Basin Energy Intersects Uranium Mineralisation Upto 0.27% In Maiden Drilling At Geikie

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on exploration activities at its 60% owned Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin in Canada.

Key Highlights

• Maiden drilling program at Geikie intersects anomalous uranium in four of the eight holes drilled. Significant intersections include;
  • 0.5m at 0.27% U3O8 (2,680ppm U3O8) from 185m (GKI-002)
  • 9m at 263ppm U3O8 from 84m within a broader 27m uranium anomalous intersection (GKI-004)
• Elevated lead isotope anomalies and extensive hydrothermal alteration observed in five holes indicate potential for a major uranium mineralising system
• The drilling results supported an immediate Airborne Gravity Survey designed to map alteration systems which is now complete and results expected early October
  • This is an effective targeting technique that has mapped similar basement-hosted uranium alteration systems within the Athabasca Basin
• Basin remains fully funded to conduct follow up drill program in the winter season

Drilling has successfully identified uranium mineralisation, with assays up to 0.27% 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.

Basin is now awaiting the results of its high resolution airborne gradient gravity survey, specifically designed to map the extent of alteration along the now proven fertile fault corridors. These results along with the exciting data from the maiden drilling program will form the basis for follow-up targeting for the Company’s upcoming phase two drilling program planned for early 2024.

Basin’s Managing Director, Pete Moorhouse, commented:

“Basin’s maiden drill program has identified significant uranium mineralisation within a system that is demonstrating the scale potential to produce a major discovery.

The presence of uranium, along with a coherent pattern of pathfinder elements associated with extensive and pervasive hydrothermal alteration, which is typical of basement mineralisation of the Athabasca Basin, is an excellent result for our maiden drill program.

We eagerly await the results of the now completed gravity survey, which has been specifically designed to map the extent of alteration discovered to date. This will drive the planning for the next phase of drill testing as we explore this emerging, historically overlooked portion of the prolific Athabasca Basin.

As the demand for uranium tightens, Basin is strongly positioned with exposure to multiple high quality uranium targets in the world’s leading jurisdiction for uranium discoveries.”

Phase 1 Drilling Geochemical Results

A total of eight (8) drillholes for 2,217 metres were drilled at Geikie this summer on three prospects. Basin’s maiden drilling program targeted potential structural disruption of a 15-kilometre conductive trend visible in the electromagnetic and magnetic data acquired in 2023 and 2022 respectively¹.

Figure 1: Geikie Project Plan Map showing Uranium Anomalism from the 2023 Drilling Assay Results

Drilling successfully identified a series of regionally significant alteration patterns associated with the intersection of north-south and northwest trending faults within the Project area². Additionally, multiple localised zones of radiometric anomalies were identified. Uranium assay results returned anomalous uranium in three drillholes at Preston Creek and one drillhole at Aero Lake (Figure 1, Table 1).

Drilling at Aero Lake intersected the highest uranium value of the drilling program: 0.27% U3O8 over 0.5 metres starting from 185 metres in GKI-002. This drillhole also intersected hydrothermal alteration consisting of argillization and chloritization spatially associated with large scale brittle-ductile faulting where multiple stages of reactivation were noted.

Drilling at Preston Creek identified anomalous uranium concentrations in excess of 100 ppm U3O8 in drillholes GKI-004, GKI-005 and GKI-008 (Table 1, Figure 1). Drillholes GKI-004, GKI-005 and GKI-008 were drilled in a zone of structural disruption, where a north-south to north-northwest striking Tabbernor Fault is transecting a conductor trend. The drillholes were positioned at a bend in the conductor’s axis where the electromagnetic data identified potential fault splays with stacks of electromagnetic plates. Significant zones of hydrothermal alteration were encountered (Figure 2), commonly observed within or at the periphery of major structures (Figure 3).

Recent studies³ from major basement hosted uranium deposits demonstrated that utilising lead isotope data is a great tool to indicate areas with elevated potential for uranium mineralisation. Basin’s drilling has identified strongly anomalous lead isotope ratios (i.e., ²⁰⁷Pb/²⁰⁶Pb, ²⁰⁸Pb/²⁰⁶Pb vs ²⁰⁶Pb/²⁰⁴Pb) in GKI-004, GKI-005, GKI-006 and GKI-008 (Table 1), associated with anomalous uranium, structured intervals and zones of hydrothermal alteration. Anomalous lead isotopes proximal to mineralisation display radiogenic signatures, with ‘excess lead’ suggestive of derivation from greater uranium concentrations nearby³.

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