Basin Energy (ASX:BSN) has submitted an application for an additional exploration licence adjacent to the Sybella-Barkly Rare Earth Project in North West Queensland.
The company is the sole applicant for the application area, which is prospective for complementary clay-rich, sediment-hosted, and phosphate-associated rare earth element (REE) mineralisation styles.
If granted, the additional prospect will bring the total Sybella-Barkly project to around 5,864km2.
Recent results from the Newmans prospect returned 18m @ 401 parts per million (ppm) neodymium and praseodymium oxide and 49ppm dysprosium and terbium oxide from surface within 2,160ppm total rare earth oxide.
As reported by Mining.com.au, these results represent the strongest mineralisation received to date, supporting the company’s interpretation that the weathering profile above certain fertile granite phases is a key control on near-surface REE enrichment at the prospect.
Additional drill results from the prospect are expected to be returned in mid-June 2026.
The project is subject to the Queensland Government’s Zero Rent Initiative, which results in no annual rents being payable until 31 August 2028.
Basin Energy has also received funding from the Queensland Government’s Collaborative Exploration Initiative (CEI) for a 2026 exploration drilling campaign.
The program will be conducted directly east of the new application area, with funding also covering an airborne electromagnetic survey across the new project area.
Basin’s belief
Managing Director Pete Moorhouse says the application for an additional licence reflects the company’s belief that the “Sybella-Barkly district is larger than Newmans”.
“While Newmans has demonstrated shallow weathered granite-hosted REE mineralisation, the sedimentary sequences west of the batholith represent a different but complementary REE target style and securing this ground ahead of our CEI-funded drilling and geophysical programs was a natural step,” Moorhouse says.
“With assays from key drillholes at Newmans still pending, and Basin funded to advance further drilling and geophysical programs across the Sybella-Barkly project, we believe the company is entering a highly active period with multiple near-term potential catalysts.”
Basin Energy is a critical minerals exploration company focused on rare earths and uranium discovery in North West Queensland.
The company will be attending the RIU Gold Coast Investment Showcase, held between 11-12 June, at the JW Marriott Gold Coast Resort & Spa.
Mining.com.au is an official media partner of this year’s conference
Write to Maddison Elliott at Mining.com.au
Images: Basin Energy
