Basin Energy (ASX:BSN) is set to begin a maiden drilling program at the Geikie Uranium Project in the Athabasca Basin in Canada.
The company says an exploration team and drilling crews have arrived at the site in preparation for the exploration work.
The drilling program is planned for an initial 2,000m, comprising 8 holes of up to 250m each.
Basin says the drilling has been designed to test features associated with a ‘regionally significant’ conductor, classified as favourable to host shallow, ‘high-grade’ uranium mineralisation.
This news has been announced ahead of Basin Energy’s presentation at Mines and Money Connect Melbourne on 14 and 15 June 2023.
Commenting on the drilling program, Basin Energy Managing Director Pete Moorhouse says: “Basin has prioritised 3 prospect areas within the Geikie Project to focus this initial program on, each of which has the fundamental ingredients to potentially host a world-class uranium deposit.
The commencement of the summer drilling program comes at the same time as a significant upturn in uranium prices, with recently reported uranium spot prices now nearing a 10-year high.
“We are fully funded, allowing us to systematically develop and test our projects, remaining highly leveraged to exploration success”
Basin provides an investment opportunity in a company focused on the discovery of high-grade uranium in a world-class jurisdiction. We are fully funded, allowing us to systematically develop and test our projects, remaining highly leveraged to exploration success.”
The company says this maiden drilling program is the first to occur within the Geikie Project area for over 50 years. The project area has been subject to ‘minimal’ exploration for uranium, with most work targeting base metals within a 3km zone of the Geikie River between 1967 and 1980.
Basin Energy is an ASX-listed uranium exploration and development company with an interest in 3 ‘highly prospective’ projects positioned in the southeast corner and margins of the ‘world-renowned’ Athabasca Basin in Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Basin Energy Ltd
