Basin Energy (ASX:BSN) is hoping to uncover potential repetitions of Cameco’s (NYSE:CCJ) 104.8 million pound Millenium deposit from 2024 Athabasca Basin uranium exploration.
The $13.77 million market capitalisation company says field work has begun for its winter program across its entire land portfolio.
Managing Director Pete Moorhouse says it will continue to be ‘aggressive’ with exploration as the uranium market continues to heat up.
According to Basin, the spot price for uranium recently exceeding US$105 per pound.
“Basin is taking an aggressive approach to its winter exploration program with teams back on the ground following the holiday season. 2024 is setting up to be a big year for the company as the uranium market continues to heat up. We have no shortage of targets in the world’s premier uranium district which we will be systematically testing.
Preparations for phase two drilling at Geikie are now well advanced and we are excited to be following up on the success of our phase one drill program, which intersected the key ingredients for Athabasca basement-hosted high-grade uranium deposits.”
Exploration this year will include a ‘significant’ ground electromagnetic (EM) survey at the North Millenium and Marshall Projects while final preparations are completed for a phase two drilling program targeting shallow mineralisation in direct follow up to 2023 greenfield success.
The survey is the final step at North Millenium and Marshall to progress the projects towards drill ready status. Completion of the survey is scheduled for 6 weeks’ time with results due in early Q2 2024.
Basin reports drilling will comprise 8 drillholes for 2,500m at the Geikie Project and will be undertaken by both Athabasca Catering Limited Partnership and ITL Drilling.
Basin Energy is a uranium explorer and developer with an interest in 3 ‘highly prospective’ projects in the southeast corner and margins of the Athabasca Basin in Canada.
As of 30 September 2023, Basin Energy had $4.168 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Basin Energy
