling campaign is expected to span approximately six weeks, with operations commencing at Preston Creek, before potentially moving to other high-potential areas such as Hunter North, Aero Lake, and Johnson Lake. The sequence of drilling will be adaptive, based on weather conditions, logistical considerations, and initial results.
Basin Energy Limited is committed to advancing the Geikie Uranium Project with a responsible and results-driven approach, aiming to contribute significantly to the global uranium supply chain amidst growing demand for clean energy sources. The company looks forward to sharing updates on the progress and outcomes of this exciting phase of exploration.
Basin’s Managing Director, Pete Moorhouse, commented:
“The commencement of follow-up drilling at Geikie has been eagerly awaited since the exciting results from our greenfield maiden program in 2023.
Our first 2 holes of 2024 will be following up on the phase one drilling at Preston Creek where we identified uranium anomalies and the key ingredients for an Athabasca basement-hosted high-grade uranium deposit, including significant alteration associated with regional structures. These observations combined with the subsequently acquired airborne gravity results leave us with some tantalising targets.Following this we will be heading to Hunter North to hit the first of our regional targets of 2024.
Meanwhile, elsewhere in the Athabasca Basin the ground crews have been making fantastic progress on our North Millennium and Marshall geophysical surveys. We eagerly await these results and will update the market as soon as possible.
We have no shortage of high-quality uranium targets in the world’s premier uranium district, which leaves us in an enviable position as interest in the uranium sector continues to build.”
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.