Basin Mobilises for Phase 2 Drilling at Geikie Uranium Project

Basin Energy Ltd (ASX:BSN) (‘Basin’, or the ‘Company’) is pleased to provide an update on exploration activities at its Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin in Canada.

Key Highlights

• Exploration team and drilling crews have arrived on site to commence phase 2 drilling program at the Geikie Uranium Project.
• Up to 2,500 metres planned for a minimum of 8 drill holes.
• High priority shallow structural targets with gravity anomalies identified.
• Phase 1 drilling successfully identified an active uranium system, including GKI-002 which intersected 0.27% U₃O₈.
• Positive uranium market sentiment continues to build, with U₃O₈ SPOT price exceeding US$100/Lb.

Drilling contractors and exploration crews have now arrived on site to allow the commencement of phase two drilling (Figures 1 and 2). Maiden drilling completed in August 2023 successfully identified uranium mineralisation with assays up to 0.27% U₃O₈¹. Uranium mineralisation is located in proximity to two regionally significant structures at Aero Lake and Preston Creek, accompanied by extensive hydrothermal alteration characteristic of large uranium mineralising systems². Modelling and integration of the recently completed Airborne Gravity Gradiometer (‘AGG’) data have provided a series of high priority targets that warrant next phase drill testing. The AGG survey was designed to target areas of enhanced basement alteration associated with drill-defined uranium fertile structural corridors³.

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.”

Figure 1 (left): Exploration convoy arrives at the winter 2024 drill camp. Figure 2 (right): Geologist spotting the first drillhole collar.

Drilling Scope

The up to 2,500-metre drill program is expected to take approximately 6 weeks to complete. Drilling will be split between direct follow-up of targets associated with gravity lows adjacent to the anomalism identified in the maiden drilling campaign at Preston Creek and Aero Lake, along with regional exploration targets at the Hunter North and Johnson Lake prospects that have been derived from the integration of high resolution airborne radiometric, magnetic, electromagnetic and gravity data with geochemical sampling, structural mapping and critical observations from phase one drilling.

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