Basin Energy (ASX:BSN) has identified a 3.3km corridor of magnet rare earth element (REE) mineralisation at the Newmans prospect, validating the company’s exploration model.
The company returned mineralisation from four of the eight scout holes conducted in maiden reverse circulation drilling at the prospect, which sits within the Sybella-Barkly Rare Earth Project in North West Queensland.
From this campaign, Basin returned its best drill result with the strongest preserved weathering profile at hole SBRC26006, returning 24m @ 453 parts per million (ppm) magnet rare earth oxide (MREO) within 2,247ppm total rare earth oxide (TREO) from 6m.
This result consists of 407ppm neodymium-praseodymium (NdPr) oxide within 1,832ppm light rare earth oxide (LREO) and 46ppm dysprosium-terbium (DyTb) oxide within 415ppm heavy rare earth oxide (HREO).
The best result at SBRC26006 includes 9m @ 596ppm NdPr oxide within 2,222ppm LREO and 62ppm DyTb oxide within 553ppm HREO.
Managing Director Pete Moorhouse describes Basin’s exploration pathway for the Newmans prospect as “clear and compelling”.
“The mineralisation is shallow and thick, with an encouraging magnet rare earth basket supported by strong grades,” Moorhouse says.
“Set against the scale of prospective weathering interpreted across the corridor and our position next to Mount Isa, we believe the best of this story is still ahead of us.
“Previously announced results from hole three confirmed that shallow magnet rare earth mineralisation occurs at Newmans, while hole six has now demonstrated that similar mineralisation can be repeated where the weathering profile is better preserved.”
Meanwhile, holes SBRC26004 and SBRC26005 identified shallow magnet REE mineralisation between holes SBRC26003 and SBRC26006.
Basin says the confirmation of mineralisation between these holes supports the continuity of the broader weathered granite system, which inevitably reinforces the company’s exploration model.
The company has identified two priority zones for exploration, covering a total area of around 22km2 within the Newmans prospect. This includes a first-priority 12.5km2 zone that sits adjacent to hole SBRC26006.
Basin is applying the exploration model to prioritise regional targets across the greater Sybella-Barkly holding.
“What is particularly encouraging is the emerging vertical architecture of the system,” Moorhouse adds.
“In hole six, we see a weakly mineralised upper weathering cap, with stronger neodymium and praseodymium along with dysprosium and terbium enrichment developed beneath it within the preserved weathered granite profile.
“This gives Basin a practical geological model that can now be applied at a district scale.”
The company will conduct follow-up step-out drilling as part of an initial resource definition drilling campaign, which is fully funded.
“Our immediate focus is to test scale at Newmans, before assessing whether this preserved weathering model can be repeated elsewhere within the broader Sybella-Barkly Project,” Moorhouse explains.
At the beginning of the month, Basin submitted an application to acquire an additional exploration licence adjacent to the Sybella-Barkly Project, which is prospective for complementary clay-rich, sediment-hosted, and phosphate-associated REE mineralisation styles, as reported by Mining.com.au.
Basin Energy is a critical minerals exploration company focused on rare earths and uranium discovery in North West Queensland.
Write to Maddison Elliott at Mining.com.au
Images: Basin Energy
