Elevated Uranium Confirmed in Preston Creek Drilling

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce a summary of analytical results (Figure 1) from the Phase 2 drilling program at its Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin in Canada.

Key Highlights

• Elevated uranium confirmed in multiple drillholes from Phase 2 drilling at Geikie within altered fault zones and favourable lithologies.
• Notable key uranium pathfinders identified beyond previously identified zones at Preston Creek.
• Highly encouraging geochemistry results at Preston Creek within a structured alteration system comparable to multiple world class basement-hosted uranium deposits of the Athabasca Basin.
• 1.5 km of strike length on the very prospective Preston Creek gravity anomaly remains untested.
• Drilling confirms the prospectivity of the Geikie Project and the effectiveness of Basin’s targeting methodology utilising multilayered geophysical datasets.

Basin’s Managing Director, Pete Moorhouse, commented:

“Confirming elevated uranium and pathfinder elements at Preston Creek in conjuncture with key structures and intense alteration patterns reaffirms the strategic direction we’ve pursued advancing exploration programs at Geikie. Drilling at Preston Creek has demonstrated the scale and style of structure and alteration typical of basement-hosted uranium mineralisation in the region.

Moving forward, we will capitalise on these results to refine our exploration model and prioritise future exploration targets. Phase 2 drilling demonstrated that the gravity survey successfully delineated an area of extensive alteration at Preston Creek within a wide complex structural corridor with uranium anomalism detected. This 1.5 km strike gravity low system has the scale and key elements which demonstrates good potential and remains untested to the northeast. Additionally, numerous regional gravity anomalies remain untested on the property. Needless to say, our team is very excited for the next round of exploration at Geikie.”

Figure 1: Compilation map highlighting best uranium intercepts from 20235 and 2024 drilling campaigns with insert highlighting results at the Preston Creek prospect over the AGG anomalism.

Phase 2 Drilling Geochemical Results

The Phase 2 drilling program consisted of eight diamond drill holes for a total of 2,295 metres, designed to follow-up on the success of the 2023 drill program^6,7 and to test high-priority gravity anomalies identified during the 2023 AGG survey. Gravity anomalies were interpreted to be related to zones of enhanced basement alteration. The drill program was focused on three high priority target areas on the Project, with most of the work completed on the Preston Creek prospect.

Drilling at Preston Creek was highlighted by a wide quartz-rich fault zone showing cataclastic reactivation, intense hydrothermal fluid activity, redox style alteration, and localised elevated radiometry. Drill hole observations suggest that the previously identified gravity low in the Preston Creek target area is related to a broad hydrothermal fluid system. This gravity low feature remains untested to the northeast where it extends for approximately 1,500 metres.

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