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High Grade Lithium At Andover Spodumene-Rich Pegmatites Return Grades Up To 3.32% Li2o
HIGHLIGHTS
- Assays received for 60 samples collected during phase 2 pegmatite sampling program
- Numerous outcropping spodumene-bearing, lithium-rich pegmatites confirmed
- Latest assays returned significantly high grades of lithium, including:
APRK00037 – 3.32% Li2O
APRK00046 – 2.65% Li2O
- Lithium field exploration continuing with drilling to commence upon receipt of approvals
Commenting on these latest results, Azure’s Managing Director, Mr. Tony Rovira said: “It’s pleasing to report that our lithium-focused exploration program at Andover continues to deliver very significant results. The latest batch of assays returned high grades of lithium up to 3.32% Li2O, which is the highest lithium grade reported to date. Encouragingly, our geological mapping is identifying the presence of the preferred lithium-bearing mineral, spodumene, in many of the outcropping pegmatites.
“We’re planning for the first drilling program to target the pegmatites and will commence as soon as we have received the necessary approvals. The lithium exploration continues in parallel with our Ni-Cu-Co exploration where drilling is currently in progress on the Seaview and Pipeline prospects.”
ANDOVER PEGMATITE EXPLORATION
Following release of results from the initial surface sampling program which returned anomalous lithium assays up to 1.62% Li2O (ASX: 12 October 2022), assay results from an additional 60 whole rock geochemical samples have been received (see Table 1).
Numerous samples returned high grades of lithium hosted in spodumene, including:
- APRK00037 3.32% Li2O
- APRK00046 2.65% Li2O
- APRK00050 1.31% Li2O
- APRK00051 1.19% Li2O
- APRK00049 1.13% Li2O
- APRK00086 1.13% Li2O
Sample APRK00037 contained a significant amount of coarse grained visible spodumene and returned the highest lithium grade (3.32% Li2O) received to date from the Andover Project. It was collected from a pegmatite outcrop located 150m from historical artisanal mines and shallow surface workings from which beryl, tin and tantalum were mined in the 1960s.
A duplicate sample of APRK00037, shown in Figure 1, contains at least 30% spodumene.
Spodumene was also observed in several other samples that returned high grades of lithium, including APRK00046 (2.65% Li2O), APRK00050 (1.31% Li2O) and APRK00051 (1.19% Li2O). These
samples were collected from a cluster of shallow dipping pegmatites that are exposed at surface over an area of more than 500m x 200m (see Figures 4 and 5). Previously reported pegmatite samples from this area (ASX: 12 October 2022) also returned anomalous lithium assays up to 1.62% Li2O in sample APRK00029. With so many anomalous samples, this is a high priority target for additional surface sampling and follow-up drilling.
The Andover pegmatite swarm extends widely across the project area, encompassing a zone approximately 8km long and up to 4km wide in the northeast part of the project area (see Figures 3 and 4). The pegmatite bodies typically trend in a southwest to northeast orientation and are generally horizontal to shallow dipping. Surface exposures range in size up to 100 metres across and hundreds of metres in length. Within the historical mine workings, vertical exposures of the pegmatites demonstrate true thicknesses up to five metres.
The strike of the pegmatites is generally parallel with Azure’s richly endowed Ni-Cu-Co Southern Mineralised Corridor, with most pegmatites lying within or adjacent to this mineralised horizon. It is interpreted that at the time of emplacement, the pegmatites were likely utilising pre- existing structures that also controlled the earlier emplacement of the mineralising intrusion responsible for the formation of the Andover Ni-Cu-Co deposits.
Click here for the full ASX Release
This article includes content from Azure Minerals, 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.
Basin Energy
Overview
Basin Energy (ASX:BSN) completed an IPO in October 2022 and is well-positioned as a uranium exploration and development company to take full advantage of the current political and economic environment for the global supply of uranium. The company operates three projects in the world-class Athabasca Basin in Saskatchewan, Canada, known as the world’s leading source of high-grade uranium, currently accounting for approximately 10 percent of global uranium production. The company’s projects are in close proximity to high-grade uranium discoveries and mining operations within the Athabasca Basin.
Interest in uranium has skyrocketed in recent months, driven by the need for lower emissions and stable power generation. Nuclear reactors provide significant power for 32 countries globally, including the US, Canada, China, France, Hungary, Japan and Finland.
Demand has become a key driver of uranium prices, with Sprott Asset Management further enhancing demand by launching two investment vehicles that have already found rapid success: Physical Uranium Trust (TSX:UUN) and Uranium Miners ETF (ARCA:URNM). Combined, existing demand and investment interest create a compelling opportunity for uranium miners and their investors.In an interview with INN, founding director Peter Bird said, "It's hard to look past the Athabasca Basin as the premium mining jurisdictions for large, high-grade uranium deposits. The region also ranks highly as one of the most stable mining jurisdictions worldwide, which is an increasingly important factor given the current scrutiny on the source of uranium.”
Basin Energy has expanded its portfolio of potential world-class discoveries with the acquisition of projects in Sweden and Finland prospective for multiple commodities including uranium, copper, gold, silver, niobium and rare earth elements. The Scandinavian assets include the Virka project, along with its highly prospective satellite prospects Björkberget and Rävaberget. Exploration activities within the project include drilling across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and limited geochemical core sampling being completed.
Company Highlights
- Basin Energy is a uranium exploration and development company with three highly prospective projects in the world-renowned Athabasca Basin in Canada, known for being a consistent top three global uranium producer.
- Basin Energy’s board, management team and joint venture partner have direct extensive experience in uranium exploration and development along with comprehensive expertise in corporate financing, investment banking and geology. The company’s highly prospective uranium exploration portfolio comprises:
- The Geikie Project - located on the eastern margin of the Athabasca Basin occupying an extensive land position of 351 square kilometers, showing multiple uranium and uranium pathfinder occurrences, and is prospective for shallow, high-grade mineralization with maiden drilling identifying uranium up to 0.27 percent;
- The North Millennium Project - an interpreted extension of the Mother Fault that hosts Cameco’s Millennium Deposit (104.8 Mlb U3O8 3.76 percent), located just 7 kilometers to the south; and
- The Marshall Project - located only 7 kilometers west of Cameco’s Millennium deposit centered on a strong magnetic and conductive anomaly interpreted as a significant unconformity-type uranium target.
- Basin Energy is committed to sustainable development throughout its operations, aiming to minimize environmental impact from all stages of the exploration and development cycle.
Key Projects
Basin has interest in and is actively exploring three highly prospective properties positioned in the southeast corner and margins of the Athabasca Basin, an area well known for its uranium endowment and pedigree. These are the Geikie (60 percent, North Millenium (40 percent) and Marshall (100 percent) projects.
The project portfolio provides exposure to traditional “unconformity style” exploration, targeting the same mineralisation model as Cameco’s (TSE:CCO) prolific McArthur River mine which hosts 674.9Mlb uranium at 16.9 percent at its North Millenium and Marshall projects, as well as exposure to potentially shallower “basement style” exploration targeting deposits similar to NexGen Energy’s (TSE:NXE) Arrow deposit which hosts 30.61Mlb uranium at 4.6 percent.
Geikie Project
The Geikie Project covers a significant area of 351 square kilometers on the eastern fringe of the Athabasca Basin and is easily accessible from Highway 905, which is located just 10 kilometers to the east. This portion of the Athabasca Basin is deemed perspective for shallow “basement style” mineralisation, but has traditionally been overlooked from much of the previous campaigns of uranium exploration. The discovery of multiple basement-hosted uranium ore bodies in recent years elsewhere in the district has driven a focus on the area.
The project was initially prioritized following a targeting review utilizing historical geophysics. Historical geochemistry confirmed the presence of uranium and suitable host lithologies. Recent nearby high-grade, shallow uranium discoveries by 92 Energy (ASX:92E) and Baselode Energy (TSXV:FIND), further enhance the overall prospectivity of the asset.
Project Highlights:
- Exploration underway: Basin Energy has completed mapping, geochemical sampling, airborne geophysics and maiden drilling. Further drilling is planned for 2024-.
- Shallow targets amenable to rapid exploration: Target horizon sits directly beneath glacial cover, in what was historically an overlooked part of the district.
- Nearby high-grade discoveries: The proximity of recent discoveries creates further confidence in the prospectivity of the project geology, being located adjacent to two recent discoveries:
- 92 Energy’s Gemini discovery 43 meters at 0.6 percent eU3O8 including 6 meters at 2.2 percent U308.
- Baseload Energy’s AKIO discovery was 13.2 meters at 0.55 percent U3O8 including 6.3 meters @ 0.99 percent U3O8.
- Presence of uranium: The maiden drilling program intersected anomalous uranium in four of the eight holes drilled, with assays returning up to 0.27 percent U3O8.
- Extensive scale: Geophysical data, combined with drilling data demonstrates significant scale opportunity with over 30 metres of intense alteration and brecciation intersected in drilling, that can be correlated to regional structural features identified in magnetics. This provides immediate follow up targets.
Since its IPO, the company has completed an extensive campaign of high resolution modern airborne geophysics including magnetics, radiometrics, electromagnetics and gravity gradiometry, as well as initial ground prospecting. These surveys have confirmed the pre-IPO geological interpretation and successfully identified a series of uranium targets.
Basin Energy completed its maiden 2,217-meter drilling program at Geikie in the summer of 2023, the first drilling to occur within the Project area in over 50 years. Drilling successfully identified uranium mineralisation with assays up to 0.27 percent U3O8. Uranium mineralisation is located proximal to two regionally significant structures at Aero Lake and Preston Creek with associated extensive hydrothermal alteration indicative of large uranium mineralising systems. Furthermore, an extensive geochemical pathfinder halo has been identified at Preston Creek, characteristic of uranium mineralising systems seen elsewhere in the district.The company further expanded the Geikie Project with two additional claims consisting of 11.87 square kilometers, bringing the total Geikie project area to 350.87 square kilometers. The newly staked claims are adjacent to the Preston Creek and Hourglass Lake prospects, where Basin’s maiden exploration drilling is underway.
The company currently owns 60 percent of the Geikie Uranium Project following the fulfillment of expenditure requirements to meet the option payment. Basin has elected to proceed with the option agreement to increase its ownership to up to 80 percent through earn-in stages.
North Millennium Project
North Millennium is located just 7 kilometers north of Cameco’s (NYSE:CCJ) Millennium Deposit, which contains 104.8 million pounds (Mlb) U3O8 at 3.76 percent, and 40 kilometers southwest of their flagship McArthur River Mine hosting 674.9 Mlbs U3O8 at 16.9 percent. Within the property, Basin Energy has identified two high-priority targets along a 5-kilometer corridor for initial priority exploration. The initial target is where an interpreted extension of the Millennium Mother Fault intersects a strong basement conductor.
Project Highlights:
- Favorable geology: The interpreted structural and stratigraphic geology has strong similarities with some of the major uranium deposits within the Athabasca, such as a basement conductor trend disrupted by an interpreted extension of the Millennium Deposit Mother Fault.
- Proximity to known mineralization and recent discoveries:
- Located 7 kilometers north of Cameco’s Millennium deposit
- Drilling to the south of the project, proximal to the Millennium Deposit Mother Fault intersected uranium and uranium pathfinder elements.
- A drill hole on a nearby property completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign. Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling
- Targeted ground geophysics
Marshall Project
Located in the southeast corner of the Athabasca Basin, the Marshall Project has received limited historic exploration between 1979 and 2009, which included surface geochemistry, electromagnetic surveys and ground geophysics.
The Marshall Project contains a strong magnetic and conductive structure indicative of an unconformity-type uranium target, the asset’s primary target. Recently completed modern 3D inversion and processing works of historical geophysical data identified multiple geophysical anomalies above and below the Athabasca unconformity within the sandstone and basement stratigraphy at the Marshall Project.
Project Highlights:
- Significant geophysical anomalies: Interpretation of historical geophysical data suggests a metasedimentary basin with a graphitic basal unit, cross-cut by a magnetic and conductive NE/SW structure – indicative of a geological setting suitable for high-grade uranium mineralization.
- Proximity to known mineralization and recent discoveries:
- Located 10 kilometers west of Cameco’s Millennium deposit
- A drill hole along strike at the McArthur West project, completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign.
- Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling as merited
Management Team
Blake Steele - Non-executive Chairman
Blake Steele is an experienced metals and mining industry executive and director with extensive knowledge across public companies and capital markets. He was formerly president and chief executive officer of Azarga Uranium (Azarga), a US-focused integrated uranium exploration and development company. He led Azarga into an advanced stage multi- asset business, which was ultimately acquired by enCore Energy (TSX.V:EU) for C$200 million in February 2022.
Pete Moorhouse - Managing Director
Pete Moorhouse has 18 years of mining and exploration geology experience with extensive experience in the junior uranium sector, having spent over 10 years with ASX-listed uranium explorer and developer Alligator Energy (ASX:AGE). He holds significant competencies in evaluating, exploring, resource drilling and feasibility studies across many global uranium and resource projects.
Jeremy Clark - Non-executive Director
Jeremy Clark has over 19 years of mining and exploration geology experience. He previously held technical and management roles at the recognized consultancy firm RPM Global for over 13 years, gaining experience across a number of uranium, base metals, and precious metals deposits globally. Subsequent to RPM, Clark established his own boutique geological consultancy firm, Lily Valley, focused in regards to compliance-related issues, IPOs and M&A.
Cory Belyk - Non-executive Director
Cory Belyk holds 30 years’ experience in exploration and mining operations, project evaluation, business development and extensive global uranium experience most recently employed by Cameco in the Athabasca Basin. He was a member of the exploration management team that discovered Fox Lake & West McArthur uranium deposits. Currently CEO/VP of Canadian Athabasca uranium explorer and project generator, CanAlaska (TSXV:CVV).
Peter Bird - Non-executive Director
Peter Bird is an investment banking professional with experience leading and managing a variety of global transactions including IPOs, Capital Raises and M&A Currently working with New York based investment fund, where he provides strategic funding solutions to a variety of international clients. He previously held the role of associate director at a Perth-based boutique corporate advisory firm focused on natural resources.
Ben Donovan - NED/ Company Secretary
Ben Donovan has over 22 years of experience in the provision of corporate advisory and company secretary services. He holds extensive experience in ASX listing rules compliance and corporate governance and has served as a Senior Adviser to the ASX for nearly 3 years Currently CoSec to several ASX listed resource companies including M3 Mining (ASX:M3M), Magnetic Resources (ASX:MAU) and Legacy Iron Ore (ASX:LCY).
Odile Maufrais - Exploration Manager
Odile Maufrais is an exploration geologist with over 14 years of experience and has an extensive understanding of the uranium exploration and mining industry, having worked at ORANO, one of the largest global uranium producers for 12 years on various assignments in Canada, Niger, and France. Maufrais has significant Athabasca Basin-specific experience, being involved on over 15 greenfield and brownfield uranium exploration projects located throughout the Basin. Her most recent roles for ORANO comprised leading various uranium exploration campaigns and being an active member of the ORANO research and development team, which involved working on trialing and implementing cost-effective and streamlined drilling techniques within the Athabasca Basin. She also played a key role in the update of the National Instrument 43-101 compliant mineral resource estimate for the Midwest Main and Midwest A deposits. Maufrais holds a Master of Science from Montpellier II University, France.
Western Australian METS Companies Awarded AU$1.25 Million in Funding
The Minerals Research Institute of Western Australia (MRIWA) said on Wednesday (October 30) that it is awarding five companies with research funding through its Mining Equipment, Technology and Services (METS) Innovation Program.
The funding totals AU$1.25 million, with Aquirian (ASX:AQN), Total Marine Technology, Big Roller Overland Conveyor Company, Electric Power Conversions Australia and CMG Operations receiving AU$250,000 each.
The WA government said it prioritizes “projects that will directly accelerate the development of companies, products and new markets benefiting the Western Australian economy” for the METS Innovation Program.
Aquirian, the only publicly listed company receiving the grant, will allocate the funding for developing automation for its existing Collar Keeper system. This would allow the driller to stay inside the cab, reducing personnel risk in drilling.
Total Marine Technology’s project is an automatous robotic process tank descaling system using advanced AI-driven 4D radar and 3D camera technologies.
Big Roller Overland Conveyor Company will use the funding to advance Big Roller, which is an energy-efficient large diameter roller modular conveyor system targeting iron ore mining in the Pilbara region.
Electric Power Conversions Australia will develop a cooling system for batteries in retrofitted electric mining trucks, and CMG Operations will advance Raptor Grav, a next-generation airborne gravimeter.
"Supporting research into cutting-edge technologies and techniques helps bring new products and services to market quicker,” Mines and Petroleum Minister David Michael said. "MRIWA funding is helping deliver this Government's economic diversity priorities, while working to sustain our globally competitive mining sector through targeted research."
The METS Innovation Program was established as an AU$3 million program that supports industry-led METS-related research projects and provides facilitation assistance for collaborative projects. The maximum amount of funding a company can receive is AU$250,000.
The program also offers assistance in connecting with potential collaborators and sponsors and support in navigating the innovation ecosystem. A group of research portfolio managers is also available to assist and offer insights on the development of projects.
According to the WA government, the program helps deliver a key plank of Diversify WA, the state's economic development framework.
Applications for the next round of funding will close on March 4, 2025. Information on applications is available here.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Ronin Resources Applies for Gold-Silver Project in San Juan, Argentina
Ronin Resources Ltd (ASX: RON) (Ronin or the Company) is pleased to advise that it has submitted mineral exploration applications over 23,637 hectares (236.37 km2) prospective for gold-silver mineralisation in the San Juan Province of Argentina. The La Punilla Gold-Silver Project is accessible from the San Juan town of Rodeo, via the same road intended to access BHP and Lundin Mining’s Filo de Sol and Josemaría projects.
- Since IPO, the Company has actively sought to acquire new projects capable of enhancing the portfolio
- Following extensive in-country due diligence, Ronin has submitted exploration applications over ~23,000 ha (230 km2) prospective for Au-Ag mineralisation in the San Juan Province, Argentina
- The San Juan Province hosts the globally significant Veladero gold- silver deposit (mined by Barrick/Shandong Gold), and multiple giant copper-gold porphyry deposits inc. Filo del Sol (currently subject to a C$4.1B takeover from BHP and Lundin Mining)
- The Company’s Chairman will draw upon his experience and professional network in San Juan to oversee preliminary exploration work
For a nominal cost, these mineral exploration applications provide the Company a strategic platform in a hotbed of mineral exploration and corporate activity.
Ronin Chairman Joseph van den Elsen commented:
“The La Punilla Gold-Silver Project provides Ronin an entry into the San Juan hotbed of corporate and exploration activity. The Company’s Board has real working experience in San Juan and will draw upon its professional networks to oversee its evaluation and assessment. The Company remains committed to its strategy of generating shareholder value through development of its existing assets and acquiring new business development opportunities to further complement the portfolio”.
La Punilla Gold-Silver Project
Regional Setting
The high cordillera region of the San Juan Province, Argentina has significant mineral endowment, hosting numerous globally significant porphyry copper-gold-molybdenum deposits, such as Filo del Sol, Altar, Pachón, Los Azules, and the Veladero epithermal Au-Ag deposit. In the Precordillera region, gold rich skarn deposits (Gualcamayo) have also been discovered, as well as Au-Ag veins (Casposo), both of which have been developed into significant mining operations (refer Figure 1).
Click here for the full ASX Release
This article includes content from Ronin Resources, 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.Provaris Energy Quarterly Activities Report
Provaris Energy Ltd (ASX: PV1, Provaris, the Company) is pleased to provide the following summary of the Company’s development activities for the quarter that ended 30 September 2024.
Significant Progress on Tri-Party MOU with Uniper and Norwegian Hydrogen for a Hydrogen Supply Chain to Germany
- Provaris, Uniper and Norwegian Hydrogen have released commercial objectives and outlined a roadmap towards binding agreements over the next 3-6 months, with target milestones including:
- December 2024: Term Sheets for hydrogen sale and purchase agreement (SPA) and shipping agreements tied to a chosen development project.
- June 2025: Finalisation of binding contractual agreements.finsl
- Uniper is set to serve as offtaker for over 40,000 tpa of RFNBO (green) compliant hydrogen, with a proposed 10- year hydrogen SPA term to support long-term charters for Provaris’ proprietary H2Neo carriers and H2Leo barges.
- Provaris and Norwegian Hydrogen continue collaborative efforts on developing suitable sites for hydrogen supply.
- In September a delegation from Uniper to Norway’s West Coast advanced commercial terms and technical work stream, including a site visit to view Provaris’ hydrogen Prototype Tank.
Advancements in European Supply Chain Developments
- Provaris is making steady progress with Global Energy Storage (GES) with the assessment of options for an initial 40,000 tpa compressed hydrogen import project in Rotterdam, including options for hydrogen storage at the terminal.
- Productive discussions and workshops took place with German and Spanish utility companies, with the focus on technical, operational, safety and economic aspects of compression, and economic elements of compression and exploring potential hydrogen supply sources in the Nordics and Iberia to meet early hydrogen demand for industrial clients.
- Ongoing technical and commercial due diligence with potential partners underlines regional industry demand for innovative and diverse hydrogen supply pathways, reinforcing Provaris’ role in supporting Europe’s hydrogen transport needs.
Concept Design Study Reaffirms Competitive Advantage of Compressed Hydrogen Supply in Europe
- Results for a 540MW renewable grid connected site, with a sailing distance of 1,000 Nm, when compared to an ammonia supply chain (delivered as gas), confirms capital and energy efficiencies of compression.
- Efficient compression technology with minimal hydrogen loss enables ~50% greater hydrogen volumes compared to ammonia and a ~20% lower delivered cost.
- Study outcomes highlight the cost-competitiveness of Provaris’ compressed hydrogen model, in alignment with €1 billion in funding allocated for hydrogen initiatives by the EU Hydrogen Bank and H2Global Pilot in 2024.
Joint Development Agreement with Yinson Production AS for CO2 Bulk Storage and Transport.
- This strategic partnership with Yinson unites expertise in developing innovative, large capacity CO2 tank designs for bulk storage and marine transport of CO2, based on Provaris proprietary hydrogen tank technology.
- Yinson has a long track record in the construction of floating production, storage, and offloading (FPSO) vessels, and is well-positioned to support the development of comprehensive carbon capture and sequestration solutions.
- Provaris’ proprietary ‘multi-layer tank IP’ enables larger volume CO2 tanks, optimising cost and transport efficiency beyond current industry standards of 7,500 cbm for shipping.
Provaris Managing Director and CEO, Martin Carolan, commented:“Our achievements this quarter highlight our growing momentum and commercial success with European partners. The increasing support for Provaris aligns well with the EU's investment in low-carbon hydrogen solutions. Our focus on compression, known for its simplicity and energy efficiency, underscores its role in scaling hydrogen delivery to NW Europe, which depends on imports to meet industrial demand under tight timelines to achieve emission targets. The diversification into the CO2 supply chain will expand the reach of our unique tank IP into new commercial opportunities with the backing of a strong partner in Yinson, an industry leader in the offshore industry.”
Click here for the full ASX Release
This article includes content from Provaris 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.
Quarterly Activities Report for the Period Ending 30 September 2024
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an overview of activities for the period ending 30 September 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.
Key Highlights
- Elevated uranium and extensive alteration identified at Preston Creek from phase 2 drilling at the Geikie project
- Significant unconformity uranium target identified through ground EM at the 100% Basin owned Marshall Project
- Continued engagement and consultation with stakeholder groups culminating in the signing of an exploration agreement with The English River First Nation
- Extensive complimentary project acquisition reviews and due diligence completed, culminating in the acquisition of Normetco AS subsequent to the quarter
- U3O8 spot price1 stable in US$80/Lb - US$85/Lb range
Final results from the winter exploration programs were announced for all three of the Company’s Athabasca Basin uranium projects (the ‘Projects’) (Figure 1).
Phase 2 exploration drilling at the Geikie Project (‘Geikie’) identified a 1.5km zone of alteration typical of basement-hosted mineralisation comparable to multiple world class uranium deposits. Results from the maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) were received, with significant conductive anomalies identified at Marshall, located above and below the unconformity, consistent with the regional exploration model.
Basin finalised an Exploration agreement that formalises the Company's relationship with the English River First Nation (‘ERFN’) in respect to Basin’s exploration and evaluation activities at its Marshall uranium project
The Company has spent significant time evaluating and assessing complimentary projects to supplement the existing portfolio, utilising the companies extensive inhouse exploration experience to identify opportunities that may have been recently overlooked. This has cumulated in the Company entering into a binding agreement to acquire the Normetco AS Uranium and Green Energy Metals portfolio, which occurred after the Reporting Period.2
The quarter saw the resignation of non-executive directors Peter Bird and Ben Donovan. The Company’s cash balance was $2.11 million at the end of the Reporting Period.
Basin’s Managing Director, Pete Moorhouse, commented:
“We are proud to have executed an exploration agreement with the English River First Nation, building on our existing exploration agreement with the Ya’ thi Néné, and look forward to building these relationships as our exploration campaigns mature on our exciting Athabasca Basin projects.
The company has spent extensive time assessing complimentary assets that meet our strict technical criteria for exploration merit and have a clear pathway for value addition to shareholders.
Whilst we are excited to commence assessment of early stage works on our Scandinavian acquisition, we remain committed to the Athabasca portfolio. Further drilling is required to fully test the initial discovery at Geikie, and the compelling deeper unconformity geophysical targets at Marshall. Our expenditure to date ensures that these assets are in good standing for the near-term future, ensuring that these valuable assets are safeguarded and advanced at a suitable pace.”
Figure 13: Project locations in relation to the Athabasca Basin
Click here for the Appendix 5B Cash Flow Report
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.
Basin Energy to Acquire Scandinavian Uranium and Green Energy Metals Portfolio
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce the signing of a binding agreement (the “Agreement”) to acquire an exploration portfolio located within Scandinavia (the “Projects”).
Key Highlights
- Basin Energy to acquire 100% interest in prospective portfolio with projects located in Sweden and Finland
- Deal structure includes upfront all scrip offer with deferred payments upon exploration success to preserve cash for exploration
- Projects prospective for multiple commodities including Uranium, Copper, Gold, Silver Niobium and Rare Earth Elements. Known highlights from historical exploration data include:
- Rock chip sampling at the Prästrun project up to 0.45% U3O8, 1.2% Nb, 0.07% Ta, and 0.26% Zr1.
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 2
- 9 m at 1,087 ppm U3O8 from 24.5 m in drill hole 81-003
- within 17 m at 707ppm U3O8 from 23 metres depth
- Evidence for high grade uranium mineralisation from the Håkantorp project with limited sampling campaign of historical waste dumps returning up to 1.59% U3O83
- No modern systematic exploration undertaken with last significant exploration in 1980’s highlighting district scale potential
- Work program to commence immediately including stakeholder engagement, relogging historic core, surface sampling and mapping
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin has been assessing opportunities since inception that fit the exploration criteria for potential world class discoveries. We are excited to add this complimentary portfolio to our existing asset base. The acquisition provides multiple near surface targets for uranium and green energy metals, that can be advanced cost effectively. Whilst exploration success was achieved in the 1980s, very little modern exploration has occurred. As of 2021, Sweden’s known uranium assets make up about 27% of Europe’s uranium resources4.
We remain committed to advancing our existing uranium portfolio in the world-class Athabasca Basin, however, we also recognise the significant opportunity presented to Basin for broader exposure to uranium and green energy metal discoveries that are required to fulfil the metals void created by the global push toward decarbonisation.
We will update the market with detailed project-level information shortly as we conduct initial work programs and further data verification of this exciting new package.”
Figure 1: Scandinavian Project Portfolio Locations
The project portfolio (Figure 1) primarily targets sheer-hosted and intrusive-related mineralisation and consists of five exploration licenses within Sweden consisting of 120.1 km2, and five reservations in Finland totalling 64.8 km2. Historical exploration records exist for several of the properties and highlight prospectivity for a variety of commodities.
Sweden
Virka, Björkberget and Rävaberget Projects
The Virka project, along with its highly-prospectivity satellite prospects Björkberget and Rävaberget, are strategically positioned in the heart of the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden (Figure 2). Previous drilling activities conducted in the 1980’s across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and limited geochemical core sampling being completed, see below for details. Additionally, historical regional geological mapping and boulder tracing records unveiled several surface anomalisms in lead, zinc, silver and gold associated with fault structures. Research indicates that these anomalies have not been adequately followed up with result not verified to JORC Code (2012).
Figure 2: Virka, Björkberget and Rävaberget Projects Location
Drilling at the Virka project consisted of 20 holes (Appendix 1) completed by the Swedish Geological Survey (“SGU”) between 1980 and 1982 that targeted the source of a geochemically anomalous boulder train. Although historic results from this boulder sampling have yet to be verified, it is noted that multiple anomalous elements were recorded in addition to uranium, including copper, silver and gold 5,6,7. Numerous other untested boulder trains were reported in the project area and will be a focus of initial ground exploration work program planned by Basin. Virka is located approximately 37 km southeast of Boliden’s (STO:BOL) Laisvall Pb-Zn-Ag former mine.
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