Basin Energy

Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on the winter 2024 geophysical program that was conducted at the Marshall and North Millennium Uranium Projects (‘Marshall’, ‘North Millennium’ or the ‘Projects’), located in the southeastern part of the uranium-rich Athabasca Basin, refer to figure 3. The Southeastern Athabasca hosts some of the highest-grade uranium mines, with recent significant unconformity-related mineralisation discoveries occurring over the past few years1,2.


Key Highlights

  • Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
  • Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
  • Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
  • The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
  • Basin remains funded for the next round of field exploration.

The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.

Basin’s Managing Director, Pete Moorhouse, commented:

“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”

Key results

Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.

Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.

The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.

Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.


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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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Developing High-Grade Uranium Projects in the Athabasca Basin

Mineralisation structures Identified at North Sweden project

Mineralisation structures Identified at North Sweden project

Basin Energy (BSN:AU) has announced Mineralisation structures Identified at North Sweden project

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Basin Energy Ltd  Mineralisation Structures Identified at North Sweden Project

Basin Energy Ltd Mineralisation Structures Identified at North Sweden Project

Perth, Australia (ABN Newswire) - Basin Energy Limited (ASX:BSN) (OTCMKTS:BSNEF) is pleased to provide an update on work at the Bjorkberget ('Bjork'), Ravaberget ('Rava') and Virka green energy metals projects (collectively the "North Sweden Projects"), refer to figure 5*.

Basin Identifies Structures Associated with Mineralisation at North Sweden Projects

Key Highlights

- Structural relogging of 48 historical drillholes across the Virka and Bjorkberget projects completed

o Detailed structural records now available for 28 priority historical drillholes from Bjorkberget, with 137 samples currently at laboratory for multielement analysis. Additional 71 samples from Bjorkberget core are awaiting shipment to laboratory for analysis

o All Virka historical drill core has been relogged. Samples are awaiting shipment to the laboratory for sample preparation

o Mineralising structure trends clearly identified in core; associated alteration and mineral assemblage (pending analysis results) will be used as vector for future drillhole targeting

- Pulp re-analysis of 2 samples above detection limit (>2.95 U3O8) by fusion XRF from Bjorkberget 2024 field mapping return highly positive results:

o BJK004: Exceeded detection limits again returning greater than 5.9% U3O8 from granite boulder sample with visible yellow oxide staining located at the base of an outcrop

o BJK008: Returned 5.4% U3O8 from rhyolitic and fine-grained granite boulder sample with visible mineralisation and yellow oxide staining located at the base of an outcrop

Basin's Managing Director, Pete Moorhouse commented: "The structural relogging and multielement analysis results are adding a crucial modern interpretation of the variety of mineral systems at play in our North Sweden Projects portfolio. Most of the historical drillholes were shallow, and the mineralisation observed in drill core appears to not have been closed off at depth and along strike, where the potential continuations are masked by a thin veneer of glacial cover. Moreover, the final rock chip results add confirmation that an exciting mineral assemblage exists in our project area that is still largely underexplored.

Generating good quality data through the relogging and sampling of the available historical core is a cost-effective approach to unlock the full potential of the North Sweden Project portfolio."

Results have now been received from re-analysis of the two Bjork samples that returned above detection limit uranium mineralisation (>2.95% U3O8) previously reported in Basin's ASX release1 dated 13 February 2025. The options for analysis are limited in Europe, with one sample again reaching the maximum detection limit (>5.9% U3O8) and the second sample returning 5.4% U3O8 (Figure 4, Appendix 3*). No further analysis was completed on the other elements reported.

The Company continues advancing structural relogging (Figures 1 and 2) and sampling of historical drillholes at the Bjork, Rava and Virka projects with 48 drillholes relogged out of 101 total drillholes. A total of 137 samples are currently at the laboratory pending analysis. Recently, Basin has acquired multiple projects where limited government run historic exploration identified uranium mineralisation; but rarely assessed polymetallic prospectivity including rare earth, gold and base metal opportunities.

Structural logging and sampling of historical core

Relogging and sampling continues on historical drill cores for the North Sweden Projects, with 101 drillholes from the combined project areas having been located to date.

The primary focus of the relogging program is to examine the different mineralisation systems identified through historic exploration and through recent field mapping, to study the structure framework to establish potential for blind mineralisation, and to examine alteration known to be associated with mineralisation and sample relevant core intervals that may be used as a vector for future exploration.

Drill core examination comprises detailed geological and structural logging and detailed photography. These observations along with a radiometric core scan using a handheld gamma-ray spectrometer (Exploranium GR-130 Minispec) are used to define sample intervals to send to the laboratory for analysis.

Basin has completed the logging of all holes identified from Virka, along with 28 priority drillholes out of 39 at Bjork. There are currently 137 samples from Bjork at ALS Laboratory from key intervals undergoing analysis. Core samples are being analysed with multielement analysis to continue evaluating the potential for green energy metals at the Company's North Sweden Projects.

The historical core examined from the Bjork project mostly comprise a homogenous leucocratic granite composed of up to 7% mafic constituents including magnetite. Lithologies are more varied in the Virka core, comprised mostly of granite, amphibolite and porphyritic granite. Uranium mineralisation occurs together as fracture/vein infillings and disseminations on core from both projects (Figure 1, Appendix 2). Localised intervals were recorded with visible sphalerite (Figure 2) and nodular sulphides (Figure 1, Appendix 2*). Structural deformation observed in the Bjork core is almost always brittle, with a clear network of microfractures and veinlets consistently bearing magnetite/hematite with visible uraninite (Figure 1, Appendix 2*); small scale breccias and cataclasites are also noted locally.

Re-analyses of samples BJK004 & BJK008 by fusion XRF

Of the twelve samples collected at Bjork during the initial field reconnaissance visit in Q4 2024, two samples, BJK008 and BJK004, returned values above the detection for uranium (>2.95% U3O8) for the chosen ALS analysis method ME-MS89L. Both samples were from boulders with visible yellow oxide staining located at the base of an outcrop.

The pulps of these samples were re-analysed by the laboratory using fusion XRF (ME-XRF15b), which is the only other reliable high-grade uranium analysis method option available locally through ALS.

Analysis results reported (Figure 4 and appendix 3 for details*):

- BJK008 returned 5.38% U3O8

o Initial assay methods (ME-MS89L): U3O8 > 2.95% (above detection limits), Pb 1.39%, Fe 23.4%, 0.13% TREO (74% HREO)

o The sample was collected from a boulder with visible yellow oxide staining located at the base of an outcrop

- BJK004 returned above detection limit for the second analysis technique U3O8 >5.9 % from a boulder with visible yellow oxide staining located at the base of an outcrop:

o Initial assay methods (ME-MS89L): U3O8 > 2.95% (above detection limits), Pb 1.85%, 0.12% TREO (49% HREO), 522 ppm Mo
*While new analysis returned results above detection limit for sample BJK004, the Company is not planning additional analyses due to the high-grade nature of the sample.

Update on Sweden's proposed changes to uranium exploration and mining

The Swedish government announced an inquiry into overturning the uranium mining moratorium in December 2024. The inquiry recommends uranium be regulated as a concession mineral within the Swedish Mineral Act, allowing for its exploitation like other natural resources. The inquiry's findings were submitted for consultation with authorities, municipalities and other stakeholders, including a public consultation period which ended on 20 March 2025. Following the consultation, a legislative proposal will be presented to the Swedish Parliament. If approved by Parliament, the proposed legislative amendments are set to take effect by 1 January 2026. The proposal is driven by Sweden's growing need for critical metals and minerals to support the green transition, as well as by security concerns stemming from the current geopolitical landscape.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/K77A0529



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.



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Basin Energy Ltd

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Virka Project Sampling Returns High-Grade Mineralisation

Virka Project Sampling Returns High-Grade Mineralisation

Basin Energy (BSN:AU) has announced Virka Project Sampling Returns High-Grade Mineralisation

Download the PDF here.

Basin Energy

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