Basin Prepares for Phase 2 Drilling at Geikie Uranium Project

Basin Energy Ltd (ASX:BSN) (‘Basin’, or the ‘Company’) is pleased to provide an update on preparations for its Phase two drilling program at the Geikie Uranium Project (‘Geikie’ or the ‘Project’) scheduled to start in Q1 2024.

Key Highlights

• 2,000 metres planned for a minimum of 8 drill holes.
• High priority shallow structural targets with gravity anomalies identified.
• Phase one drilling successfully identified active uranium system, including GKI-002 which intersected 0.27% U₃O₈.
• Multiple tenders received for key contractor roles, allowing mobilisation to commence in early February.
• Positive uranium market sentiment continues to build, with U₃O₈ SPOT price exceeding US$85/Lb.

The Project is located on the eastern margin of the world-class Athabasca Basin in Canada. Maiden drilling completed in August 2023 successfully identified uranium mineralisation with assays up to 0.27% U₃O₈¹. Uranium mineralisation is located proximal to two regionally significant structures at Aero Lake and Preston Creek, with associated extensive hydrothermal alteration characteristic of large uranium mineralising systems². Modelling and integration of the recently completed Airborne Gravity Gradiometer (‘AGG’) data has provided a series of high priority targets that warrant next phase drill testing. The AGG survey was designed to target areas of enhanced basement alteration associated with drill defined uranium fertile structural corridors³.

Basin’s Managing Director, Pete Moorhouse, commented:

“Basin is preparing for a busy winter exploration season at its Athabasca uranium projects. We are excited to be following up on the success of our phase one drilling at Geikie, which intersected significant uranium mineralisation, with a robust phase two drill program.

Our first phase of drilling identified uranium mineralisation and the key ingredients for an Athabasca basement-hosted high-grade uranium deposit, including significant alteration associated with regional structures. Our AGG survey then defined a series of compelling gravity lows indicating the potential for intense alteration. This combined data leaves us with very exciting drill targets that we are eager to move forward on in phase two of drilling.

Also, the recent news of consolidation in the Eastern Athabasca further supports our interpretation of the prospectivity of this previously overlooked part of the prolific Athabasca Basin.

We are continuing to see a very positive sentiment in the uranium space with the uranium spot price now at 15 year highs. Basin is extremely well positioned to capitalise on this through the exploration of its projects in the world-class Athabasca Basin.”

Figure 1: Geikie project location

Drilling Scope

The 2,000-metre drill program is scheduled to mobilise in early February, allowing drilling to commence by mid-February and expected to take 6 weeks to complete. Drilling will be split between direct follow up of targets associated with gravity lows adjacent to the anomalism identified in the maiden drilling campaign, along with regional exploration targets derived from the integration of high resolution airborne radiometric, magnetic, electromagnetic and gravity data with geochemical sampling, structural mapping and critical observations from phase one drilling.

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