Airborne Gravity Survey Commences At Geikie Uranium Project

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to advise that it has commenced a detailed fixed-wing Falcon Airborne Gravity Gradiometer (AGG) survey at its Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin in Canada.

Key Highlights

• Falcon Airborne Gravity survey has been designed to follow up on recent drilling success, and support further target generation and refinement at Geikie
• Alteration patterns observed in drilling support airborne gravity as the optimum survey tool for the next phase of exploration; this technique has mapped similar basement- hosted uranium alteration systems within the Athabasca Basin
• Maiden drilling assays, gravity survey results and interpretation expected in mid- September
• Basin remains fully funded to complete follow-up work at Geikie with $5.2M in cash reserves as at 30 June 2023

The purpose of the AGG survey is aimed to target areas of enhanced basement alteration associated with previously interpreted and drill defined structural corridors. The exploration potential of the current targets and broader project area is highlighted through the styles and significance of alteration observed in drilling at the Preston Creek and Aero Lake Prospects1. Specifically, the AGG survey is designed to identify potential areas where alteration intensifies adjacent to these structures and is a demonstrated successful technique in identifying uranium alteration systems in the Athabasca Basin. The survey will be completed by Xcalibur Multiphysics Group and will consist of 1,838-line kilometres on 200 metre line spacing, refer Figure 1.

Basin’s Managing Director, Pete Moorhouse, commented:

“The first phase of drilling at Geikie identified a series of radiometric anomalies and has delineated significant alteration associated with regional structures – key ingredients for exploring Athabasca basement-hosted high-grade uranium.

The Geikie Project is a geographically large area within an emerging uranium district, results from airborne gravity, coupled with the exciting results from our recent drill program, will allow the rapid and cost-effective assessment of the Project over a broader scale.”

Figure 1: August 2023 Gravity Survey Outline.

The Company recently announced results from the 2023 maiden Geikie drill program2, refer Figure 2. The drill program was focused on a 15-kilometre-long conductive structural corridor with three main target areas. Results from the program confirmed the presence of hydrothermal alteration systems hosted within a complex structural framework at Geikie which is important in the formation of basement- hosted high-grade uranium deposits. Drillholes intersected graphitic host rocks, showing evidence of multiple post-Athabasca structural reactivation events along north-south and northwest trending faults, hydrothermal alteration, and elevated radioactivity.

Figure 2: 2023 Maiden drilling recently completed at Geikie.

Early results from the Preston Creek and Aero target areas, specifically the hydrothermal alteration associated with structures, suggest that AGG surveying is an optimal geophysical tool to refine future drill targets. The AGG survey is designed to identify potential target areas where basement alteration intensifies adjacent to and within drill confirmed and regional interpreted structures. AGG surveys are focused on identifying gravity lows which are interpreted to be caused by hydrothermal fluids altering basement rocks to clay. The survey method is a proven effective tool in the exploration for basement- hosted high-grade uranium deposits in the Athabasca Basin, specifically in areas where no Athabasca sandstone cover is present. Gravity surveys have been successfully used 10 kilometres west of the Geikie Project on the 92 Energy (ASX: 92E) GMZ discovery and the Baselode Energy Corporation (TSXV: FIND) ACKIO discovery (Figure 3), which is associated with a well-defined gravity low anomaly.

Once completed, the AGG survey results will be combined with the structural knowledge gained from the recent drilling, along with the high-resolution airborne geophysical data sets previously collected, including electromagnetics, radiometric, and magnetic to validate existing targets and generate additional targets for future drill programs.

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