The Conversation (0)
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on exploration activities at its Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin in Canada.
Key Highlights
- Multiple elevated radioactive zones identified with downhole gamma probe peaks up to 4,802 counts per second
- Geikie maiden drill program successfully identifies significant structurally controlled alteration systems analogous to major uranium deposits of the Athabasca Basin
- Alteration patterns observed in drilling support airborne gravity as the most effective survey tool for the next phase of exploration; this technique has mapped similar basement-hosted uranium alteration systems within the Athabasca Basin
- Gravity survey commissioned and set to commence in mid-August
- Geikie maiden drill program comprised of 8 holes which tested 3 highly prospective target areas. Planning is underway to test additional high priority targets, further target refinement and generation work is ongoing
- Basin remains fully funded to complete follow-up work at Geikie with $5.2M in cash reserves as at 30 June 2023
Basin’s maiden drilling campaign has now been completed. The program consisted of eight (8) diamond drill holes for 2217 metres (Figure 1). Drilling has successfully identified a series of regionally significant alteration patterns associated with the intersection of north-south and northwest trending faults within the Project area. Additionally, multiple localised zones of radiometric anomalies have been identified, with assays expected in early September.
The significance of these initial results confirms the presence of active hydrothermal systems within a complex structural framework at Geikie, which are the hallmarks for basement-hosted high-grade uranium deposits. The data acquired during the summer drilling program will allow refinement of Basin's exploration model to target the most prospective structural corridors.
Basin’s Managing Director, Pete Moorhouse, commented:
“Initial results from Basin’s maiden drilling at Geikie are extremely encouraging and provide an exciting basis for a follow-up program. The identification of zones of significant alteration, correlating to the intersection of specific fault sets, along with multiple zones of elevated radioactivity lends the Project to rapid follow-up through high-resolution airborne gravity. The field team have done a tremendous job in identifying the multiple phases of faulting and alteration patterns observed which will form the basis for the next phase of targeting. With the imminent commencement of this survey, we are assessing our options to conduct a follow-up drilling program for which we remain fully funded. We anticipate final results from geochemical and clay analysis sampling in early September and will update the market once these are received and processed.”
Figure 1: Geikie Project 2023 maiden drilling program showing drillhole locations.
Table 1: Geikie Project 2023 drillhole information. Cut-off used for reporting anomalous downhole radioactivity is 1000 cps.
Figure 2: Aerial view of Geikie drilling.
Preston Creek – 5 Drill Holes Completed
The Preston Creek prospect is located at the northeastern end of the 15-kilometre prospective zone identified following the acquisition of high-resolution airborne magnetic and electromagnetic data (refer ASX release dated 22nd March 2023). Basin interprets a series of structures converging along the Preston Creek area, of which the complexity of the structural setting is considered a suitable conduit for uranium-bearing fluids.
Five drillholes (GKI-004 to GKI-008) were completed at the Preston Creek prospect for a total meterage of 1575 metres.
Several zones of elevated radiometry were noted in the Preston Creek drillholes, details of which can be found in Table 1. The best gamma probe results were intersected in drillholes GKI-005 and GKI-004 with maximum peaks of 4802 cps and 2470 cps, respectively.
Click here for the full ASX Release
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