Uranium explorer Basin Energy (ASX:BSN) has reached the 60% ownership milestone of the Geikie Uranium Project in Canada.
This milestone has been achieved as part of a property option agreement with CanAlaska Uranium (TSX-V:CVV) achieved following the satisfaction of the expenditure requirement to meet the 60% option payment for the project.
The $8.52 million market capitalisation company says it has now elected to proceed with the option agreement through to 80% ownership status.
Basin notes this milestone comes in conjunction with an ongoing Falcon airborne gravity survey, which has been undertaken following maiden drilling. Drilling returned ‘significant’ alteration and structural framework indicative of basement-hosted uranium systems.
The company also notes maiden drilling assays, as well as gravity survey results are expected to be received in mid-September.
Speaking on the milestone, Basin Energy Managing Director Pete Moorhouse says: “We are pleased to have reached this milestone for Basin, bringing us majority ownership of this exciting project. Following the initial results of the maiden drilling, the decision to advance to 80% was an easy one to make.
“Following the initial results of the maiden drilling, the decision to advance to 80% was an easy one to make“
We look forward to updating the market directly on the ongoing airborne gravity survey and plans to follow up on these exciting initial drill results.”
Basin Energy is working to support a transition to carbon neutrality by targeting unconformity-type uranium deposits in the ‘highest-grade’ uranium district globally.
The company currently holds an interest in 3 ‘highly prospective’ projects positioned in the southeast corner and margins of the ‘world-renowned’ Athabasca Basin in Canada.
Basin Energy had $5.2 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Basin Energy