Basin Mobilises For Maiden Drilling At Geikie Uranium Project

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

• Exploration team and drilling crews have arrived on site to commence maiden drilling program at the Geikie Uranium Project
• Drilling to target shallow prospects, deemed favourable for high grade uranium
• First drilling to occur within the Geikie Project area for over 50 years
• Initial 2,000 metres drilling planned for 8 drill holes
• Global Uranium sentiment continues to grow with spot prices reaching a 52 week high
• Basin remains fully funded for a significant 2023 exploration program with $7.3m at 31 March 2023

Drilling contractors and exploration crews are now on site to allow commencement of an initial 2,000 metre diamond drilling program, which has been designed to test features associated with a regionally significant conductor deemed favorable to host shallow, high grade uranium mineralisation. This initial proposed program will consist of eight drill holes, with proposed depths up to 250 metres.

Basin’s Managing Director, Pete Moorhouse, commented:

“Basin has prioritised three prospect areas within the Geikie Project to focus this initial program on, each of which have the fundamental ingredients to potentially host a world class uranium deposit.

The commencement of the summer drilling program comes at the same time as a significant upturn in uranium prices, with recently reported uranium spot prices now nearing a 10-year high.

Basin provides an investment opportunity in a company focused on the discovery of high grade uranium in a world class jurisdiction. We are fully funded allowing us to systematically develop and test our projects, remaining highly leveraged to exploration success.”