Basin Energy launches exploration campaign at Athabasca uranium projects
Basin Energy (ASX: BSN) has commenced a multi-pronged assault on one of the world’s richest uranium provinces with an initial field work program underway on its Athabasca uranium projects in Canada.
The activities at Athabasca include a high-resolution electromagnetic (EM) survey at the North Millennium and Marshall projects ahead of a phase 2 drilling campaign at the Geikie project.
Managing director Pete Moorhouse says Basin has a busy period ahead at a time when uranium market sentiment continues to build, with spot prices exceeding $160 per pound.
“Basin is taking an aggressive approach to its winter exploration program with teams back on the ground following the holiday season. 2024 is setting up to be a big year for the company as the uranium market continues to heat up.”
“We have no shortage of targets in the world’s premier uranium district which we will be systematically testing.”
“Ground EM is being conducted at North Millennium and Marshall, as we look to explore for repeats of Cameco’s Millennium deposit […]. This will pave the way for rapid follow-up drilling of these targets.”
“Preparations for phase 2 drilling at Geikie are now well-advanced and we are excited to be following up on the success of our phase 1 drill program, which intersected the key ingredients for Athabasca basement-hosted high-grade uranium deposits.”
Upcoming drilling program
One of the highlights of Basin’s current Athabasca campaign will be the drill program of up to 2,500 metres scheduled to mobilise to the Geikie uranium project in early February.
That schedule will allow Basin to start drilling by mid-February, with the program expected to run for six to eight weeks.
Basin has awarded the drilling services contract to the 100% First Nations-owned Athabasca Catering, which is partnered with ITL Diamond Drilling.
The upcoming program will follow up the promise identified in Basin’s 2023 maiden drill program, which intersected large complex fault systems associated with locally-extensive hydrothermal alteration patterns.
Anomalous uranium intersections were identified in four of the eight holes drilled and pathfinder element anomalism for uranium mineralisation, specifically lead isotopes, in five.
Geophysics campaign to lead the way
In the lead-up to the start of next month’s drill program, Basin will focus on a hi-tech geophysics program at the North Millennium and Marshall projects
These are situated just 7km north of Cameco’s Millennium uranium deposit, host to 104.8 million pounds of uranium at 3.76% and around 40km from the world-class McArthur River Mine, host to 674.9Mlb of uranium at 17.0%.