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Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on its Marshall Project (the ‘Project’) located in the southeastern part of the world-class Athabasca Basin (Figure 1).
Key Highlights
- 3D inversion of historical geophysical datasets completed1
- Multiple priority anomalies identified above and below the Athabasca unconformity in both sandstone and basement stratigraphy at Marshall
- Positive uranium market sentiment continues to build, with U3O8 SPOT price exceeding US$70/Lb
- Work continues at Geikie Project following maiden drilling program, with airborne gravity survey results expected in October
- Basin remains funded for next round of exploration drilling
As part of our ongoing assessment of the Project, the Company engaged geophysical experts Computational Geosciences Inc. and Convolutions Geoscience to conduct modern 3D inversion and processing works of historic geophysical data. This work has identified multiple geophysical anomalies above and below the Athabasca unconformity within the sandstone and basement stratigraphy at the Marshall Project. The identification of these anomalies is highly encouraging given that little exploration has ever been conducted on these tenements. Basin will utilise these interpretations as a basis for future exploration works, in conjunction with the ongoing works at Geikie.
Basin’s Managing Director, Pete Moorhouse, commented“Basin has continued advancing the Marshall Project through the reprocessing of historic geophysical data – this is a continuation of the recently updated work at North Millennium which identified a significant unconformity target.
The identified sandstone conductivity anomalies, with corresponding basement anomalies provide immediate targets for Athabasca unconformity and basement hosted uranium mineralisation exploration and we are very excited with the results from the review of the historical data.
Combined with Basin’s recent work at North Millennium, the studies support our prospectivity analysis for this area, located within the heartland of the traditional uranium discoveries of the eastern Athabasca.
With U3O8 spot prices continuing to surge, we are positioning Basin in the enviable position of having multiple top-quality exploration targets in the world’s best uranium jurisdiction.”
Figure 1: North Millennium and Marshall tenements with neighbouring tenements and uranium deposits.
Current Interpretation of the Marshall Project
The 100% owned Marshall project is located in the southeastern portion of the Athabasca Basin and situated 11 km west of the Millennium deposit, around 50 km southwest of the McArthur River mine.
Minimal historical mineral exploration at the Project occurred between 1979 to 2012, and there are no known historical exploration drill holes. Historical geophysical exploration work was limited to regional- scale airborne surveys, and small-scale airborne and ground-based electromagnetic surveys.
The depth of the unconformity is estimated to be between 700 and 900 metres. Z‐Tipper Axis Electromagnetics (“ZTEM”) was the only geophysical method used to date that appears to accurately detect the location of graphitic basement conductors.
The Marshall Project is centred on an arc-shape magnetic low feature outlined by airborne and ground geophysics. Interpretation of ZTEM and Transient Electromagnetic survey data shows conductive anomalies along the edge of the magnetic low and suggests a deep-rooted fold bearing conductive layers.
Figure 2: Marshall Project Exploration Plans (left) and Cameco’s Millennium Deposit type section (right)3.
3D Inversion of ZTEM data
Computational Geosciences Inc. was contracted to invert a ZTEM dataset collected over Kodiak Exploration’s historical McTavish project partially covering the Marshall mineral claims (Figure 3 and 4). ZTEM is an airborne electromagnetic geophysical technique which detects anomalies in the earth’s natural magnetic field. ZTEM surveys are designed to map resistivity contrasts to great depths, exceeding 1-2 km, making the technique well-suited to unconformity related uranium mineralisation exploration in the Marshall Project area.
3D models of electric conductivity have been produced, accounting for survey geometry and topography, and constrained by a basin-wide unconformity surface. The ZTEM inversion model 200 m below the modelled unconformity surface shows strong conductive anomalies along the edge of the magnetic low (Figure 3) Basin is currently interpreting this arc-shape feature as a deep-rooted fold reminiscent of Mudjatik deformation events. In addition to this, the data highlights a set of north northwest conductive anomalies which are interpreted as possible cross-cutting conductive structures. ZTEM 3D inversion 200 m above the unconformity (Figure 4) shows a number of relative conductivity anomalies in the sandstone, including a NE-SW structure set also highlighted by magnetic data. Basin interprets this to represent the potential presence of alteration within the sandstone, which could have been caused by mineralizing fluids breaching the unconformity contact.
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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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Maiden Drilling Program at Ti-Tree Completed
- 9,086m drilled in 78 holes across six project areas
- Campaign designed to test extensive surface mineralisation identified through soil sampling and rock chip analysis
- Visual observations of copper sulphide mineralisation in quartz veining in multiple holes at depth
- Assays are due back progressively over the coming weeks.
- Exploration and drilling activities to re-commence in Q1 2024
The drilling campaign included 78 holes totalling 9,086m of Reverse Circulation (RC) drilling. The program consisted of discovery drilling only and was designed to confirm historical results and to test near surface mineralisation at depth and along strike, with drilling having been limited to approximately 70m vertical depth.
Holes in the Crawfords, Nic’s Bore and Copper Ridge areas also intersected some visible disseminated mineralisation within quartz veins in the form of pyrite, malachite and chalcopyrite and assay are awaited.
Andrew Reid, Managing Director
“Our maiden drilling campaign following the IPO in May 2023 is now completed and has been a great success. The campaign was designed to test for mineralisation both at near surface and at depth and resulted in visually identifying mineralisation/veining in the majority of drill holes at our Minnie Springs copper-molybdenum-gold project.
Minnie Springs could represent a sizeable porphyry hosted copper deposit with the next step to be the completion of drilling in the remaining 50% of the copper-in-soil anomaly yet to be tested during the next drilling campaign in Q1 2024.”
Figure 1. Location map showing prospects drilled to date, Minnie Springs, Copper Ridge,Nick’s Bore, Crawford and Crawford South and COO Creek.
Table 1. List of RC holes completed by prospect location.
Figure 2. Minnie Springs soil sampling, rock chip and drilling location map showing location of the x-section A – A’.
Figure 3. Hole MSRC012 – showing visual pyrite - chalcopyrite – chalcocite – covellite mineralisation in zones from 127 – 139m downhole at the Minnie Springs prospect1.
The second northern-most line at Minnie Springs (Figure 2. MSRC 010 – 012) intersected multiple zones of copper sulphide mineralisation1 co-incident with chlorite-epidote alteration in hole MSRC012, which is characteristic of propylitic alteration commonly seen in in porphyry copper-molybdenum-gold deposits.
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This article includes content from Augustus 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.
EMU Records Gold Assays to 36.1 g/t - Georgetown, Queensland
HIGHLIGHTS*
- Camp Oven Creek area historic surface rock assay results ranging from 12.9 g/t up to 224 g/t gold and 24 g/t to 135 g/t silver from rock samples in broad rhyolite breccia hosted veins in the NW1.
- 15.4 g/t gold assay results recorded from EMU’s first reconnaissance rock samples in the NE Dagworth area, ~19km east from Camp Oven Creek, along Delany Fault extension2.
- 15 historic rock values greater than 31.1 g/t gold (> 1 Ounce) identified from zones in the Camp Oven Creek, 130 Quartz Vein and Quartz 250 Prospects (“new historic information”)3.
- Three historic rock samples in the Quartz 130 prospect returned values ranging from 51 g/t gold up to 73 g/t gold4.
- Limited historic drilling at Rhyolite Breccia/Turtle Arm returned values to 2m at 15.8 g/t Au and 3m at 2.8 g/t Au.( See table 3).
- 86 historic surface rock samples greater than 1 g/t gold with a weighted average of 17.3 g/t within Georgetown EPM 27667 - NW Camp Oven Creek/Turtle Arm quadrant5.
- 2 EMU first reconnaissance rock samples returned 36.1 g/t gold and 25.6 g/t gold respectively from the Sandy Creek prospect just south of Georgetown6.
- Limited historic drilling at Munitions Creek (EPM 27642) returned values to 4m at 2.73 g/t Au and 1m at 10.85 g/t Au. (see table 3).
- EMU’s geological teams currently in field undertaking follow up sampling from these areas.
Commenting on the high gold values historically reported in the project area coupled with EMU’s latest results, EMU’s Chairman Mr Peter Thomas commented:
“It is quite remarkable that the Georgetown tenements and surrounding areas have not been comprehensively subjected to a modern and systematic exploration effort previously. EMU’s initial “first pass” reconnaissance field survey comprised the collection of a limited number of samples from rock outcrop, termite mounds and stream sediments in multiple areas targeted for gold, base metals, lithium and critical minerals. In addition to the recently reported copper, silver and lead values, the gold assay results and historic exploration results support EMU’s view that the project has the potential to deliver world-class discoveries which underpinned its decision to farm into the project”.
Further to the recent announcement7 confirming a substantial high-grade copper and silver system at Fiery Creek and high-grade lead and silver assays results from Snake Creek, EMU reports high grade gold values from rock chip samples collected from a number of prospective areas at Georgetown.
Recently compiled historic gold and base metal drill hole and surface outcrop sampling values from the Georgetown area and from within the three tenements which comprise the project, confirm the outstanding prospectivity of the project.
EMU is currently undertaking a new, limited and targeted follow-up exploration programme with teams in the field over areas not previously sampled to investigate zones which have historically reported high-grade gold and base metal values.
Figure 1 - Identified current and historic Gold Occurrences at Fiery Creek and Georgetown Tenements
Table 1. Emu’s Significant Gold Sample Assay Results (>1 g/t Au in bold text)
Historical Gold Reported:
Fiery Creek EPM 27667 (Gold + Base Metal Targets)
Based upon significant results that have emerged from the compilation of historic data and the limited field work already completed by EMU, the significant northern portion of the Fiery Creek tenement (EPM 27667) is emerging as a high priority for both precious and base metals. The higher priority targets include structural settings for gold in the Camp Oven Creek, Quartz 130, Quartz 250 and Dagworth Prospect areas, whilst the Fiery Creek prospect within the Yataga Granodiorite demands further attention due to the high-grade outcrop sample assay values for copper and silver.
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Significant Number of New LCT Pegmatite Targets Generated from Airborne Lidar at Aqua Property, James Bay – Quebec, Canada
Highlights:
- Airborne LiDAR and high-resolution photography flown across the La Grande Lithium Project.
- Assessment of data from LiDAR and high-resolution photography has generated a total of 123 LCT pegmatite targets across the Aqua Property.
- High-priority targets commence just ~200m to the east of FIN Resources’ significant spodumene showings1, which have returned assayed grades of up to 6.85% Li2O2.
- The La Grande Project is a highly prospective lithium property located along trend from Winsome Resources' (ASX: WR1) Cancet Lithium Project and Patriot Battery Metals (ASX: PMT).
LiDAR has been utilised to measure and map out the variations in slope, aspect and elevation to study landforms. The Company’s exploration team has examined all the variations in slope and elevation to identify and confirm high-priority areas which sit proud of other structures, as these are some of the key geological features expected of Lithium-Caesium-Tantalum (LCT) pegmatites in the region. Once structures have been identified utilising LiDAR, the James Bay Minerals team overlayed these onto high-resolution photos where white outcropping is visible generating key targets. This methodology will also be deployed in the assessment of JBY’s other La Grande Properties and its Troilus Project.
James Bay Executive Director, Andrew Dornan, commented:
“This is another exciting development for the Company with over 120 LCT pegmatite targets identified across our Aqua Property. Given we have the three key geological ingredients for giant LCT lithium- pegmatite deposits – along with FIN Resources’ spodumene discovery on the border of our Property – our confidence in the prospectivity at Aqua and the potential for a significant lithium discovery continues to grow.”
In conjunction with its exploration partner, Breakaway Exploration, JBY is in the process of planning a targeted field program across the Aqua Property focused on field mapping the new LCT pegmatite targets generated from LiDAR and high-resolution photography. This program is planned to commence in the first half of 2024.
Figure 1 – High-priority LCT pegmatite targets across the Aqua Property.
Figure 2 – Aqua Property high-priority LCT pegmatite targets within the north-western section of the Property, within proximity to FIN Resources’ discovery.
LiDAR, an acronym of "light detection and ranging" or "laser imaging, detection and ranging" is a method for determining ranges by targeting an object or a surface with a laser and measuring the time for the reflected light to return to the receiver.
LiDAR surveys produce a high-resolution topographical image of the surface, allowing detailed desktop exploration of outcropping pegmatites and prospective geological features. The survey will deliver a digital elevation model (DEM) on a 1x1m grid scale with an overlying image of 16cm pixel resolution.
The high-resolution nature of the survey is designed to uncover undiscovered or hidden pegmatites beneath vegetation. Pegmatite outcrops are more resistant to weathering than other lithologies present in the project area and tend to present as topographic highs which can be detected by the high-resolution LiDAR survey. Importantly, this technique has been successfully used in the James Bay region by other explorers and producers in the discovery of lithium-bearing pegmatites.
Background on James Bay Minerals
James Bay has acquired a 100% interest in one of the largest lithium exploration portfolios in the James Bay region, covering an area of 34,572Ha or 346km2. The Joule, Aero and Aqua properties are located in the La Grande sub province along trend from the Corvette deposit, where Patriot Battery Metals (ASX: PMT) recently reported a maiden Inferred Mineral Resource Estimate of 109.2Mt at 1.42% Li2O and 160ppm Ta2O5 (0.40% Li2O cut-off grade).3
The Troilus Project is located further to the south sitting only 5km to the north of Sayona’s Moblan Lithium Project and proximity to Winsome Resources’ Sirmac-Clappier Project.
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This article includes content from James Bay 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.
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