Figures 1 and 2: Locations of new Geikie Project claims in relation to current targets (left) and location of new Geikie Project claim over interpreted geology (right).
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Key Highlights
- Identified and characterised key structures within historical drill core from North Sweden that appear to be associated with mineralisation seen in surface rock chips:
o Highlights of this mineralisation include rock chip samples over 5.9% uranium oxide, up to 9.8% zinc and greater than 0.3% total rare earth oxides
- 441 drill core samples from 36 historical holes across Basin's North Sweden projects are currently at lab for multi-element assays to support next-stage target definition.
- Key mineralised structures identified through structural relogging across Basin's Scandinavian projects.
- Initiated potential partner discussions with multiple parties to release shareholder value for non-core deeper unconformity uranium targets
- Remain committed to exploring high-conviction shallow uranium and green energy metal projects
Basin's Managing Director, Pete Moorhouse, commented:
"Over the past quarter, our team has been diligently progressing critical groundwork across our North Sweden projects. Structural relogging of historical drill core has now been completed across Virka, Bjorkberget and Ravaberget - with multiple key structures now clearly associated with known mineralised trends. These insights form the backbone of our next stage of exploration targeting.
The confirmation of a polymetallic system that includes uranium grades exceeding 5.9% U3O8 in North Sweden leaves a tantalising opportunity for modern exploration in a re-emerging district.
With Q1's 249D review firmly behind us, we're focused squarely on converting our high-conviction targets into tangible results that create shareholder value, whilst pursuing opportunities to release shareholder value for our non-core deeper targets. As global uranium demand accelerates and Europe prioritises secure, local supply chains, Basin's shallow, low-cost targets in Sweden are emerging as a strategically vital opportunity in a reawakening uranium district."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/18IBH39M
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