Figure 1: North Millennium and Marshall tenements with neighbouring tenements and uranium deposits.
Figure 2: Marshall Project Exploration Plans (left) and Cameco’s Millennium Deposit type section (right)3.
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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.
Source:
Basin Energy Ltd