Basin Energy Limited (ASX: BSN, “Basin” or “the Company”) is pleased to announce it has signed a binding agreement to acquire a 100% interest in a significant exploration portfolio located in Scandinavia, marking a major step in the Company’s strategy to expand its green energy metals footprint. This acquisition includes licenses in Sweden and reservations in Finland, adding highly prospective uranium and green energy metals assets to Basin’s portfolio.
Key Highlights of the Acquisition:
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Strategic Portfolio in Sweden and Finland: Basin will acquire projects in Sweden and Finland covering an area of approximately 185 square kilometers. These licenses and reservations target a range of metals critical to green energy, including uranium, copper, gold, silver, niobium, and rare earth elements.
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High-Grade Historical Results: Historical exploration data highlights substantial potential across the portfolio. Key findings include:
- Prästrun project rock chip samples with up to 0.45% U₃O₈, 1.2% Nb, 0.07% Ta, and 0.26% Zr.
- Virka project drill results from previous work showing 9 meters at 1,087 ppm U₃O₈ from 24.5 meters depth.
- Håkantorp project sampling indicating high-grade uranium with readings up to 1.59% U₃O₈ from waste dumps.
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Potential for New Discoveries: While some exploration was conducted in the 1980s, Basin’s acquisition offers the opportunity for modern, systematic exploration, leveraging advanced techniques to verify and expand upon previous findings.
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Advancement Plans: Basin plans to initiate an exploration program immediately, which includes engagement with local stakeholders, relogging historic drill cores, surface mapping, and sampling to further assess these promising Scandinavian projects.
The acquisition terms involve an all-scrip transaction with deferred milestone payments, helping Basin preserve cash for exploration efforts. Basin will issue 18.5 million shares and 4.6 million options to the vendor, with additional cash or share payments upon achieving significant resource delineation milestones.
Pete Moorhouse, Managing Director of Basin Energy, commented:
“Basin has been assessing opportunities since inception that fit the exploration criteria for potential world-class discoveries. We are excited to add this complementary portfolio to our existing asset base. The acquisition provides multiple near-surface targets for uranium and green energy metals, that can be advanced cost-effectively. Whilst exploration success was achieved in the 1980s, very little modern exploration has occurred. As of 2021, Sweden’s known uranium assets make up about 27% of Europe’s uranium resources.”
Moorhouse further emphasized the alignment of this acquisition with Basin’s broader strategy to support the global energy transition, saying, “We remain committed to advancing our existing uranium portfolio in the world-class Athabasca Basin, however, we also recognize the significant opportunity presented to Basin for broader exposure to uranium and green energy metal discoveries that are required to fulfil the metals void created by the global push toward decarbonisation.”
About us:
Basin Energy (ASX: BSN) is a green energy metals 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 and has recently entered an agreement to acquire a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au