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Basin Energy Ltd (ASX:BSN) (‘Basin’, or the ‘Company’) is pleased to announce that it has received firm commitments to raise A$3.3 million (before costs) via a share placement (‘Placement’ or ‘Offer’) to institutional, sophisticated and professional investors. The Placement will issue approximately 20.9 million new fully paid ordinary shares at A$0.16 per share. Canaccord Genuity, Discovery Capital and Cumulus Wealth Management acted as joint lead managers to the Offer.
Key Highlights
- Basin has received firm commitments to raise A$3.3 million at A$0.16 per share
- Exceptional support from existing and new domestic and offshore institutions
- Proceeds to expand ongoing exploration programs at Basin’s Athabasca uranium projects, including proposed maiden drilling at its North Millennium project
- Company well-funded for aggressive 2024 Athabasca Basin uranium exploration programs including;
- Completion of Q1 ground geophysics at its North Millennium and Marshall projects
- Q1 drilling at its Geikie project
- Q2 drilling at its North Millennium project
The Placement provides the Company with additional funding capacity to expand the ongoing exploration programs at its Athabasca Basin uranium projects, including the proposed maiden drilling at its North Millennium project, situated 7 km north of Cameco’s Millennium uranium deposit, which hosts 104.8 million pounds of U3O8 at 3.76%1 and is just 40 kilometres from the prolific McArthur River Mine which hosts 674.9 million pounds of U3O8 at 17.0%2.
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin is delighted by the support received by the Offer, and the exceptional standard of institutional investment we now add to our existing quality register.
Basin controls a premium land package with multiple exceptional uranium exploration prospects. The additional funding allows us to expand on our ongoing exploration programs, including commencing plans for maiden drilling at North Millennium in Q2 2024.
On behalf of the Basin Board, I would like to thank our existing shareholders for their ongoing support and welcome new holders as we continue to explore in the heartland of the world’s premier uranium district.”
Placement
Basin received strong support from a number of high-quality new and existing institutional investors both domestically and internationally for the Placement.
Under the Placement, the Company will issue new fully paid ordinary shares at $A0.16 per share. The Placement represents a 13.5% discount to the last-close on 31 January 2024 (A$0.185 per share) and a 10.4% discount to the 15-day VWAP (A$0.179 per share).
The Placement shares will be issued within the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Settlement of the Placement shares is expected to occur on Thursday, 8 February 2024. All Placement shares will rank equally with the Company’s existing shares on issue.
The Placement timetable is indicative only and subject to variation. The Company reserves the right to alter the timetable at its discretion and without notice, subject to the ASX Listing Rules and the Corporations Act (Cth).
Click here for the full ASX Release
This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Basin Energy
Overview
Basin Energy (ASX:BSN) completed an IPO in October 2022 and is well-positioned as a uranium exploration and development company to take full advantage of the current political and economic environment for the global supply of uranium. The company operates three projects in the world-class Athabasca Basin in Saskatchewan, Canada, known as the world’s leading source of high-grade uranium, currently accounting for approximately 10 percent of global uranium production. The company’s projects are in close proximity to high-grade uranium discoveries and mining operations within the Athabasca Basin.
Interest in uranium has skyrocketed in recent months, driven by the need for lower emissions and stable power generation. Nuclear reactors provide significant power for 32 countries globally, including the US, Canada, China, France, Hungary, Japan and Finland.
Demand has become a key driver of uranium prices, with Sprott Asset Management further enhancing demand by launching two investment vehicles that have already found rapid success: Physical Uranium Trust (TSX:UUN) and Uranium Miners ETF (ARCA:URNM). Combined, existing demand and investment interest create a compelling opportunity for uranium miners and their investors.
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 highly as one of the most stable mining jurisdictions worldwide, which is an increasingly important factor given the current scrutiny on the source of uranium.”Company Highlights
- Basin Energy is a uranium exploration and development company with three highly prospective projects in the world-renowned Athabasca Basin in Canada, known for being a consistent top three global uranium producer.
- Basin Energy’s board, management team and joint venture partner have direct extensive experience in uranium exploration and development along with comprehensive expertise in corporate financing, investment banking and geology. The company’s highly prospective uranium exploration portfolio comprises:
- The Geikie Project - located on the eastern margin of the Athabasca Basin occupying an extensive land position of 351 square kilometers, showing multiple uranium and uranium pathfinder occurrences, and is prospective for shallow, high-grade mineralization with maiden drilling identifying uranium up to 0.27 percent;
- The North Millennium Project - an interpreted extension of the Mother Fault that hosts Cameco’s Millennium Deposit (104.8 Mlb U3O8 3.76 percent), located just 7 kilometers to the south; and
- The Marshall Project - located only 7 kilometers west of Cameco’s Millennium deposit centered on a strong magnetic and conductive anomaly interpreted as a significant unconformity-type uranium target.
- Basin Energy is committed to sustainable development throughout its operations, aiming to minimize environmental impact from all stages of the exploration and development cycle.
Key Projects
Basin has interest in and is actively exploring three highly prospective properties positioned in the southeast corner and margins of the Athabasca Basin, an area well known for its uranium endowment and pedigree. These are the Geikie (60 percent, North Millenium (40 percent) and Marshall (100 percent) projects.
The project portfolio provides exposure to traditional “unconformity style” exploration, targeting the same mineralisation model as Cameco’s (TSE:CCO) prolific McArthur River mine which hosts 674.9Mlb uranium at 16.9 percent at its North Millenium and Marshall projects, as well as exposure to potentially shallower “basement style” exploration targeting deposits similar to NexGen Energy’s (TSE:NXE) Arrow deposit which hosts 30.61Mlb uranium at 4.6 percent.
Geikie Project
The Geikie Project covers a significant area of 351 square kilometers on the eastern fringe of the Athabasca Basin and is easily accessible from Highway 905, which is located just 10 kilometers to the east. This portion of the Athabasca Basin is deemed perspective for shallow “basement style” mineralisation, but has traditionally been overlooked from much of the previous campaigns of uranium exploration. The discovery of multiple basement-hosted uranium ore bodies in recent years elsewhere in the district has driven a focus on the area.
The project was initially prioritized following a targeting review utilizing historical geophysics. Historical geochemistry confirmed the presence of uranium and suitable host lithologies. Recent nearby high-grade, shallow uranium discoveries by 92 Energy (ASX:92E) and Baselode Energy (TSXV:FIND), further enhance the overall prospectivity of the asset.
Project Highlights:
- Exploration underway: Basin Energy has completed mapping, geochemical sampling, airborne geophysics and maiden drilling. Further drilling is planned for 2024-.
- Shallow targets amenable to rapid exploration: Target horizon sits directly beneath glacial cover, in what was historically an overlooked part of the district.
- Nearby high-grade discoveries: The proximity of recent discoveries creates further confidence in the prospectivity of the project geology, being located adjacent to two recent discoveries:
- 92 Energy’s Gemini discovery 43 meters at 0.6 percent eU3O8 including 6 meters at 2.2 percent U308.
- Baseload Energy’s AKIO discovery was 13.2 meters at 0.55 percent U3O8 including 6.3 meters @ 0.99 percent U3O8.
- Presence of uranium: The maiden drilling program intersected anomalous uranium in four of the eight holes drilled, with assays returning up to 0.27 percent U3O8.
- Extensive scale: Geophysical data, combined with drilling data demonstrates significant scale opportunity with over 30 metres of intense alteration and brecciation intersected in drilling, that can be correlated to regional structural features identified in magnetics. This provides immediate follow up targets.
Since its IPO, the company has completed an extensive campaign of high resolution modern airborne geophysics including magnetics, radiometrics, electromagnetics and gravity gradiometry, as well as initial ground prospecting. These surveys have confirmed the pre-IPO geological interpretation and successfully identified a series of uranium targets.
Basin Energy completed its maiden 2,217-meter drilling program at Geikie in the summer of 2023, the first drilling to occur within the Project area in over 50 years. Drilling successfully identified uranium mineralisation with assays up to 0.27 percent 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.
The company further expanded the Geikie Project with two additional claims consisting of 11.87 square kilometers, bringing the total Geikie project area to 350.87 square kilometers. The newly staked claims are adjacent to the Preston Creek and Hourglass Lake prospects, where Basin’s maiden exploration drilling is underway.
The company currently owns 60 percent of the Geikie Uranium Project following the fulfillment of expenditure requirements to meet the option payment. Basin has elected to proceed with the option agreement to increase its ownership to up to 80 percent through earn-in stages.
North Millennium Project
North Millennium is located just 7 kilometers north of Cameco’s (NYSE:CCJ) Millennium Deposit, which contains 104.8 million pounds (Mlb) U3O8 at 3.76 percent, and 40 kilometers southwest of their flagship McArthur River Mine hosting 674.9 Mlbs U3O8 at 16.9 percent. Within the property, Basin Energy has identified two high-priority targets along a 5-kilometer corridor for initial priority exploration. The initial target is where an interpreted extension of the Millennium Mother Fault intersects a strong basement conductor.
Project Highlights:
- Favorable geology: The interpreted structural and stratigraphic geology has strong similarities with some of the major uranium deposits within the Athabasca, such as a basement conductor trend disrupted by an interpreted extension of the Millennium Deposit Mother Fault.
- Proximity to known mineralization and recent discoveries:
- Located 7 kilometers north of Cameco’s Millennium deposit
- Drilling to the south of the project, proximal to the Millennium Deposit Mother Fault intersected uranium and uranium pathfinder elements.
- A drill hole on a nearby property completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign. Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling
- Targeted ground geophysics
Marshall Project
Located in the southeast corner of the Athabasca Basin, the Marshall Project has received limited historic exploration between 1979 and 2009, which included surface geochemistry, electromagnetic surveys and ground geophysics.
The Marshall Project contains a strong magnetic and conductive structure indicative of an unconformity-type uranium target, the asset’s primary target. Recently completed modern 3D inversion and processing works of historical geophysical data identified multiple geophysical anomalies above and below the Athabasca unconformity within the sandstone and basement stratigraphy at the Marshall Project.
Project Highlights:
- Significant geophysical anomalies: Interpretation of historical geophysical data suggests a metasedimentary basin with a graphitic basal unit, cross-cut by a magnetic and conductive NE/SW structure – indicative of a geological setting suitable for high-grade uranium mineralization.
- Proximity to known mineralization and recent discoveries:
- Located 10 kilometers west of Cameco’s Millennium deposit
- A drill hole along strike at the McArthur West project, completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign.
- Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling as merited
Management Team
Blake Steele - Non-executive Chairman
Blake Steele is an experienced metals and mining industry executive and director with extensive knowledge across public companies and capital markets. He was formerly president and chief executive officer of Azarga Uranium Corp (Azarga), a US-focused integrated uranium exploration and development company. He led Azarga into an advanced stage multi- asset business, which was ultimately acquired by enCore Energy Corp (TSX.V:EU) for C$200 million in February 2022.
Pete Moorhouse - Managing Director
Pete Moorhouse has 18 years of mining and exploration geology experience with extensive experience in the junior uranium sector, having spent over 10 years with ASX-listed uranium explorer and developer Alligator Energy (ASX:AGE). He holds significant competencies in evaluating, exploring, resource drilling and feasibility studies across many global uranium and resource projects.
Jeremy Clark - Non-executive Director
Jeremy Clark has over 19 years of mining and exploration geology experience. He previously held technical and management roles at the recognized consultancy firm RPM Global for over 13 years, gaining experience across a number of uranium, base metals, and precious metals deposits globally. Subsequent to RPM, Clark established his own boutique geological consultancy firm, Lily Valley, focused in regards to compliance-related issues, IPOs and M&A.
Cory Belyk - Non-executive Director
Cory Belyk holds 30 years’ experience in exploration and mining operations, project evaluation, business development and extensive global uranium experience most recently employed by Cameco in the Athabasca Basin. He was a member of the exploration management team that discovered Fox Lake & West McArthur uranium deposits. Currently CEO/VP of Canadian Athabasca uranium explorer & project generator, CanAlaska (TSXV:CVV).
Peter Bird - Non-executive Director
Peter Bird is an investment banking professional with experience leading and managing a variety of global transactions including IPOs, Capital Raises and M&A Currently working with New York based investment fund, where he provides strategic funding solutions to a variety of international clients. He previously held the role of associate director at a Perth-based boutique corporate advisory firm focused on natural resources.
Ben Donovan - NED/ Company Secretary
Ben Donovan has over 22 years of experience in the provision of corporate advisory and company secretary services. He holds extensive experience in ASX listing rules compliance and corporate governance and has served as a Senior Adviser to the ASX for nearly 3 years Currently CoSec to several ASX listed resource companies including M3 Mining (ASX:M3M), Magnetic Resources (ASX:MAU) and Legacy Iron Ore (ASX:LCY).
Odile Maufrais - Exploration Manager
Odile Maufrais is an exploration geologist with over 14 years of experience and has an extensive understanding of the uranium exploration and mining industry, having worked at ORANO, one of the largest global uranium producers for 12 years on various assignments in Canada, Niger, and France. Maufrais has significant Athabasca Basin-specific experience, being involved on over 15 greenfield and brownfield uranium exploration projects located throughout the Basin. Her most recent roles for ORANO comprised leading various uranium exploration campaigns and being an active member of the ORANO research and development team, which involved working on trialing and implementing cost-effective and streamlined drilling techniques within the Athabasca Basin. She also played a key role in the update of the National Instrument 43-101 compliant mineral resource estimate for the Midwest Main and Midwest A deposits. Mrs. Maufrais holds a Master of Science from Montpellier II University, France.
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
Click here for the full ASX Release
This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
Click here for the full ASX Release
This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Latest Kameelburg Assays Up To 10.38% Nb2o5 and 9.89% TREO
Highlights
- A total of 74 highly prospective rock samples recently collected from various beforsite and mafic dykes
- Most notable assays reveal up to 10.38% Nb2O5 and 9.89% TREO
- Large scale geological mapping of Kameelberg carbonatite is nearing completion
- Track access clearance & preparation for underground water supplies underway for upcoming maiden diamond drilling programme
Results from recently collected seventy-four (74) samples were received and highlighted the REE rich nature of the carbonatite with TREO(+Y) assays ranging from 1.16 to 9.89%, refer to Figure 1 for samples locations and Table 1 for results.
Figure 1: Southern Carbonatite Margin Geological mapping area with rock chip samples
Niobium Results Along Mafic Dykes
In addition to sampling the carbonatite plug, a further four (4) samples were collected across the Nb dyke zone on the southwest flank of the carbonatite. Results for these samples ranged from 5.44% to 10.38% Nb2O5. This provides additional confidence to previous niobium findings (see announcements dated 28 February 2024 and 27 December 2023). Table 2 compiles the Nb results with Figure 2 depicting recent sample locations in relation to the previous Nb2O5 results.
Click here for the full ASX Release
This article includes content from Aldoro Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Basin Energy Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects