- AGG survey outlines multiple gravity low features across Basin Energy’s Geikie uranium project in the Athabasca Basin
- Maiden drilling earlier this year confirmed the presence of hydrothermal alteration systems and features commonly associated with basement-hosted uranium deposits elsewhere in the prolific yellowcake producing district
- Follow-up drilling planned for Q1 2024
Special Report: Canadian uranium explorer Basin Energy will resume drilling at its Geikie project early next year after a recent gravity survey highlighted the potential for the discovery of another large deposit in the Athabasca Basin.
Often described as “world class”, the Athabasca Basin has been a top three global uranium producer for almost 50 years. Basin Energy (ASX: BSN) has an interest in three projects in the renowned Saskatchewan yellowcake-producing district, including Geikie which sits on the eastern margin of the basin.
Geikie is also adjacent to fellow ASX-listed uranium explorer 92 Energy’s (ASX: 92E) Gemini discovery where drilling returned an intercept of 43m @ 0.6% U3O8, including 6m @ 2.2% U3O8.
Maiden drilling at Geikie earlier this year identified uranium mineralisation with assays up to 0.27% U3O8.
Perhaps most importantly, it confirmed the presence of hydrothermal alteration systems hosted within a complex structural framework. These features are commonly associated with basement-hosted high-grade uranium deposits elsewhere in the Athabasca Basin.
Basin recently launched an airborne gravity gradiometer (AGG) survey to target areas of enhanced basement alteration associated with drill-defined uranium-fertile structural corridors. These included the Preston Creek and Aero Lake prospects where recent drilling intersected hydrothermal systems with potential scale.
Gravity low anomalism everywhere!
The AGG survey outlined multiple gravity low features across the Geikie property. Significant highlights for Basin were:
- Gravity low anomalism coincident to isolated key magnetic structures
- Gravity low anomalism at the intersection point of several key magnetic structural features
- Gravity low anomalism marginal to the electromagnetic conductor often coincident to one or more key magnetic structures
- Isolated gravity low anomalism
The survey results also support the interpretation that a large hydrothermal system is active adjacent to the Preston Creek prospect.
Basin noted that while the results of the AGG survey are preliminary, enough of the data has been interpreted for further modelling to be undertaken.
Small-scale modelling (3D inversion) of the priority gravity anomalies associated with key structures is currently ongoing.
This modelling will be integrated with existing airborne magnetic, radiometric and electromagnetic data, as well as the information collected from the maiden drilling program at Geikie, to prioritise the ranking of gravity targets for the proposed follow-up drilling campaign in Q1 2024.
‘Extremely excited’: Rigs ready to restart at Geikie
Basin Managing Director Pete Moorhouse said the survey results were another exciting development for Geikie, which he describes as a “previously overlooked part of the prolific Athabasca Basin”.
“Our first phase of drilling identified the key ingredients for Athabasca basement-hosted high-grade uranium, including significant alteration associated with regional structures along with the presence of uranium,” he said.
“I’m delighted by the initial results from the survey, which has defined a series of strong coherent gravity lows falling on these structural zones, indicating the potential for intense alteration – exactly what you need when looking for these large uranium deposits.
“Whilst the technical team is conducting extensive modelling of this data to ensure maximum effectiveness, we are now working toward the next phase of drilling, scheduled for Q1 2024, and are extremely excited to get the rigs restarted at Geikie.”
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.