Unconformity Uranium Targets Identified At North Millennium

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on its North Millennium 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; results support exploration model for unconformity style uranium mineralisation.
  • Five-kilometre target corridor defined at North Millennium located along interpreted fault extension, host of Cameco’s Millennium uranium deposit.
• Positive uranium market sentiment continues to build, with U3O8 SPOT price exceeding US$63/Lb.
• Work continues at the Geikie uranium project, with final assay results from maiden drilling and preliminary gravity results expected in September.
• Basin remains fully funded with 5.2 million in cash reserves as at 30 June 2023.

Basin’s Managing Director, Pete Moorhouse, commented “Basin has continued advancing the North Millennium Project through the reprocessing of historic geophysical data. The delineation of disruptions to a basement conductor by an extension to the fault responsible for hosting the world class Millennium uranium deposit provides a tantalising target for unconformity and basement style uranium mineralisation.

Recent discoveries in the area from projects such as West McArthur² and Moon Lake South³ demonstrate the discovery potential for high-grade uranium mineralisation in this part of the Athabasca Basin. The results from Basin’s study show the exploration prospectivity that North Millennium holds.

Whilst our short-term focus will be the follow up of shallow targets identified through phase one drilling at Geikie, we continue to position the wider portfolio of quality uranium projects to be drill tested.

The uranium sector has had multiple positive catalysts in recent weeks, which is being reflected in the U3O8 spot price. As momentum continues to build, our aim is to position Basin as the preferred ASX listed explorer for high grade uranium discoveries.”

Figure 1: North Millennium and Marshall tenements with neighbouring tenements and uranium deposits.

Current Interpretation of the North Millennium Project

The North Millennium project is located in the southeastern portion of the Athabasca Basin, and is situated 7km north of Cameco’s Millennium deposit along the interpreted extension of the host Mother Fault. Basin holds a 40% interest in the project with an option agreement that allows an earn in to 80%.

Minimal historical mineral exploration at the Project occurred between 1979 to 2012, however 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 with complete or only partial coverage of the Project.

The depth of the unconformity is estimated to be between 700 and 900 metres (‘m’). Z‐Tipper Axis Electromagnetics (“ZTEM”) was the only geophysical method used to date that appears to accurately detect the location of graphitic basement conductors. Additional work consisted of systematic geochemical sampling of lake sediments and sandstone boulders, to measure pathfinder elements concentration and clay mineralogy.

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