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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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