Basin Energy starts exploring for potential repeats of Cameco’s Millennium 104.8Mlb deposit in Canada’s Athabasca Basin

A ground electromagnetic survey has commenced at North Millennium and Marshall, as Basin Energy searches for repeats of Cameco’s Millennium deposit
BSN says there is no shortage of targets to test on its tenure in Canada’s Athabasca Basin
Phase 2 drilling at Geikie set to start in mid-Feb

Special Report: Winter field work has kicked off at Basin Energy’s North Millennium and Marshall uranium projects, just 7km to the north of major player Cameco and its Millennium deposit and contractors signed for February drilling at Geikie. 

Basin Energy (ASX:BSN) holds three projects in the world-class Athabasca Basin, home to some of the highest-grade uranium deposits globally.

The prolific Canadian yellowcake region has been mined consistently for 65 years and has been a top producer for 45 of those, currently accounting for around 15% of the world’s uranium supply.

Much of BSN’s focus in 2023 revolved around the Geikie project – a stone’s throw from 92 Energy’s (ASX:92E) Gemini discovery.

In 2024, the company will also turn its attention to the underexplored North Millennium and Marshall projects, honing in on an array of targets.

BSN hopes to find repeats of Cameco’s 104.8Mlb Millennium deposit with a ground electromagnetic (EM) survey already under way in the south-eastern portion of the Athabasca Basin.

‘No shortage of targets’

“This will pave the way for rapid follow up drilling of these targets,” BSN managing director Peter Moorhouse says.

“2024 is setting up to be a big year for the company as the uranium market heats up and we have no shortage of targets which we will be systematically testing.”

Basin’s North Millennium and Marshall uranium project locations. Source: BSN

At North Millennium, BSN is exploring along the interpreted extension of the “Mother Fault”, which is host to the Cameco majority-owned Millennium deposit.

Despite its proximity and geological similarities to significant uranium deposits, there has been minimal mineral exploration at the project, with no known historical exploration drill holes.

Meanwhile at Marshall, BSN is exploring a series of large-scale geophysical features.

Modelling of historic geophysical data by Basin in 2022 defined a series of anomalies both below and above the Athabasca unconformity contact.

The survey will take about six weeks to complete, with results due in early Q2.

Winter drilling at Geikie

Basin has announced that key contractors are signed up for a 2,500m drilling program set to mobilise at Geikie in early February, with drilling set to begin my mid-February.

The company announced that key contractors have been signed for up A 2,500m drilling program is set to mobilise at the Geikie uranium project in early February, which will allow drilling to begin by mid-February.

“Our first phase of drilling identified uranium mineralisation and the key ingredients for an Athabasca basement-hosted, high-grade uranium deposit – including significant alteration associated with regional structure,” Moorhouse says.

The program is expected to take between 6-8 weeks to complete.

 

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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