Basin Energy (ASX:BSN) has reported first assay results from the maiden reverse circulation drill program at the Newmans prospect, part of the Sybella-Barkly Rare Earth Project in North West Queensland.
Initial results covering three of eight drill holes confirm thick, shallow, and ‘high-grade’ magnet rare earth mineralisation from surface, with a top result of 18m @ 401 parts per million (ppm) neodymium and praseodymium (NdPr) oxide, and 49ppm dysprosium and terbium (DyTb) oxide within 2,160ppm total rare earth element oxides (TREO).
The result is the strongest mineralisation received to date and supports Basin’s interpretation that preservation of the weathering profile above certain fertile granite phases is a key control on near-surface rare earth element (REE) enrichment at the prospect.
Additional results include:
- 6m @ 552ppm NdPr oxide and 48ppm DyTb oxide from 3m within 2,752ppm TREO
- 3m @ 603ppm NdPr oxide and 109ppm DyTb oxide from 12m within 3,613ppm TREO
Maiden assays confirm near-surface REE enrichment
Managing Director Pete Moorhouse says the results have exceeded the company’s expectations:
“Initial results not only confirm thick, shallow, and high-grade magnet rare earth mineralisation, but also define what Basin believes may be the key geological control on higher-grade REE enrichment at Newmans, warranting significant additional work.
“Following completion of our recent strategic placement, Basin is fully funded for additional work programs and eagerly awaits the remaining assay results as we continue refining what we believe is an increasingly compelling geological model at Newmans, which may have larger implications for exploration within the broader Sybella Batholith.
“Just 40km from Mount Isa, the region is rapidly emerging as one of Australia’s next critical mineral hubs.”
Of the remaining holes awaiting results, SBRC26006 intersected the strongest preserved weathering profile observed during the program, with extensive completely weathered and strongly weathered granite intervals. Basin notes that this hole is an important test of the emerging target model.
Exploration Manager Odile Maufrais says that through the drill program, “what is becoming increasingly clear when integrating geological observations with historical auger geochemistry and Basin’s initial assay results is that preservation of the weathering profile appears critical”.
“Our first two holes intersected fertile rare earth-bearing granites but only limited preserved weathering development, while hole SBRC26003 retained broader weathered zones associated with elevated rare earth anomalism,” Maufrais says.
“These observations, together with the 2023 auger results, satellite imagery, and in-field mapping, suggest the potential for a more significant preserved weathering system within a larger 4km target corridor surrounding hole SBRC26006, which intersected the most extensive completely and strongly weathered granite profile encountered during the program.”
Speaking to Mining.com.au, Moorhouse notes that the project’s proximity to Mount Isa is a major advantage for the company, with bitumen highways at the northern end of the discovery.
Mount Isa is currently undergoing a transition, with Glencore (LSE:GLEN) having closed its underground copper operations in 2025, impacting jobs and the economy and prompting the region’s push from copper toward critical minerals, according to the Mount Isa City Council.
Moorhouse notes that discoveries such as Basin’s are what the town needs to ensure economic stability and prosperity.
Remaining assays to guide next-stage exploration plans
Red Metal’s (ASX:RDM) Sybella discovery is also 20km away and is a significant regional deposit sitting within the same system as Sybella-Barkly. Moorhouse notes that this emerging critical mineral region provides key opportunities for a combined rare earths play, with strong potential for ‘high-grade’ zones and shallow mineralisation, such as has been identified so far at Sybella-Barkly.
The remaining five assay results are expected in mid-June 2026 and will then be integrated with geological logging, chip tray observations, satellite imagery, and mapping to refine the preserved weathering model.
Basin is fully funded at the moment for follow-up work, with a $1.1 million strategic placement recently completed. The company’s next steps include assessing the remaining assays, refining the weathering profile model, assessing potential work programs using archived samples, ranking preserved weathering targets, and assessing the Eight Mile and Three Ways prospects.
Basin Energy is a critical minerals exploration company focused on rare earth and uranium discovery in North West Queensland.
Write to Amy Rotman at Mining.com.au
Images: Basin Energy
