Uranium explorer Basin Energy (ASX:BSN) has uncovered ‘unconformity’ targets at its North Millennium Project in the southeastern part of the Athabasca Basin in Canada.
The $9.75 million market capitalisation company says these targets were uncovered as part of an ongoing assessment of the project, which includes 3D inversion and processing works of historical geophysical datasets. This work is being completed by geophysical experts Computational Geosciences and Convolutions Geoscience.
Basin reports results so far support an exploration model for unconformity-style uranium mineralisation, as well as the interpretation of a 5km target corridor along an interpreted fault extension.
This area is host to Cameco’s Millennium deposit, situated about 7km to the south.
Due to the limited historical exploration on these tenements, the company notes the definition of this corridor is ‘highly encouraging’, and it will utilise these interpretations as a basis for future exploration in conjunction with ongoing works at its 60%-owned Geikie Uranium Project.
Results from maiden drilling and preliminary gravity results at Geikie are expected this month.
Further, Basin says this discovery has been made at a time in which there is a ‘positive’ sentiment in the uranium market, with uranium spot prices at around US$63 per pound.
“The delineation of disruptions to a basement conductor by an extension to the fault responsible for hosting the world-class Millennium uranium deposit provides a tantalising target for unconformity and basement style uranium mineralisation”
Addressing the discoveries, Basin Energy’s Managing Director Pete Moorhouse says: “Basin has continued advancing the North Millennium Project through the reprocessing of historic geophysical data. The delineation of disruptions to a basement conductor by an extension to the fault responsible for hosting the world-class Millennium uranium deposit provides a tantalising target for unconformity and basement style uranium mineralisation.
Recent discoveries in the area from projects such as West McArthur and Moon Lake South demonstrate the discovery potential for high-grade uranium mineralisation in this part of the Athabasca Basin. The results from Basin’s study show the exploration prospectivity that North Millennium holds.
Whilst our short-term focus will be the follow-up of shallow targets identified through phase one drilling at Geikie, we continue to position the wider portfolio of quality uranium projects to be drill tested.
The uranium sector has had multiple positive catalysts in recent weeks, which is being reflected in the U3O8 spot price. As momentum continues to build, our aim is to position Basin as the preferred ASX listed explorer for high grade uranium discoveries.”
Basin Energy has an interest in 3 ‘highly prospective’ projects in the southeast corner and margins of the ‘world-renowned’ Athabasca Basin in Canada.
The company’s North Millennium project is situated about 40km southwest of Cameco’s flagship McArthur River Mine and 7km immediately north of its Millennium deposit.
Basin Energy had $5.2 million in cash at hand as of 30 June 2023.
Write to Adam Drought at Mining.com.au
Images: Basin Energy