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Geikie Uranium Project Expansion

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce that two additional claims have been added to the Geikie Uranium Project (‘Geikie’ or the ‘Project’), consisting of 11.87km2 of land, bringing the total Geikie project area to 350.87km2. The newly staked claims are adjacent to the Preston Creek and Hourglass Lake prospects, where Basin’s maiden exploration drilling is underway (refer ASX Announcement – 13 June 2023).


Key Highlights

  • Additional claim areas added to the Geikie Uranium Project
    • Two claims for a total area of 11.87km2 added to the project area through claim staking, bringing the total Geikie project area to over 351km2
    • Claims are adjacent to current maiden exploration drilling program and contain continuations to the current drilling targets
  • Geotech contracted to expand existing Versatile Time Domain Electromagnetic data coverage to include new claim area
  • Drilling is currently underway at Geikie with an initial 2,000 metres for 8 drill holes
The claims were acquired through staking via the Saskatchewan Government mineral claim process.

Basin has also commissioned Geotech Limited to provide helicopter-borne Versatile Time-Domain Electromagnetic (‘VTEM’) data over the new claim areas. Survey equipment is already within the area so no mobilization fees will be incurred. This data will provide consistent coverage to the existing data set acquired in Q1 20231. The VTEM system is proven in this style of exploration for uranium within the Athabasca Basin and is excellent for locating discreet conductive anomalies as well as mapping lateral and vertical variations in resistivity.

Basin’s Managing Director, Pete Moorhouse, commented:

“With Maiden drilling currently underway at Geikie, we have secured the interpreted extensions to the current drill targets via the staking of these additional claims. We eagerly await the additional VTEM data, the results of which will be compiled with any available historic exploration data and the findings from our maiden drill program to formulate the next steps for Basin.

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).

The additional claims have been added to the existing earn-in agreement between Basin Energy and CanAlaska. The Company entered into an earn-in agreement with CanAlaska dated 22 April 2022 pursuant to which CanAlaska granted the Company the exclusive right and option to acquire an 80% interest in mineral claims MC00015156, MC00015157, MC00015158, MC00015160, MC00015161,

MC00015162 and MC00015165 (Geikie Project) over a three-staged earn-in, subject to the terms and conditions contained within the Geikie Agreement. Mineral claims MC00019372 and MC00019374 are now included in this agreement and subject to the same terms. Basin currently holds a 40% interest in the Geikie Project. The material terms and conditions of the Geikie Agreement are set out in the Basin Prospectus, refer to section 6.1 of ASX Prospectus dated 22 August 2022.


Click here for the full ASX Release

This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Developing High-Grade Uranium Projects in the Athabasca Basin

Basin Energy Ltd  Rock Chip Results Confirm Polymetallic Potential

Basin Energy Ltd Rock Chip Results Confirm Polymetallic Potential

Perth, Australia (ABN Newswire) - Basin Energy Limited (ASX:BSN) (OTCMKTS:BSNEF) is pleased to report that it has received rock chip assay results for its Prastrun and Hakantorp projects in northwestern and south-central Sweden, respectively (Figure 1*). While focus in Q4 2024 was on field reconnaissance mapping of the northern Sweden projects Virka, Ravaberget and Bjorkberget, the late winter onset allowed Basin's field team to proceed with short prospect visits to the Hakantorp and Prastrun projects.

Key Highlights

- Positive results received from initial reconnaissance field mapping and rock chip program results at the Prastrun and Hakantorp projects in Sweden received.

- Niobium, uranium and tantalum mineralisation highlighted at Prastrun:
o Assay results up to 0.43% Nb (4350ppm) and 0.12% U3O8 (1153 ppm)

- Rare earth elements and uranium mineralisation identified from samples taken from interpreted tailings piles near Frakengruvan historical iron ore pit at Hakantorp

o HAK-003: 0.33 % U3O8 (3183 ppm), 0.33% TREO (3336 ppm)
o HAK-001: 0.39% U3O8 (3867 ppm), 0.21% TREO (2094 ppm)
o HAK-002: 0.20% U3O8 (1998 ppm), 0.27% TREO (2721 ppm)

- Structural core logging and multi-element assay sample on-going on Virka historical drillholes

Of nine samples collected at Hakantorp, five samples returned strongly anomalous total rare earth element oxides ("TREO") with two of these samples comprising uranium oxide values above 3000 ppm (Figure 3*). Assay results from the Prastrun project confirmed anomalous niobium, uranium and tantalum on three samples with results up to 4350 ppm niobium, 1153 ppm uranium oxide and 185 ppm tantalum.

Refer to Appendix two and three for full details*.

Basin's Managing Director, Pete Moorhouse, commented:

"The latest multi-element assay results are highly encouraging, confirming the potential presence of strategically important minerals within a multi-element mineral system.

With growing global demand for critical minerals essential to clean energy technologies, including nuclear power and advanced materials, these results position our project as a potential strategic asset. We look forward to integrating these results into our broader exploration model and continuing costeffective field work as the next steps to establish the full potential of these mineral-rich systems."

The Hakantorp project is located in south-central Sweden within the southern Bergslagen Zn-Pb-Ag and Fe-Co-Ni province, one of Sweden's most important provinces for the exploitation of metallic mineral resources (Figure 2*). The province includes Lundin Mining's (TSE:LUN) Zinkgruvan Zn-Pb-(AgCu) mine, approximately 10 kilometre southeast of Hakantorp, as well as the Zinkgruvan deposit where large-scale mining commenced in 1857 and is still ongoing today with ore production in 2024 totalling 1.43 million tons.

Numerous small skarn iron ore deposits were mined in the 19th century in the project area (Figure 2* and Figure 3*). Uranium occurrences were first reported in the 1950's through examining radioactive historical mine tailings. Follow-up investigations consisting of uraniferous sample collection from waste dumps and select open pits which had been drained (Figure 4*), returned U3O8 values in the 3-4% range.

Basin Energy conducted a short field visit to the project in Q4 2024. Strongly anomalous uranium oxides and TREO assays were returned from what appeared to be tailings near the historical Frakengruvan iron ore pit (Figure 3*):

- HAK-003: 3183 ppm U3O8, 3336 ppm TREO
- HAK-001: 3867 ppm U308, 2094 ppm TREO
- HAK-002: 1998 ppm U3O8, 2721 ppm TREO

Elevated TREO assays up to 837 ppm were also returned from two separate samples near Hank-Olles gruvan (HAK-004) and Torrgruvorna (HAK-006) pits.

Uranium mineralisation distribution in the area is poorly understood however, historical workings indicate uranium mineralisation appears to be structurally bound to a WNW trending structure zone.

Age determination on uranium mineralisation from samples collected in the 1950's concluded the most probable age was 1.785 million years during late-Svecofennian times.

The Company's priority at Hakantorp is to establish both surface and subsurface extensions of the rare earth and uranium rich skarn layers. Further field reconnaissance including structural mapping where feasible, and magnetic and radiometric surveys are considered as next steps in 2025 for the project.

Polymetallic prospectivity assessment at Prastrun, Northwest Sweden

The Prastrun project is located in Jamtland County, in northwestern Sweden, approximately 25 kilometres from the Norwegian border. The region is known for its polymetallic deposits, including uranium, vanadium, molybdenum, nickel, copper, zinc, and potash minerals.

Exploration conducted in the 1980's by the Swedish Geological Survey (SGU) at Prastrun highlighted anomalous results in rock chip samples up to 1.2% niobium, 0.45% U3O8, 0.07% tantalum, and 0.26% zirconium(Figure 5*, Appendix 2*). Sampling at the time occurred within anomalous outcrops over a 1,400-metre strike length, with the remainder of the prospect being covered by a thin glacial till.

Mineralisation is present as betafite (a uranium-niobium-tantalum mineral) hosted in nepheline syenite gneiss of the Seve nappe of the Caledonian tectonic zone. No drilling is known to have been completed at the prospect, however high quality geological and mineralogical studies were completed.

Previous claim holder Mawson Energi AB, a former subsidiary of Mawson Gold Limited, Now Southern Cross Gold Limited (ASX:SXG), completed a field visit6 at Prastrun in 2010 where a total of six samples were collected out of three sites (Figure 5*). Assay results on these samples highlighted anomalous niobium up to 5250 ppm, uranium oxide up to 728 ppm and tantalum up to 282 ppm (Appendix 2*).

Basin conducted a short two-day field visit in Q4 2024 to attempt to locate additional syenite gneiss outcrops, however the vegetation cover appears extremely dense in the project area and outcrops/boulder fields exposure was very low. Three rock chip samples were collected from a syenite outcrop 130 m north of historical sample site (Figure 5*) with assay results returning anomalous niobium, uranium and tantalum:

- PRAS-003: 3480 ppm Nb, 1153 ppm U3O8, 185 ppm Ta, 1330 ppm Zn from a boulder at the base of the outcrop sampled in PRAS-003

- PRAS-001: 2750 ppm Nb, 658 ppm U3O8, 146 ppm Ta, 1030 ppm Mn from a boulder at the base of the outcrop sampled in PRAS-003

- PRAS-002: 4350ppm Nb, 336 ppm U3O8, 74 ppm Ta from a syenite outcrop

Further field work at Prastrun is needed to delineate the extent of the anomalous betafite bearing syenite. Scintillometer surveying of syenite outcrops presumed locations (covered by moss) returned higher than background values. A systematic ground radiometric survey and further rock chip sampling would be an excellent tool to map out the surface extent of betafite-bearing lithologies.

Virka/Bjork/Rava Projects Update

While field mapping activities have halted for the winter, historical core relogging and sampling continues. Revisiting historical core through relogging and sampling represents a critical step in refining Basin's geological understanding of the projects area. Detailed structural analysis will help delineate key deformation events, fault structures, and fluid pathways that may have influenced multi-phase mineralisation. Using modern multi-element geochemical analysis is instrumental in understanding the ore systems at play in the area. These findings will help optimising future exploration strategies and drill targeting.

Finland Reservation Update

On 31st October 2024, Basin announced the execution of an agreement for the 100% acquisition of a portfolio of projects within Scandinavia. In addition to the five exploration licenses in Sweden that Basin has actively been assessing, the portfolio included 5 reservations in Finland. Following review of available data, Basin has elected to proceed with the application for exploration licenses over the Lotto, Temo and Palmottu projects and withdraw from the Eronlampi and Puokio projects.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/F9U801RL



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.



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Basin Energy Ltd

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