Perth, Australia – 30 July 2024 | Basin Energy Limited (ASX:BSN) ("Basin" or the "Company") is pleased to announce the confirmation of elevated uranium in multiple drill holes from the Phase 2 drilling program at the Geikie Uranium Project ("Geikie" or the "Project"), located on the eastern margin of the world-class Athabasca Basin in Canada.
Key Highlights:
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Elevated Uranium Findings: Elevated uranium has been confirmed in several drill holes within altered fault zones and favourable lithologies.
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Notable Pathfinders Identified: Key uranium pathfinder elements were identified beyond previously known zones at Preston Creek.
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Geochemical Results: Encouraging geochemistry results were observed within a structured alteration system comparable to world-class basement-hosted uranium deposits in the Athabasca Basin.
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Untested Potential: Approximately 1.5 km of strike length on the prospective Preston Creek gravity anomaly remains untested.
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Effectiveness of Targeting Methodology: Drilling confirms the prospectivity of the Geikie Project and the effectiveness of Basin's targeting methodology using multilayered geophysical datasets.
Phase 2 Drilling Geochemical Results: The Phase 2 drilling programme consisted of eight diamond drill holes across three prospect areas, totalling 2,295 metres. This program aimed to follow up on the success of the 2023 maiden drilling program and to test high-priority gravity anomalies identified in the 2023 Airborne Gravity Gradiometer (AGG) survey.
Drilling at Preston Creek was highlighted by a wide quartz-rich fault zone showing cataclastic reactivation, intense hydrothermal fluid activity, redox-style alteration, and localised elevated radiometry. Drill hole observations suggest that the previously identified gravity low in the Preston Creek target area is related to a broad hydrothermal fluid system, which remains untested to the northeast.
Pete Moorhouse, Managing Director of Basin Energy, stated: “Confirming elevated uranium and pathfinder elements at Preston Creek in conjuncture with key structures and intense alteration patterns reaffirms the strategic direction we’ve pursued advancing exploration programs at Geikie. Drilling at Preston Creek has demonstrated the scale and style of structure and alteration typical of basement-hosted uranium mineralisation in the region. Moving forward, we will capitalise on these results to refine our exploration model and prioritise future exploration targets. Phase 2 drilling demonstrated that the gravity survey successfully delineated an area of extensive alteration at Preston Creek within a wide complex structural corridor with uranium anomalism detected. This 1.5 km strike gravity low system has the scale and key elements which demonstrates good potential and remains untested to the northeast. Additionally, numerous regional gravity anomalies remain untested on the property. Needless to say, our team is very excited for the next round of exploration at Geikie.”
Geikie Project Next Steps: The intensity and scale of the alteration and structure intersected in 2024 at Preston Creek have significantly upgraded the prospectivity for basement-hosted high-grade uranium mineralisation. Future drilling will focus on continued testing of the gravity anomaly along strike to the northeast, as well as testing up-dip or down-dip extensions in zones of structural activity. Several satellite targets remain to be tested on the property comprising gravity low anomalies coincident with key cross-cutting structural features identified through high-resolution magnetic data.
About us:
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au
