Basin Energy

Geophysical Targets Identified At Geikie

Basin Energy Limited (ASX:BSN) (‘Basin’, or ‘the Company’) is pleased to provide an update on the exploration activities at the Geikie Uranium Project (“Geikie” or the “Project”). With only 65% of unprocessed data airborne electromagnetic data (‘AEM’) received, Basin is highly encouraged by the preliminary results with significant conductors identified which support the previous works undertaken and the interpreted exploration model of the Project. Furthermore, a detailed review of regional historical data has allowed further refinement of the model. Basin now eagerly awaits the completion of the survey to allow the next step of exploration and drilling plans to be finalised ahead of the maiden drill program.


Key Highlights

  • Geikie Airborne Electromagnetic Survey nearing completion and preliminary results have identified new targets and enhanced existing targets including:
    • A significant new EM conductor in the Southeast of the property identified
    • Multiple conductive anomalies associated with previously delineated regional north south faults, which are interpreted as suitable conduits for mineralised fluids
  • Ongoing comprehensive regional data assessment reveals a proven lithological package suitable for hosting uranium mineralisation at Geikie
  • Continued engagement with First Nations and broader stakeholder groups consistent with Basin’s commitment to transparent and sustainable exploration
  • Strong news flow expected with final EM survey results due imminently in the lead up to the maiden Geikie drilling program
  • Well-funded for a significant 2023 exploration program with $7.6 m at 31 December 2022
Basin Energy’s Managing Director, Pete Moorhouse, commented:

“We are extremely encouraged by the results of the preliminary EM data to date. Being able to identify conductors associated with the presence of significant structural graphitic units, as now confirmed from historic drilling results, provides the right framework for uranium deposits within the area.

Coupled with our existing model and targets, we are left with a series of tantalising and credible drill targets that show characteristics of other shallow, high-grade Athabasca-style uranium deposits.

Whilst delays to the finalisation of the AEM survey have occurred which can be partially attributed to this winter seasons weather conditions, we are now pleased to have its completion in sight.

The team has been utilising the time to fully appreciate the depth and extent of historic data from within and in close proximity to the project area which provides a series of known control points that can be integrated with this new AEM information.

Basin has also spent time engaging with traditional-rights bearing groups and stakeholders to ensure our upcoming exploration activities are sustainable and beneficial for all affected parties, and that questionsontheimpactofexplorationactivities are addressed prior to ground disturbing activities being completed.

We eagerly await the final AEM results, as we work towards finalising planning for the upcoming exploration campaign.”

AEM Exploration at Geikie

Preliminary results from part of airborne electromagnetic survey (“AEM”) commissioned by Basin at Geikie (see ASX release dated 08/12/2022) have been received, and the survey is ongoing. The survey objectives are to map suitable lithological and structural settings conducive to high-grade uranium mineralisation. This includes the identification of graphitic structural zones, as seen in deposits of the local region. The data in conjunction with existing knowledge will be used for final drill targeting.

Figure 1: Geikie Project in relation to nearby significant uranium occurrences

Figure 2: Initial preliminary data for 2023 AEM survey at Geikie showing multiple conductive AEM anomalies adjacent to significant regional structures

The contractor has experienced significant delays in the finalisation of flying this survey due to equipment failure and weather-related issues out of Basin’s control. The Company can now advise that over 65% of the survey has been completed, with preliminary data being received daily. Subject to weather conditions, the survey is expected to be completed in the coming days. Further results will be released once analysis is complete.


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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