Basin Energy Limited (ASX:BSN) (‘Basin’, or ‘the Company’) is pleased to provide an update on the exploration progress at its Geikie Project (‘Geikie’, or ‘the Project’), located on the eastern margin of the Athabasca Basin. Mobilisation of an airborne electromagnetic survey (‘AEM’, or ‘the Survey’) has now commenced, with final results due in Q1 2023.
Key Highlights
- Airborne electromagnetic specialist Geotech Ltd have commenced surveying at the Geikie Project
- The survey is designed to advance the recently identified high-priority uranium exploration targets1
- Initial ground reconnaissance sampling completed confirms the presence of primary uranium rich source granites with grab samples returning up to 2,300 ppmU3O8, adjacent to favourable host lithologies for basement style mineralisation
- Results are seen as highly encouraging and continues to support the fast tracking of Basin’s maiden drilling program to commence Q1 2023
- Basin Energy is well funded for the 2023 exploration campaign
Additionally, Basin’s maiden field reconnaissance and sampling program that was completed before the onset of the winter season successfully confirmed initial geological interpretations of the project area along with identifying the presence of uranium and critical pathfinder elements consistent with the Company’s exploration model. These initial field works, along with the two high resolution geophysical surveys will provide Basin with the tools required to target our maiden drill program planned to commence in Q1 2023.
Basin Energy’s Managing Director, Pete Moorhouse, commented:
“We are excited to be able to commence the AEM survey, which is the critical next step in exploring the outstanding opportunity being presented at Geikie. This will be the second significant airborne geophysical dataset to be acquired by Basin since IPO in October 2022.
Wearealso pleased with the results of our initial reconnaissance program, which confirmed the suitable uranium mineralisation geological characteristics of the GK1 and GK2 targets. The initial reconnaissance, that was completed prior to the onset of winter has enhanced the geological understanding and provided confidence in the exploration rationale for the Geikie project.
Geikie demonstrates multiple classic characteristics of high-grade uranium deposits of the Athabasca Basin including the right lithological and structural setting, and historical geochemistry with anomalous surface uranium and pathfinders. Coupled with the extremely shallow target depths of less than 200 metres, the credentials of Geikie as an outstanding exploration opportunity continue to grow.
We look forward to being able to provide the market with results from this next pivotal survey in early 2023.”
Figure 1: Location of the Geikie Project in relation to key uranium occurrences2,3,4,5
VTEM Plus Survey Commenced
Initial exploration conducted by Basin at Geikie consisted of the acquisition of high resolution airborne radiometric and magnetic survey data. This data, in conjunction with limited historic prospecting information identified four additional high priority target areas to the original six targets detailed in the Basin IPO prospectus, that are deemed highly prospective for uranium mineralisation. The data also identified two previously unrecognised structural corridors, further enhancing the prospectivity of the Project area. The recommendations following this initial phase of work was to conduct a high resolution airborne electromagnetic survey (AEM) along with initial reconnaissance groundwork to identify lithological setting before drill testing in 2023.
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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 
