Gravity Survey Identifies Significant Anomalies at the Geikie Uranium Project

Basin Energy Ltd (ASX:BSN) (‘Basin’, or the ‘Company’) is pleased to advise that the Airborne Gravity Gradiometer (‘AGG’) survey data for its Geikie Uranium Project (‘Geikie’ or the ‘Project’) has been received and wishes to provide an update on preliminary results, whilst further modelling is being completed on this data.

Key Highlights

• Large gravity targets identified coincident with key regional structures within the Geikie Uranium Project.
• Series of gravity anomalies identified, coincident with key north south fault identified near drill hole GKI-002 which intersected 0.27% U3O8.
• Survey results support interpretation that a large hydrothermal system is active adjacent to the Preston Creek prospect.
• Priority ranking of gravity targets subject to on-going modelling of gravity low anomalies.
• Immediate follow-up drilling program for Geikie scheduled for Q1 2024.

The Project is located on the eastern margin of the world-class Athabasca Basin in Canada. Maiden drilling completed in August 2023 successfully identified uranium mineralisation with assays up to 0.27% U3O8. Uranium mineralisation is located proximal to two regionally significant structures at Aero Lake and Preston Creek, with associated extensive hydrothermal alteration characteristic of large uranium mineralising systems. The AGG survey was designed to target areas of enhanced basement alteration associated with drill defined uranium fertile structural corridors.

The survey has successfully outlined multiple gravity low features (Figure 1, Figure 2) within the Project suggestive of low-density clay-rich alteration zones. Significantly, a number of these gravity anomalies are coincident with fertile structural corridors identified through drilling and airborne magnetic surveys.

Basin’s Managing Director, Pete Moorhouse, commented:

“The Geikie Project is a geographically large area within an exciting, previously overlooked part of the prolific Athabasca basin.

Our first phase of drilling identified the key ingredients for Athabasca basement-hosted high-grade uranium, including significant alteration associated with regional structures along with the presence of uranium.

I’m delighted by the initial results from the survey, which has defined a series of strong coherent gravity lows falling on these structural zones indicating the potential for intense alteration – exactly what you need when looking for these large uranium deposits.

Whilst the technical team is conducting extensive modelling of this data to ensure the maximum effectiveness, we are now working toward the next phase of drilling scheduled for Q1 2024 and are extremely excited to get the rigs restarted at Geikie.”

Airborne Gravity Gradiometer Survey Results:

Basin Energy contracted Xcalibur Multiphysics Group to conduct a detailed fixed-wing Falcon AGG survey on the Geikie Project¹ (Figure 3). The survey consisted of a total of 1,838 line kilometres at 200 m flight line spacing. Full survey and levelling parameters are detailed in Appendix 2.

Figure 1: Gravity low anomalies over vertical gravity gradient (left) Figure 2: Gravity low anomalies over reduced to pole magnetic intensity (right)

Results from Basin Energy’s maiden drilling program conducted in June-July 2023^2,3 (Figure 4) confirmed the presence of hydrothermal alteration systems hosted within a complex structural framework at Geikie, features which are commonly associated with basement-hosted high-grade uranium deposits elsewhere in the Athabasca Basin. Drillholes intersected graphitic host rocks with large reactivated and brecciated fault zones, associated with hydrothermal alteration, uranium mineralisation up to 0.5m at 0.27% U3O8, and uranium enrichment.

The purpose of the survey was to identify gravity low anomalies coincident with large-scale fertile structures as identified in drilling and through airborne geophysical data. Where these occur, the low- density rocks are indicative of clay alteration caused by intensified fluid movement along these fault zones characteristic of uranium mineralising systems in the Athabasca.

The survey successfully outlined multiple gravity low features across the Geikie Property (Figure 1 and Figure 2). Of significance, the AGG survey highlighted:

• Gravity low anomalism coincident to isolated key magnetic structures,
• Gravity low anomalism at the intersection point of several key magnetic structural features,
• Gravity low anomalism marginal to an electromagnetic conductor often coincident to one or more key magnetic structures,
• Isolated gravity low anomalism.

Figure 3: XCalibur Multiphysics Cessna Survey Plane

Key Findings Adjacent to 2023 Maiden Drilling Prospect Areas:

The AGG survey in the 2023 drilling areas confirmed the potential scale of the hydrothermal systems intersected in drilling at the Preston Creek and Aero Lake Prospects^2,3.

Figure 4: 2023 maiden drilling program results

Aero Lake

The AGG survey highlighted several high-priority gravity anomalies adjacent to the Aero Lake prospect (Figure 4) where the highest uranium value of the drilling program was intersected (0.27% U3O8 over 0.5 metres starting from 185 metres in GKI-002)³.

The anomalies identified adjacent to Aero Lake appear related to the wide hydrothermal alteration zone intersected in drillhole GKI-002 (Figure 5). Of great interest are a succession of gravity lows which follow this structure extending along an 8000-metre trend to the south of GKI-002 and approximately 3000 metres north of the drillhole. Further modelling of these gravity anomalies is currently on-going.

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