BSN Mobilises for Phase 2 Drilling at Geikie Uranium Project, Athabasca Basin, Canada
Project Name: Geikie Uranium Project
Project Location: Athabasca Basin, Saskatchewan, Canada
Project Stage: Advanced Exploration
ProjectBank Summary: Basin Energy Limited (ASX: BSN) has commenced the Phase 2 drilling program at its Geikie Uranium Project, located on the eastern margin of the Athabasca Basin in Canada. The drilling teams and exploration crews are now on-site to initiate the program, which includes up to 2,500 metres of drilling across a minimum of eight drill holes. This phase focuses on high-priority shallow structural targets with gravity anomalies identified from previous exploration efforts. The Phase 1 drilling program successfully identified an active uranium system with assays up to 0.27% U3O8.
Basin Energy Highlights:
Phase 2 Drilling Commenced:
Drilling teams and crews on-site at Geikie Uranium Project.
Up to 2,500 metres planned for a minimum of eight drill holes.
Focus on High-Priority Targets:
Shallow structural targets with gravity anomalies identified.
Successful Phase 1 Drilling Results:
Identified active uranium system with assays up to 0.27% U3O8.
Significant hydrothermal alteration associated with large uranium mineralising systems.
Positive Uranium Market Sentiment:
U3O8 spot price exceeding US$100/lb.
MD/CEO Statement: Pete Moorhouse, Managing Director of Basin Energy, commented: "The commencement of follow-up drilling at Geikie has been eagerly awaited since the exciting results from our greenfield maiden program in 2023. Our first two holes of 2024 will follow up on the phase one drilling at Preston Creek, where we identified uranium anomalies and key ingredients for an Athabasca basement-hosted high-grade uranium deposit. 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."
