Airborne Electromagnetic Survey Completed At Geikie

Basin Energy Limited (ASX:BSN) (‘Basin’, or ‘the Company’) is pleased to advise that the airborne electromagnetic (‘AEM’) survey is now complete at the Geikie Uranium Project (‘Geikie’ or the ‘Project’). All preliminary data has been received with high priority targets identified. Data processing analysis has commenced which will be used for final target definition to support the maiden drill program. In addition to the significant, newly identified electromagnetic (‘EM’) conductor in the Southeast of the Project (Refer ASX announcement dated 8th March 2023) and the multiple conductive anomalies associated with regional structures, the survey has also highlighted an additional conductor in the west of the Project.

Key Highlights

• Property-wide Airborne Electromagnetic Survey now completed at Geikie
  • Data processing underway for target definition and priority ranking
  • Additional EM conductor identified in the west of the property
• Preparation works well underway for maiden drill program
• Fully funded for a significant 2023 exploration program with $7.6m at 31 December 2022

“The completion of the AEM survey is a significant milestone for our Geikie project and forms a critical step towards de-risking drill targets. This is the first detailed airborne electromagnetic survey over the entirety of the Project and is a significant step forward in delineating a series of high-quality, high-grade, yet shallow uranium targets.

The survey has identified a series of compelling drill ready targets in the structural intersections of the main conductor and the district scale faults observed in the magnetic data. Whilst the final AEM data is required to allow refinement of these targets, the Company can now continue preparations for inaugural drilling at its Geikie project.

We eagerly await the commencement of the next phase of work. The Company is fully funded for exploration on the Project with a high-quality suite of targets in a proven uranium region in the Athabasca Basin puts the Company in a strong position for the year ahead.”

AEM Preliminary Results

Data acquisition for the AEM survey has now been completed at Geikie. The survey objectives were to map suitable lithological and structural settings conducive to high-grade uranium mineralisation. This includes the identification of graphitic lithologies coincident with fault zones, as seen in deposits of the local region. The data in conjunction with existing knowledge will now be used for drill targeting.

Preliminary results from the initial 65% of the survey were released on the ASX on 8 March 2023, “Geophysical Targets Identified at Geikie” and identified a new, significant EM conductor in the southeast of the Project. On completion of the full survey, an additional conductor in the west of the Project was identified.

Figures 1 and 21: Locations of AEM primary and secondary targets over (left) Channel 10 VTEM data and (right) 2022 magnetic data. Note: potential AEM target zones are based on preliminary data.Final levelled data is yet to be received.

Preliminary data has been categorised into primary and secondary targets, with the next steps for primary targets being the modelling of final AEM data followed by drill testing. The secondary anomalies are potentially significant considering the correlation with regional faults, however further assessment will be conducted as modelling of final data is completed.

A strong coherent northeast trending conductor, classified as a primary target, striking through the southern half of the Project is clearly defined. A series of splays and offsets of this conductor are visible, often in correlation with intersections of regionally significant deep-seated north-south trending faults, part of the Tabbernor Fault System (‘Tabbernor’, or ‘TFS’).

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