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Basin Energy Limited (ASX:BSN) – DRILLING AT GEIKIE IDENTIFIES 1.5KM ALTERATION ZONE TYPICAL OF BASEMENT-HOSTED MINERALISATION

Basin Energy Limited (ASX:BSN) 2 mins read

28 May 2024 – Basin Energy Limited (ASX: BSN), an ASX listed uranium exploration and development company, is thrilled to report the successful completion of its Phase 2 drilling program at the Geikie Uranium Project, located on the eastern margin of the prestigious Athabasca Basin in Canada. This latest drilling campaign has identified a significant 1.5km alteration zone, indicative of high-grade, basement-hosted uranium mineralisation, underscoring the high prospectivity of the Geikie Project.

Key Highlights from the Drilling Program:

  • Extensive hydrothermal fluid alteration typical of significant uranium deposits observed along a 1.5km zone.
  • The alteration and structures at Preston Creek compare favorably with world-class basement-hosted uranium deposits in the Athabasca Basin.
  • Phase 2 included 8 diamond drill holes, totaling 2,295 metres, pinpointing extensive alteration and validating the effectiveness of Basin's targeting methodology, which utilizes multilayered geophysical datasets.

Basin’s Managing Director, Pete Moorhouse, commented:

“We have now completed ten drill holes over two drilling campaigns at the Preston Creek area of our Geikie Project. All six drillholes located in the southern part of the prospect have returned localised elevated radiometry with incredible structure and alteration. 

Phase 2 drilling demonstrated that the gravity survey successfully delineated an area of extensive alteration at Preston Creek. The system encountered at Preston Creek compares remarkably well to other world class uranium deposits identified in the Athabasca Basin and this is extremely exciting. As you can see, we have demonstrated in the core photos shown in this news release how well Preston Creek compares. Our team is very optimistic that the style and scale of this alteration system is reminiscent of other high-grade uranium deposits in the Basin and is highly anticipating the next round of field work.

We will keep our shareholders and stakeholders informed on additional results, including relevant geochemical data and geological interpretations, along with the next exploration stages for the Geikie Project. We believe that with continued exploration, the Geikie Project holds immense promise for the future.

Finally, I want to express my gratitude to our dedicated team and contractors for their hard work and expertise throughout this drilling program. Their commitment to excellence has been instrumental in achieving these results.”

Basin’s Exploration Manager, Odile Maufrais, commented:

“The 2024 drilling program has clearly demonstrated that the Preston Creek area hosts a complex structure-related alteration system analogous to basement-hosted uranium deposits in the Athabasca or Thelon Basins. These results significantly upgrade the Preston Creek target area providing multiple compelling follow-up targets to continue testing the wide gravity low anomaly along strike.

We are still awaiting geochemical results which we believe will be critical to interpreting this system and allowing preparation to commence further drill testing.”

Further details revealed that all six drill holes in the southern part of the prospect returned localized elevated radiometry, with notable geological structures and alterations. The gravity survey utilized effectively delineated an extensive alteration system, aligning with the targeting strategy and proving the region's potential for further uranium discoveries.

Upcoming Exploration Initiatives

Basin Energy plans to continue its exploration efforts at Geikie, with additional drilling aimed at testing the gravity anomaly along strike to the northeast and further assessing the extensive alteration system. The company remains dedicated to advancing its understanding of the region’s geology and potential resource base.

 


About us:

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.


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

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