Basin Energy Confirms Elevated Uranium in Phase 2 Drilling at Geikie Project
BSN (BSN) Share Update July 2024 Monday 29th
Basin Energy Confirms Elevated Uranium at Geikie Project
Basin Energy Limited (ASX: BSN) has announced promising results from its Phase 2 drilling program at the Geikie Uranium Project, located on the eastern margin of the Athabasca Basin in Canada.
Instant Summary:
- Elevated uranium confirmed in multiple drillholes at Preston Creek.
- Key uranium pathfinders identified beyond previously known zones.
- Geochemistry results comparable to world-class basement-hosted uranium deposits.
- 1.5 km of prospective strike length at Preston Creek remains untested.
- Drilling confirms the effectiveness of Basin's targeting methodology.
Phase 2 Drilling Results
Basin Energy Limited has completed its Phase 2 drilling program at the Geikie Uranium Project, consisting of eight diamond drillholes across three prospect areas, totaling 2,295 meters. The primary focus was on the Preston Creek prospect, where elevated uranium levels were confirmed in multiple drillholes.
Notably, drillholes GKI014 and GKI009 returned uranium values of 190 ppm and 188 ppm U3O8 respectively, in strongly altered and structured zones. These results suggest the presence of uranium-bearing fluids within a wide structured alteration system at Preston Creek.
Geochemical Findings
The geochemical results from Preston Creek are highly encouraging, showing similarities to multiple world-class basement-hosted uranium deposits in the Athabasca Basin. The drilling program highlighted a wide quartz-rich fault zone with intense hydrothermal fluid activity and redox-style alteration.
Additionally, the gravity low feature identified at Preston Creek extends for approximately 1.5 km and remains untested to the northeast, indicating significant potential for future exploration.
Future Exploration
Basin Energy plans to capitalize on these results by refining its exploration model and prioritizing future targets. The company aims to continue testing the gravity anomaly along the strike to the northeast and explore up-dip or down-dip extensions in zones of structural activity.
Several satellite targets with gravity low anomalies coincident with key crosscutting structural features also remain to be tested on the property.
The confirmation of elevated uranium levels at Preston Creek is a positive development for Basin Energy. This could lead to increased investor interest and a potential rise in the company's stock price. The results also validate Basin's targeting methodology, enhancing its credibility in the market.
Investor Reaction:
Analysts are likely to view these results favorably, given the potential for significant uranium mineralization. The identification of key uranium pathfinders and the untested 1.5 km strike length at Preston Creek are particularly noteworthy.
Conclusion:
Investors should keep an eye on Basin Energy's future exploration activities at the Geikie Project. The company's strategic focus on refining its exploration model and testing new targets could yield further positive results. Subscribing to updates from Basin Energy will help investors stay informed about the latest developments.