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Key Highlights
- 183km2 of new tenure secured, expanding Basin's district-scale Sybella-Barkly REE-uranium footprint to 6,140km2.
- Additional landholding considered prospective for clay-hosted REE and paleochannel uranium, supported by historic AEM and geochemical anomalies.
- Conduct and compensation agreement now finalised for Ardmore Station, allowing exploration access for the next 12 months.
- Initial sediment-hosted REE drilling ongoing, with ~3,000m planned in Q4 2025.
- Multiple district-scale targets ready for systematic drilling.
The Company has successfully secured an application for Exploration Permit for Minerals ("EPM") 29333, which will add 183 km2 of highly prospective ground to the Project (refer to figure 1*). This increases the Sybella-Barkly landholding to 6,140 km2, strengthening Basin's position over key sediment-hosted REE and uranium target corridors. The application is expected to take around months to progress to grant.
Basin has also finalised a conduct and compensation agreement covering work for the next 12 months at Ardmore Station, a critical milestone enabling the Company to continue with its exploration program.
Managing Director, Pete Moorhouse commented:
"With drilling well underway at the first of our three district-scale targets for REE and uranium at this exceptionally prospective project, we are happy to expand our land position through the application of an additional exploration permit. Our Company's drill program has been progressing well to date, and I have been on site for the last week, personally overseeing the progress. The team is doing a tremendous job and I am very excited for the results of the assays in the coming months."
Sediment Hosted Potential
The additional application is deemed prospective for sediment-hosted targets for uranium and REE within the Barkly Tablelands. The Barkly Tablelands, refer to figure 4*, were surveyed with airborne electromagnetics ("AEM") by Summit Resources in February 2007 prior to its acquisition by Paladin Energy Limited (ASX:PDN). Whilst numerous targets were identified, no drilling was completed at the time. Current drainage patterns data indicate that the sediments forming the Barkly Tablelands are sourced from the Sybella Batholith. Basin is currently conducting the maiden drilling of this area to target uranium and REE potential, with approximately 3,000 metres expected to be drilled in Q4 2025.
Sediment and Ionic Clay Hosted REE Potential - District Scale Target
Results of surface geochemistry samples indicate significant mobilisation of rare earth elements into the Barkly Tablelands from the Sybella Batholith, which hosts Red Metal's Sybella Discovery. Surface sediment samples form a regionally significant anomaly, refer to figure 4*. The highest of these values are within catchments draining from the Sybella discovery.
The Summit Resources AEM survey not only outlines an interpreted extensive paleochannel network but also highlights a conductive layer within the Barkly Tablelands sediment package directly beneath this geochemical anomaly, approximately 12 metres thick from 20 to 32 metres depth with a footprint of over 1,000 km2. This conductive layer could represent a clay unit, produced from the extensive weathering of the Sybella granites and is prospective for clay-hosted REE, refer to figure 5*.
Basin's initial drilling is targeting this conductive horizon with aircore drilling. An average hole depth of approximately 35 metres is anticipated.
The Summit Resources' AEM survey not only outlines an interpreted extensive paleochannel network but also highlights a conductive layer within the Barkly Tablelands sediment package directly beneath this geochemical anomaly, approximately 12 metres thick from 20 to 32 metres depth with a footprint of over 1,000 km2. This conductive layer could represent a clay unit, produced from the extensive weathering of the Sybella granites and is prospective for clay-hosted REE, refer to figure 4*.
Basin's initial drilling will target this conductive horizon with aircore drilling. An average hole depth of approximately 35 metres is anticipated.
Paleochannel Roll Front Uranium Potential - District Scale Target
The Summit Resources' AEM survey identified a stacked sequence of paleochannels within the Barkly Tablelands, fed from the Sybella Batholith, refer to figures 5 & 6*. This network is trending southerly, where no further AEM data exists.
Uranium content within the Sybella varies between the different phases of granites, as can be seen in the regional ternary radiometric image and supported by regional rock chip data, refer to figure 6*.
Academic research also indicates that these "hot" granites are the source for the Valhalla uranium deposits.
Furthermore, historical drilling recorded redox fronts, sandstone channels and impermeable cap rocks, however no radiometric data was collected, and uranium was not assayed for.
Using the Sybella rocks that likely formed the source for the Valhalla deposits, Basin will target the potential for uranium to have also been mobilised from the Sybella granites, through the interpreted extensive paleochannel network, which appears to have suitable geological host characteristics.
Targeting work was completed by Summit Resources and Fugro to prioritise these interpreted channels.
Basin's first pass aircore drilling program will look to confirm the characteristics of these interpreted channels. An initial 35 holes are proposed, with an average depth of 40 metres for a total of approximately 1,400 metres.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/HA1CQR9E
About Basin Energy Ltd:
Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) is a green energy metals exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada and has recently acquired a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.
Source:
Basin Energy Ltd
Contact:
Pete Moorhouse
Managing Director
pete.m@basinenergy.com.au
+61 7 3667 7449
Chloe Hayes
Investor and Media Relations
chloe@janemorganmanagement.com.au
+61 458619317
