Basin Energy (ASX:BSN) has mobilised its exploration team and drilling crews to its Geikie Project in the Athabasca Basin, Canada ahead of phase two drilling.
The $15.44 million market capitalisation company says up to 2,500m is planned for a minimum of 8 drillholes which are scheduled to be completed in 6 weeks time.
Drilling will be split between direct follow-up of targets associated with gravity lows adjacent to the anomalism identified in maiden drilling at Preston Creek and Aero Lake, along with regional exploration targets at the Hunter North and Johnson Lake prospects.
According to Basin, drilling will begin at Preston Creek before moving to Hunter North, Aero Lake, and Johnson Lake. However, this is subject to change in weather, results, and logistics.
Managing Director Peter Moorhouse says drilling at Geikie has been ‘eagerly awaited’ since initial results in 2023 returned the presence of an active uranium system.
“Our first 2 holes of 2024 will be following up on the phase one drilling at Preston Creek where we identified uranium anomalies and the key ingredients for an Athabasca basement-hosted high-grade uranium deposit, including significant alteration associated with regional structures.
These observations combined with the subsequently acquired airborne gravity results leave us with some tantalising targets. Following this we will be heading to Hunter North to hit the first of our regional targets of 2024.
Meanwhile, elsewhere in the Athabasca Basin the ground crews have been making fantastic progress on our North Millennium and Marshall geophysical surveys. We eagerly await these results and will update the market as soon as possible. We have no shortage of high-quality uranium targets in the world’s premier uranium district, which leaves us in an enviable position as interest in the uranium sector continues to build.”
Basin Energy is scheduled to attend this year’s Brisbane Mining Investor Conference on 13 March 2024.
Basin Energy is a uranium explorer and developer with an interest in 3 ‘highly prospective’ projects positioned in the southeast corner and margins of the ‘world-renowned’ Athabasca Basin, Canada.
Write to Adam Drought at Mining.com.au
Images: Basin Energy