Phase 2 drilling at Basin Energy’s Geikie project has confirmed a 1.5km-long alteration zone typical of basement-hosted uranium mineralisation
Core samples show impressive comparison to nearby uranium projects
Future drilling to focus on more testing of the gravity anomaly along strike
Special Report: Phase 2 drilling at Basin Energy’s Geikie in the prolific Athabasca Basin in Canada has identified a 1.5km-long alteration zone, typical of basement-hosted uranium mineralisation.
Basement-hosted uranium deposits are known to be quite large and high-grade. A recent and notable example includes the Arrow deposit, which contains 337.4Mlbs @ 1.8% U3O8.
The Athabasca Basin is home to huge uranium operations, none more prolific than Cameco’s producing McArthur River and Cigar Lake mines.
Basin Energy (ASX:BSN) itself is an early adopter into the latest uranium wave, listing in 2022 when yellowcake prices were almost half of current spot prices of ~US$90/lb and picking up a highly prospective landholding in Geikie.
Managing director Pete Moorhouse has said “I think if we’d waited another 12 months, we would never have been able to do a deal to get into that footprint of land that we’ve got”.
Preston Creek’s 1.5km-long alteration
Basin Energy has now completed ten drill holes over two drilling campaigns at the Preston Creek area of the Geikie project.
All six drill holes as part of Phase 2 in the southern part of the prospect have returned localised, elevated radiometry with incredible structure, demonstrating that the gravity survey successfully delineated an area of extensive alteration at Preston Creek.
The intensity and scale of what’s been found at Preston Creek have significantly upgraded the prospectivity for basement-hosted high-grade uranium mineralisation across the now 1.5km-long intersection.
The system encountered at Preston Creek compares remarkably well to other world-class uranium deposits identified in the Athabasca Basin, which BSN says is “extremely exciting”.
Core photos comparing the Preston Creek drilling at Geikie, to known basement uranium deposits. Pic supplied: (BSN)
“As you can see, we have demonstrated in the core photos shown in this news release how well Preston Creek compares,” Moorhouse says.
“Our team is very optimistic that the style and scale of this alteration system is reminiscent of other high-grade uranium deposits in the Basin and is highly anticipating the next round of field work.
“We will keep our shareholders and stakeholders informed on additional results, including relevant geochemical data and geological interpretations, along with the next exploration stages for the Geikie project.
“We believe that with continued exploration, the Geikie Project holds immense promise for the future.”
Geochemical assay samples have been submitted to the SRC GeoAnalytical Laboratory in Saskatchewan for analysis, with final data expected over the coming weeks.
“The AGG data is seen as a critical tool for advancing this target area,” Moorhouse says.
Future drilling will focus on continuing testing the gravity anomaly along strike to the northeast, as well as testing up-dip or down-dip extensions in strategic zones of structural activity.
This article was developed in collaboration with Basin Energy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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