Perth, Australia (ABN Newswire) - Basin Energy Limited (ASX:BSN) (OTCMKTS:BSNEF) is pleased to provide an update on work at the Bjorkberget ('Bjork'), Ravaberget ('Rava') and Virka green energy metals projects (collectively the "North Sweden Projects"), refer to figure 5*.

Basin Identifies Structures Associated with Mineralisation at North Sweden Projects

Key Highlights

- Structural relogging of 48 historical drillholes across the Virka and Bjorkberget projects completed

o Detailed structural records now available for 28 priority historical drillholes from Bjorkberget, with 137 samples currently at laboratory for multielement analysis. Additional 71 samples from Bjorkberget core are awaiting shipment to laboratory for analysis

o All Virka historical drill core has been relogged. Samples are awaiting shipment to the laboratory for sample preparation

o Mineralising structure trends clearly identified in core; associated alteration and mineral assemblage (pending analysis results) will be used as vector for future drillhole targeting

- Pulp re-analysis of 2 samples above detection limit (>2.95 U3O8) by fusion XRF from Bjorkberget 2024 field mapping return highly positive results:

o BJK004: Exceeded detection limits again returning greater than 5.9% U3O8 from granite boulder sample with visible yellow oxide staining located at the base of an outcrop

o BJK008: Returned 5.4% U3O8 from rhyolitic and fine-grained granite boulder sample with visible mineralisation and yellow oxide staining located at the base of an outcrop

Basin's Managing Director, Pete Moorhouse commented: "The structural relogging and multielement analysis results are adding a crucial modern interpretation of the variety of mineral systems at play in our North Sweden Projects portfolio. Most of the historical drillholes were shallow, and the mineralisation observed in drill core appears to not have been closed off at depth and along strike, where the potential continuations are masked by a thin veneer of glacial cover. Moreover, the final rock chip results add confirmation that an exciting mineral assemblage exists in our project area that is still largely underexplored.

Generating good quality data through the relogging and sampling of the available historical core is a cost-effective approach to unlock the full potential of the North Sweden Project portfolio."

Results have now been received from re-analysis of the two Bjork samples that returned above detection limit uranium mineralisation (>2.95% U3O8) previously reported in Basin's ASX release1 dated 13 February 2025. The options for analysis are limited in Europe, with one sample again reaching the maximum detection limit (>5.9% U3O8) and the second sample returning 5.4% U3O8 (Figure 4, Appendix 3*). No further analysis was completed on the other elements reported.

The Company continues advancing structural relogging (Figures 1 and 2) and sampling of historical drillholes at the Bjork, Rava and Virka projects with 48 drillholes relogged out of 101 total drillholes. A total of 137 samples are currently at the laboratory pending analysis. Recently, Basin has acquired multiple projects where limited government run historic exploration identified uranium mineralisation; but rarely assessed polymetallic prospectivity including rare earth, gold and base metal opportunities.

Structural logging and sampling of historical core

Relogging and sampling continues on historical drill cores for the North Sweden Projects, with 101 drillholes from the combined project areas having been located to date.

The primary focus of the relogging program is to examine the different mineralisation systems identified through historic exploration and through recent field mapping, to study the structure framework to establish potential for blind mineralisation, and to examine alteration known to be associated with mineralisation and sample relevant core intervals that may be used as a vector for future exploration.

Drill core examination comprises detailed geological and structural logging and detailed photography. These observations along with a radiometric core scan using a handheld gamma-ray spectrometer (Exploranium GR-130 Minispec) are used to define sample intervals to send to the laboratory for analysis.

Basin has completed the logging of all holes identified from Virka, along with 28 priority drillholes out of 39 at Bjork. There are currently 137 samples from Bjork at ALS Laboratory from key intervals undergoing analysis. Core samples are being analysed with multielement analysis to continue evaluating the potential for green energy metals at the Company's North Sweden Projects.

The historical core examined from the Bjork project mostly comprise a homogenous leucocratic granite composed of up to 7% mafic constituents including magnetite. Lithologies are more varied in the Virka core, comprised mostly of granite, amphibolite and porphyritic granite. Uranium mineralisation occurs together as fracture/vein infillings and disseminations on core from both projects (Figure 1, Appendix 2). Localised intervals were recorded with visible sphalerite (Figure 2) and nodular sulphides (Figure 1, Appendix 2*). Structural deformation observed in the Bjork core is almost always brittle, with a clear network of microfractures and veinlets consistently bearing magnetite/hematite with visible uraninite (Figure 1, Appendix 2*); small scale breccias and cataclasites are also noted locally.

Re-analyses of samples BJK004 & BJK008 by fusion XRF

Of the twelve samples collected at Bjork during the initial field reconnaissance visit in Q4 2024, two samples, BJK008 and BJK004, returned values above the detection for uranium (>2.95% U3O8) for the chosen ALS analysis method ME-MS89L. Both samples were from boulders with visible yellow oxide staining located at the base of an outcrop.

The pulps of these samples were re-analysed by the laboratory using fusion XRF (ME-XRF15b), which is the only other reliable high-grade uranium analysis method option available locally through ALS.

Analysis results reported (Figure 4 and appendix 3 for details*):

- BJK008 returned 5.38% U3O8

o Initial assay methods (ME-MS89L): U3O8 > 2.95% (above detection limits), Pb 1.39%, Fe 23.4%, 0.13% TREO (74% HREO)

o The sample was collected from a boulder with visible yellow oxide staining located at the base of an outcrop

- BJK004 returned above detection limit for the second analysis technique U3O8 >5.9 % from a boulder with visible yellow oxide staining located at the base of an outcrop:

o Initial assay methods (ME-MS89L): U3O8 > 2.95% (above detection limits), Pb 1.85%, 0.12% TREO (49% HREO), 522 ppm Mo
*While new analysis returned results above detection limit for sample BJK004, the Company is not planning additional analyses due to the high-grade nature of the sample.

Update on Sweden's proposed changes to uranium exploration and mining

The Swedish government announced an inquiry into overturning the uranium mining moratorium in December 2024. The inquiry recommends uranium be regulated as a concession mineral within the Swedish Mineral Act, allowing for its exploitation like other natural resources. The inquiry's findings were submitted for consultation with authorities, municipalities and other stakeholders, including a public consultation period which ended on 20 March 2025. Following the consultation, a legislative proposal will be presented to the Swedish Parliament. If approved by Parliament, the proposed legislative amendments are set to take effect by 1 January 2026. The proposal is driven by Sweden's growing need for critical metals and minerals to support the green transition, as well as by security concerns stemming from the current geopolitical landscape.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/K77A0529

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