Basin Reaches 60% Ownership Milestone Of Geikie Uranium Project

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to advise that it has satisfied the conditions to achieve 60 percent ownership of the Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin in Canada (refer Figure 2).

Key Highlights

• Basin has satisfied the expenditure requirement to meet the 60% Option Payment for the Geikie Uranium Project
• Basin elects to move to operator and proceed with Stage 3 to earn up to 80% in Geikie
• Milestone reached as Falcon Airborne Gravity survey is ongoing following successful maiden drilling intersecting significant alteration and structural framework deemed indicative of basement hosted uranium systems
• Maiden drilling assays, gravity survey results and interpretation expected in mid- September
• Basin remains fully funded to complete follow-up work at Geikie with $5.2M in cash reserves as at 30 June 2023

Basin and CanAlaska Uranium Ltd (TSX-V:CVV) entered into a property Option Agreement on the 22nd of April 2022 for the Geikie Uranium Property, whereby Basin has the right to earn up to an 80% interest in three defined earn-in stages on the Project1. Basin has now elected to proceed with the Option Agreement through to 80% ownership status.

Figure 1: Geikie uranium project option agreement stages.

Basin’s Managing Director, Pete Moorhouse, commented:

“We are pleased to have reached this milestone for Basin, bringing us majority ownership of this exciting project.

Following the initial results of the maiden drilling, the decision to advance to 80% was an easy one to make.

We look forward to updating the market directly on the ongoing airborne gravity survey and plans to follow up on these exciting initial drill results.”

Figure 2: Location of Geikie Uranium Project.

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