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Basin Energy Ltd (ASX:BSN) (‘Basin’, or the ‘Company’) is pleased to provide a progress update on winter exploration activities on its Athabasca uranium projects (collectively the ‘projects’ or ‘portfolio’). Field work has now commenced for Basin’s winter program across the entire of Basin’s land portfolio. A high-resolution ground Stepwise Moving Loop Time-Domain Electromagnetic (‘EM’) survey is now underway at the North Millennium and Marshall projects, and final preparations are being made for phase 2 drilling at the Geikie project.
Key Highlights
- Athabasca Basin Uranium Exploration programs commenced.
- Significant ground electromagnetic survey initiated at North Millennium and Marshall projects.
- Exploring for potential repetitions of Cameco’s Millennium deposit (104.8Mlb at 3.8% U3O8) 1 located 7 kilometres to the south.
- Key contracts signed for February exploration drilling at Geikie project.
- Phase 2 drilling targeting shallow (<300 metre) mineralisation in direct follow up to 2023 greenfield success.
- Up to 2,500 metres planned for a minimum of 8 drill holes.
- Positive uranium market sentiment continues to build, with U3O8 SPOT price exceeding US$105/Lb2.
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin is taking an aggressive approach to its winter exploration program with teams back on the ground following the holiday season. 2024 is setting up to be a big year for the Company as the uranium market continues to heat up. We have no shortage of targets in the world’s premier uranium district which we will be systematically testing.
Ground EM is being conducted at North Millennium and Marshall, as we look to explore for repeats of Cameco’s Millennium deposit located just 7 kms to the south. This will pave the way for rapid follow up drilling of these targets.
Preparations for phase 2 drilling at Geikie are now well advanced and we are excited to be following up on the success of our phase 1 drill program, which intersected the key ingredients for Athabasca basement-hosted high-grade uranium deposits. We are happy to have secured the services of Athabasca Catering Limited Partnership and ITL Drilling to conduct the drilling for phase 2. The team completed the phase 1 program for Basin and demonstrated exceptional capabilities.”
Winter 2024 Geophysics
The North Millennium and Marshall projects are located in the southeastern portion of the Athabasca Basin and situated 7 km north of Cameco’s Millennium uranium deposit, host to 104.8 million pounds U3O8 at 3.76%3 and just 40 kilometres from the prolific McArthur River Mine host to 674.9 million pounds U3O8 at 17.0%4.
Figure 1: Basin’s North Millennium and Marshall uranium project locations
A ground-based high-resolution Stepwise Moving Loop Time-Domain EM survey consisting of around 100-line kilometres has commenced, with Discovery International Geophysics Inc. conducting the work. The program is expected to take approximately 6 weeks to complete, with results due in early Q2 2024. The survey is the final step at North Millennium and Marshall to progress the projects to a drill ready status.
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This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Basin Energy
Overview
Basin Energy (ASX:BSN) completed an IPO in October 2022 and is well-positioned as a uranium exploration and development company to take full advantage of the current political and economic environment for the global supply of uranium. The company operates three projects in the world-class Athabasca Basin in Saskatchewan, Canada, known as the world’s leading source of high-grade uranium, currently accounting for approximately 10 percent of global uranium production. The company’s projects are in close proximity to high-grade uranium discoveries and mining operations within the Athabasca Basin.
Interest in uranium has skyrocketed in recent months, driven by the need for lower emissions and stable power generation. Nuclear reactors provide significant power for 32 countries globally, including the US, Canada, China, France, Hungary, Japan and Finland.
Demand has become a key driver of uranium prices, with Sprott Asset Management further enhancing demand by launching two investment vehicles that have already found rapid success: Physical Uranium Trust (TSX:UUN) and Uranium Miners ETF (ARCA:URNM). Combined, existing demand and investment interest create a compelling opportunity for uranium miners and their investors.
In an interview with INN, founding director Peter Bird said, "It's hard to look past the Athabasca Basin as the premium mining jurisdictions for large, high-grade uranium deposits. The region also ranks highly as one of the most stable mining jurisdictions worldwide, which is an increasingly important factor given the current scrutiny on the source of uranium.”
Basin Energy has expanded its portfolio of potential world-class discoveries with the acquisition of projects in Sweden and Finland prospective for multiple commodities including uranium, copper, gold, silver, niobium and rare earth elements. The Scandinavian assets include the Virka project, along with its highly prospective satellite prospects Björkberget and Rävaberget. Exploration activities within the project include drilling across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and limited geochemical core sampling being completed.
Company Highlights
- Basin Energy is a uranium exploration and development company with three highly prospective projects in the world-renowned Athabasca Basin in Canada, known for being a consistent top three global uranium producer.
- Basin Energy’s board, management team and joint venture partner have direct extensive experience in uranium exploration and development along with comprehensive expertise in corporate financing, investment banking and geology. The company’s highly prospective uranium exploration portfolio comprises:
- The Geikie Project - located on the eastern margin of the Athabasca Basin occupying an extensive land position of 351 square kilometers, showing multiple uranium and uranium pathfinder occurrences, and is prospective for shallow, high-grade mineralization with maiden drilling identifying uranium up to 0.27 percent;
- The North Millennium Project - an interpreted extension of the Mother Fault that hosts Cameco’s Millennium Deposit (104.8 Mlb U3O8 3.76 percent), located just 7 kilometers to the south; and
- The Marshall Project - located only 7 kilometers west of Cameco’s Millennium deposit centered on a strong magnetic and conductive anomaly interpreted as a significant unconformity-type uranium target.
- Basin Energy is committed to sustainable development throughout its operations, aiming to minimize environmental impact from all stages of the exploration and development cycle.
Key Projects
Basin has interest in and is actively exploring three highly prospective properties positioned in the southeast corner and margins of the Athabasca Basin, an area well known for its uranium endowment and pedigree. These are the Geikie (60 percent, North Millenium (40 percent) and Marshall (100 percent) projects.
The project portfolio provides exposure to traditional “unconformity style” exploration, targeting the same mineralisation model as Cameco’s (TSE:CCO) prolific McArthur River mine which hosts 674.9Mlb uranium at 16.9 percent at its North Millenium and Marshall projects, as well as exposure to potentially shallower “basement style” exploration targeting deposits similar to NexGen Energy’s (TSE:NXE) Arrow deposit which hosts 30.61Mlb uranium at 4.6 percent.
Geikie Project
The Geikie Project covers a significant area of 351 square kilometers on the eastern fringe of the Athabasca Basin and is easily accessible from Highway 905, which is located just 10 kilometers to the east. This portion of the Athabasca Basin is deemed perspective for shallow “basement style” mineralisation, but has traditionally been overlooked from much of the previous campaigns of uranium exploration. The discovery of multiple basement-hosted uranium ore bodies in recent years elsewhere in the district has driven a focus on the area.
The project was initially prioritized following a targeting review utilizing historical geophysics. Historical geochemistry confirmed the presence of uranium and suitable host lithologies. Recent nearby high-grade, shallow uranium discoveries by 92 Energy (ASX:92E) and Baselode Energy (TSXV:FIND), further enhance the overall prospectivity of the asset.
Project Highlights:
- Exploration underway: Basin Energy has completed mapping, geochemical sampling, airborne geophysics and maiden drilling. Further drilling is planned for 2024-.
- Shallow targets amenable to rapid exploration: Target horizon sits directly beneath glacial cover, in what was historically an overlooked part of the district.
- Nearby high-grade discoveries: The proximity of recent discoveries creates further confidence in the prospectivity of the project geology, being located adjacent to two recent discoveries:
- 92 Energy’s Gemini discovery 43 meters at 0.6 percent eU3O8 including 6 meters at 2.2 percent U308.
- Baseload Energy’s AKIO discovery was 13.2 meters at 0.55 percent U3O8 including 6.3 meters @ 0.99 percent U3O8.
- Presence of uranium: The maiden drilling program intersected anomalous uranium in four of the eight holes drilled, with assays returning up to 0.27 percent U3O8.
- Extensive scale: Geophysical data, combined with drilling data demonstrates significant scale opportunity with over 30 metres of intense alteration and brecciation intersected in drilling, that can be correlated to regional structural features identified in magnetics. This provides immediate follow up targets.
Since its IPO, the company has completed an extensive campaign of high resolution modern airborne geophysics including magnetics, radiometrics, electromagnetics and gravity gradiometry, as well as initial ground prospecting. These surveys have confirmed the pre-IPO geological interpretation and successfully identified a series of uranium targets.
Basin Energy completed its maiden 2,217-meter drilling program at Geikie in the summer of 2023, the first drilling to occur within the Project area in over 50 years. Drilling successfully identified uranium mineralisation with assays up to 0.27 percent U3O8. Uranium mineralisation is located proximal to two regionally significant structures at Aero Lake and Preston Creek with associated extensive hydrothermal alteration indicative of large uranium mineralising systems. Furthermore, an extensive geochemical pathfinder halo has been identified at Preston Creek, characteristic of uranium mineralising systems seen elsewhere in the district.
The company further expanded the Geikie Project with two additional claims consisting of 11.87 square kilometers, bringing the total Geikie project area to 350.87 square kilometers. The newly staked claims are adjacent to the Preston Creek and Hourglass Lake prospects, where Basin’s maiden exploration drilling is underway.
The company currently owns 60 percent of the Geikie Uranium Project following the fulfillment of expenditure requirements to meet the option payment. Basin has elected to proceed with the option agreement to increase its ownership to up to 80 percent through earn-in stages.
North Millennium Project
North Millennium is located just 7 kilometers north of Cameco’s (NYSE:CCJ) Millennium Deposit, which contains 104.8 million pounds (Mlb) U3O8 at 3.76 percent, and 40 kilometers southwest of their flagship McArthur River Mine hosting 674.9 Mlbs U3O8 at 16.9 percent. Within the property, Basin Energy has identified two high-priority targets along a 5-kilometer corridor for initial priority exploration. The initial target is where an interpreted extension of the Millennium Mother Fault intersects a strong basement conductor.
Project Highlights:
- Favorable geology: The interpreted structural and stratigraphic geology has strong similarities with some of the major uranium deposits within the Athabasca, such as a basement conductor trend disrupted by an interpreted extension of the Millennium Deposit Mother Fault.
- Proximity to known mineralization and recent discoveries:
- Located 7 kilometers north of Cameco’s Millennium deposit
- Drilling to the south of the project, proximal to the Millennium Deposit Mother Fault intersected uranium and uranium pathfinder elements.
- A drill hole on a nearby property completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign. Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling
- Targeted ground geophysics
Marshall Project
Located in the southeast corner of the Athabasca Basin, the Marshall Project has received limited historic exploration between 1979 and 2009, which included surface geochemistry, electromagnetic surveys and ground geophysics.
The Marshall Project contains a strong magnetic and conductive structure indicative of an unconformity-type uranium target, the asset’s primary target. Recently completed modern 3D inversion and processing works of historical geophysical data identified multiple geophysical anomalies above and below the Athabasca unconformity within the sandstone and basement stratigraphy at the Marshall Project.
Project Highlights:
- Significant geophysical anomalies: Interpretation of historical geophysical data suggests a metasedimentary basin with a graphitic basal unit, cross-cut by a magnetic and conductive NE/SW structure – indicative of a geological setting suitable for high-grade uranium mineralization.
- Proximity to known mineralization and recent discoveries:
- Located 10 kilometers west of Cameco’s Millennium deposit
- A drill hole along strike at the McArthur West project, completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign.
- Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling as merited
Management Team
Blake Steele - Non-executive Chairman
Blake Steele is an experienced metals and mining industry executive and director with extensive knowledge across public companies and capital markets. He was formerly president and chief executive officer of Azarga Uranium (Azarga), a US-focused integrated uranium exploration and development company. He led Azarga into an advanced stage multi- asset business, which was ultimately acquired by enCore Energy (TSX.V:EU) for C$200 million in February 2022.
Pete Moorhouse - Managing Director
Pete Moorhouse has 18 years of mining and exploration geology experience with extensive experience in the junior uranium sector, having spent over 10 years with ASX-listed uranium explorer and developer Alligator Energy (ASX:AGE). He holds significant competencies in evaluating, exploring, resource drilling and feasibility studies across many global uranium and resource projects.
Jeremy Clark - Non-executive Director
Jeremy Clark has over 19 years of mining and exploration geology experience. He previously held technical and management roles at the recognized consultancy firm RPM Global for over 13 years, gaining experience across a number of uranium, base metals, and precious metals deposits globally. Subsequent to RPM, Clark established his own boutique geological consultancy firm, Lily Valley, focused in regards to compliance-related issues, IPOs and M&A.
Cory Belyk - Non-executive Director
Cory Belyk holds 30 years’ experience in exploration and mining operations, project evaluation, business development and extensive global uranium experience most recently employed by Cameco in the Athabasca Basin. He was a member of the exploration management team that discovered Fox Lake & West McArthur uranium deposits. Currently CEO/VP of Canadian Athabasca uranium explorer and project generator, CanAlaska (TSXV:CVV).
Peter Bird - Non-executive Director
Peter Bird is an investment banking professional with experience leading and managing a variety of global transactions including IPOs, Capital Raises and M&A Currently working with New York based investment fund, where he provides strategic funding solutions to a variety of international clients. He previously held the role of associate director at a Perth-based boutique corporate advisory firm focused on natural resources.
Ben Donovan - NED/ Company Secretary
Ben Donovan has over 22 years of experience in the provision of corporate advisory and company secretary services. He holds extensive experience in ASX listing rules compliance and corporate governance and has served as a Senior Adviser to the ASX for nearly 3 years Currently CoSec to several ASX listed resource companies including M3 Mining (ASX:M3M), Magnetic Resources (ASX:MAU) and Legacy Iron Ore (ASX:LCY).
Odile Maufrais - Exploration Manager
Odile Maufrais is an exploration geologist with over 14 years of experience and has an extensive understanding of the uranium exploration and mining industry, having worked at ORANO, one of the largest global uranium producers for 12 years on various assignments in Canada, Niger, and France. Maufrais has significant Athabasca Basin-specific experience, being involved on over 15 greenfield and brownfield uranium exploration projects located throughout the Basin. Her most recent roles for ORANO comprised leading various uranium exploration campaigns and being an active member of the ORANO research and development team, which involved working on trialing and implementing cost-effective and streamlined drilling techniques within the Athabasca Basin. She also played a key role in the update of the National Instrument 43-101 compliant mineral resource estimate for the Midwest Main and Midwest A deposits. Maufrais holds a Master of Science from Montpellier II University, France.
Heavy REEs Terbium and Dysprosium from Korsnäs
- Further impressive assay results received from 307 samples, 25 historical drill holes
- Assays include heavy REEs (Terbium (Tb) and Dysprosium (Dy)) results up to 86 ppm and 313.4 ppm respectively
- Numerous high grade and broad REE intersections are reported, such as:
- KR-272: 11.4m @ 13,383 ppm TREO1 from 102.7 (NdPrO2 3,982 ppm)
Including4.0m @ 32,831 ppm TREO from 106.7m
(40.9 ppm Tb4O7; 227.4 ppm Dy2O3; 9,943 ppm NdPrO) - SO-187: 17.4m @ 9,798 ppm TREO from 0.0m (NdPrO 3,087 ppm)
Including3.0m @ 48,465 ppm TREO from 11.4m
(86.0 ppm Tb4O7; 313.4 ppm Dy2O3; 15,557 ppm NdPrO)
- KR-272: 11.4m @ 13,383 ppm TREO1 from 102.7 (NdPrO2 3,982 ppm)
- The tables of REE Mineralised Zones >1,000 ppm TREO (in the announcement below) detail many more results worthy of attention
Prospech Managing Director, Jason Beckon, commented:
"Korsnäs keeps delivering standout results, with recent recognition of high grade zones rich in critical Heavy Rare Earth Elements (HREEs) like dysprosium (Dy) and terbium (Tb).
While Korsnäs is primarily a carbonatite-associated deposit known for valuable magnet REEs such as neodymium (Nd) and praseodymium (Pr), the presence of significant Dy and Tb mineralisation is a major advantage. These heavy REEs are crucial for producing high strength magnets which hold up under high temperatures and perform reliably in demanding applications like electric vehicles, wind turbines and high-efficiency motors.
With current supply disruptions in China, securing a stable source of these materials is more important than ever. Prospech is looking to meet this need, positioning itself as a dependable future supplier of magnet critical HREEs. Our commitment to thoroughly assessing these enriched zones at Korsnäs reflects our confidence in the project’s potential and our determination to support the growing global demand for sustainable energy technologies. By developing Korsnäs as a secure supply source, we are not just meeting immediate industry needs; we’re playing a key role in strengthening the resilience of global rare earth supply chains for the long term."
Initially developed as a lead mine, the Korsnäs project also hosts extensive rare earth element (REE) zones, which remain open both along strike and at depth. The site features a series of layered carbonatite zones, each up to 20 metres thick and separated by 50 to 100 metres along the strike. These REE enriched zones correlate with gravity anomalies, represented as orange ellipses on the included plan. So far, five such anomalies have been identified, extending over a strike length of more than 5 kilometres.
Focusing on REE mineralisation, the Company has conducted a comprehensive REE sampling program on the historic Korsnäs core stored by GTK at their data facility. Assay results have been reported in ASX announcements on 11 May 2023, 14 June 2023, 5 September 2023, 24 October 2023, 21 November 2023, 12 December 2023, 16 January 2024, 5 February 2024, 26 March 2024, 4 July 2024 and 4 November 2024.
Map showing the locations of drilling at Korsnäs. Newly reported holes are marked with red circles, previously reported holes with additional new assays are represented by blue triangles. Gravity-low anomalies are indicated by orange ellipses.
Presented below are two tables of assay intersections from the latest batch. The first table lists intersections from newly assayed holes that have not been reported before. The second table (in two parts) includes intersections from previously reported holes, now updated with additional assays from the margins of mineralised zones.
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This article includes content from Prospech Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ultra-High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb
Highlights
- Rock chip samples from the Alturas Antimony project in British Columbia, Canada, have returned outstanding ultra-high grade Antimony assays, including:
- 69.98% Sb – sample ALT24-PS-R003
- 67.96% Sb – sample ALT24-JL-R004
- 49.98% Sb – sample ALT24-JL-R005
- 47.97% Sb – sample ALT24-JL-R002
- 45.55% Sb – sample ALT24-JL-R003
- 44.45% Sb – sample ALT24-PS-R002
- 37.39% Sb – sample ALT24-PS-R004
- 28.81% Sb – sample ALT24-PS-R005
- 20.89% Sb – sample ALT24-JL-R009
- 20.17% Sb – sample ALT24-PS-R001
- 18.01% Sb – sample ALT24-JL-R007
- 16.77% Sb – sample ALT24-JL-R010
- 14.75% Sb – sample ALT24-JL-R001
- 12.42% Sb – sample ALT24-PS-R006
Pure Stibnite, Antimony Ore contains 71.4% Sb
- Additional ground totaling 3.3 km2 has been strategically staked to the east and west of the property, offering further potential to expand the mineralised footprint.
- 105 tonnes of Antimony ore, averaging 57.20% Sb has been historically sold from the Alps- Alturas Antimony Mine on this property.
- Since the execution of the option agreement for the Alturas project, the price for Antimony has reached US$36,000 per metric ton as of October 25, 2024, from approximately US$24,000 per metric ton at the time of acquisition. This significant price increase has been driven by supply constraints arising from new export controls on antimony announced by China in September 2024.
- Malachite stained rock chip from copper-bearing boulder field returned up to 0.96% Cu, offering potential for copper mineralisation beneath the surface.
- Drilling underway at Brazilian REE projects with assay results pending.
Equinox Resources Managing Director, Zac Komur commented:
We are thrilled to announce our latest exceptional exploration results, revealing extraordinary antimony assays that highlight the immense potential of the Alturas Project. Rock chip samples have returned grades as high as 69.98% antimony (Sb), establishing some of the world's highest reported natural stibnite (Sb2S3) grades. Considering that pure stibnite contains 71.4% antimony, these findings confirm Alturas as a truly unique and valuable asset.
By strategically expanding our footprint with additional claims to the east and west, we are positioned to explore beyond the known mineralisation. The discovered copper zone, with rock chips grading at 0.96% Cu, along with an extensive shear system, further solidifies Alturas as an outstanding opportunity. This project offers us a rare chance to unlock substantial value by systematically exploring an underexplored, ultra-high-grade asset in a mining-friendly jurisdiction.
We’re also continuing drilling at our Mata da Corda Titanium and Campo Grande Rare Earth Projects in Brazil, with assays pending.”
Reconnaissance Sampling
In September 2024, Equinox Resources conducted a maiden reconnaissance sampling campaign at the Alturas Antimony Project to evaluate the potential for high-grade antimony and associated polymetallic mineralisation along the extensive shear zone. The objectives of the reconnaissance campaign were to map and sample key structures by focusing on the 1.5 km shear zone, identified as the main mineralising structure, and to assess antimony concentrations in rock chip samples across newly identified dilation zones and extensions.
Figure 1: Location diagram of rock chip and soil samples taken with mapped shear zone identified
Figure 2: Assay results concentrated across the shear zone (Sb grades greater than 1%)
Project Overview
The Alturas Antimony Project is located in the Slocan Mining Division of British Columbia, Canada, approximately 15 kilometers northeast of New Denver. The project area is situated within a favorable geological setting, featuring a 1.5 km shear zone with polymetallic potential, including antimony, copper, and silver. The tenements cover the historic Alps-Alturas mine, an Antimony mine which operated between 1916 and 1926 selling ultra-high grade Antimony, averaging 57.2% Sb and up to 59.50% Sb. On 10 September 2024, Equinox Resources entered into a 12-month option to acquire 100% interest in all three tenements.
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This article includes content from Equinox Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Woomera Completes Maiden Drilling Program at Bronze Fox Copper-Gold Porphyry Project
- Woomera’s first drill programme at the Bronze Fox Project in Mongolia has been completed.
- 16 Diamond drill holes were completed for a total of 2516m.
- Drilling largely focussed on shallow infill and extension drilling with a single deeper hole (F109/916.4m) testing a coincident geophysical/structural target.
- The target porphyry was intersected in all holes with assays due late December/early January.
- Woomera can earn an 80% interest in the Bronze Fox Project by spending US$4m on exploration (with an election to acquire 100%).
Assays for the program are expected to be available in late December 2024 or early January 2025. Woomera can earn an 80% interest in the Bronze Fox Project from Kincora Copper Limited (ASX: KCC) by expenditure of US$4m and has to the right to acquire a 100% interest.
Figure 1: Drilling at Bronze Fox
Figure 2: Field work at Bronze Fox
BRONZE FOX PROJECT
The Bronze Fox Project covers 175km2 and is located in the Southern Gobi porphyry belt of southern Mongolia, approximately 450km south of the capital Ulaanbaatar. It represents an opportunity to secure a 100% interest in an underexplored world-class porphyry copper project with genuine Tier-1 potential. Drilling by Kincora totalling 46,625 metres of Reverse Circulation and Diamond Core drilling has defined three shallow, large porphyry complexes, providing genuine new discovery potential, resource delineation and early-stage exploration plays.
The Bronze Fox Project contains the West Kasulu Inferred Mineral Resource of 194.1Mt at 0.26% Copper Equivalent (CuEq), at a 0.2% CuEq cut-off to a depth of approximately 325m below surface and an Exploration Target of between 100Mt and 300Mt at 0.25 to 0.35% CuEq.20221
The Bronze Fox Project is located proximal to several world class mineral deposits including Oyu Tolgoi, Kharmagtai, Tsagaan Suvarga and Tavan Tolgoi (see Figure 3).
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This article includes content from Woomera Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Kurundi Main Assay Results Tennant Creek
- TTRC098: 9m @ 1.62g/t Au from 49m including 1m @ 12.75g/t Au from 53m.
Other high-grade results include:
- TTRC103: 3m @ 8.3g/t Au from 35m including 1m @ 16.25/t Au from 36m at the central main zone.
- TTRC092: 5m @ 2.14g/t Au from 38m including 1m @ 6.39g/t Au from 40m at the central main zone.
- TTRC110: 2m @ 5.11g/t Au from 44m including 1m @ 6.33g/t Au from 45m at the northern workings
Also, a possible new style of mineralisation on a porphyry-basalt contact, footwall to the central main mineralized zone has been identified (requires further investigation - see Central Target Area section below) with an intersection of:
- TTRC103: 2m @ 10.93g/t Au from 51m including 1m @ 20.75g/t Au from 51m.
All intersections are stated as down hole widths which are close to true width for the Kurundi Main structure. A second phase of drilling has commenced to test the new southern high-grade zone and continue exploring the other Kurundi Main targets.
Figure 1: Kurundi Main Prospect 2024 drilling (blue dots) with best new results (yellow labels). 2022 drilling shown as black dots.
A total of 28 RC holes for 1,986m have been completed (results listed in Table 2) testing 3 main targets: (1) northern and southern extensions of the Kurundi structure up to 1km from the central main workings, (2) testing the plunge of the central high-grade shoot intersected in 2022 drilling, (3) testing mineralisation deeper under the central main workings.
Central Target Area:
Drilling has confirmed a southerly plunge to the central main high grade gold mineralisation identified in 2022 drilling with TTRC0103 and TTRC092 intersecting high grade gold mineralisation (Figure 2). Also, TTRC103 intersected an unexpected high grade gold zone of mineralisation footwall to the central main zone, on the contact between the basalt host rock and a porphyry intrusive unit (cross section in Figure 3). Due to the lack of structure and alteration being visible in the drill chips the result was initially perceived as a sampling error (2 composite samples from this interval returned anomalous results). However, re-assaying of the pulps followed by resampling at 1m intervals confirmed the presence of gold mineralization and eliminated possible sampling and laboratory errors. This possible new style of mineralisation will be investigated thoroughly with reinterpretation, drill hole relogging, multi element analysis, petrography and drilling to understand possible orientations, further targeting and to eliminate the possibility of down hole contamination of samples during the drilling of TTRC103.
In the Central Target Area KRR’s previous 2022 drilling only tested to a vertical depth of 40m. Four new holes have now been drilled to test a vertical depth of 65m. All holes intersected strong structure, alteration and veining confirming the continuation of the central target zone at depth. TTRC105 intersected a broad zone of veining and alteration and returned 10m @ 0.32g/t Au including 1m @ 0.98g/t Au from 68m with mineralisation open at depth and to the south, shown in the long projection below (Figure 2). The presence of strong veining and shearing at depth across the strike of the central zone is very encouraging for further, deeper drilling.
Figure 2: Long projection of the Central Main Kurundi mineralized zone beneath the central workings area. View is perpendicular to the main vein which dips approximately 35o towards 215o. New results shown in yellow boxes, 2022 results shown in grey boxes, light purple box is for the footwall intersection.
TTRC112 was drilled to test a resistivity anomaly identified by 2023 DDIP survey (KRR ASX: 28 June 2024) however no cause for the resistivity anomaly was identified.
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This article includes content from King River Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exploration Program Commences at Virka
Key Highlights
- Historic data review identifies three areas for immediate field investigation
- Initial mapping and reconnaissance sampling underway
- Historic drill core located for relogging, and where possible, sampling:
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 1,2
- 9 m at 1,087 ppm U3O8 from 24.5 m in drill hole 81-003
- within 17 m at 707ppm U3O8 from 23 metres depth
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 1,2
- No modern systematic exploration undertaken with last significant exploration in 1980’s highlighting district scale potential
Initial work will focus on the assessment of three areas identified through reviewing historic reports. Limited exploration work was documented, but recorded anomalous base metals, silver and uranium. Exploration work at Virka focussed on North-NorthEast orientated structural features, which were interpreted to be a suitable structural conduit for potential mineralisation.
Basin’s Managing Director, Pete Moorhouse, commented:
“The team at Basin are extremely excited to commence work on the recently announced Scandinavian uranium and green energy metals portfolio. Initial review of the available historical data on the Virka project has provided areas for immediate groundwork. We know that the system is prospective for a variety of metals, with the historical drilling indicating favourable thickness of uranium mineralisation.
The team has commenced work immediately at Virka, conscious of the upcoming winter season. Initial work will focus on getting boots on the ground to assess rock outcrops and trace boulder trains. We will move to historic drill core review and additional literature compilation once the weather prohibits further ground activities.”
Virka Project Background 3
The Virka project is strategically positioned in the heart of the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden, and approximately 37 km southeast of Boliden’s (STO:BOL) Laisvall Pb-Zn-Ag former mine.
Figure 1: Virka initial work locations
Previous drilling activities conducted in the 1980’s across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and in rare occasions sampled for geochemical analysis3. Additionally, historical regional geological mapping and boulder tracing records unveiled several surface anomalisms in lead, zinc, silver and gold associated with fault structures. Research indicates that these anomalies have not been adequately followed up with results not verified to JORC Code (2012), however using this data and Basin’s interpretations, three areas have been prioritised for immediate field reconnaissance (Figure 1). This program has commenced with the review of these anomalous features that were historically reported in the project area.
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