Basin Energy (ASX:BSN) has received further funding for its Sybella-Barkly Uranium and Rare Earths Project, 32km east of Tennant Creek in the Northern Territory’s Barkly region.
Basin secured a combined $349,065 from two Queensland resources industry development plan collaborative exploration initiative grants.
More than 78% of the money will be used to cover 90% of airborne electromagnetic survey expenses across the southern project area.
The survey will collect 1,542km of helicopter-borne high resolution, low-elevation, time-domain electromagnetic and magnetic data between June and August 2026. This is to support next stage drilling by defining shallow and high-priority targets for both clay-hosted rare earth elements and palaeochannel-hosted uranium.
The rest of the funds will be used towards reverse circulation drilling for phosphorite-hosted heavy rare earth enrichment. Drilling will target unverified phosphorites in the project area that academic support the existence of across the southern Georgina Basin.
Funding will also help fast-track high-impact exploration activities, advance the company towards drill-ready targets across “highly prospective and underexplored” basin systems.
“Funding is particularly important [for] accelerating progress at the Sybella-Barkly Project without diluting existing shareholders,” Managing Director Pete Moorhouse says.
“The airborne electromagnetic survey will significantly enhance our understanding of the southern project area and refine our next stage targeting, while the co-funded drilling program provides an exciting opportunity to test a compelling exploration concept for heavy rare earth enrichment in the Georgina Basin.”
The company is searching for contractors and will report the outcome before the end of 2026.
Basin Energy is a green energy metals exploration and development company with assets in the Athabasca Basin (Canada) and west of Mount Isa (Queensland).
Write to Richard Szabo at Mining.com.au
Images: Basin Energy
