Basin Energy takes to the skies to follow up on drilling success in uranium-rich Athabasca Basin
Basin Energy is taking to the skies over the world-class Athabasca uranium district as it surveys its highly prospective Geikie project using proven Airborne Gravity Gradiometer (AGG) survey technology.
Following a $9m IPO, Basin Energy (ASX:BSN) listed on the ASX September 2022 with 3 projects in Canada’s world-class Athabasca Basin, including the Geikie project.
BSN is surrounded by several world-class high-grade uranium discoveries and operations at Athabasca, a top 3 global uranium mining district for over 45 years.
Cameco’s (TSX:CCO) McArthur River mine, for example, contains 674.9Mlbs at an eyewatering grade of 16.9%.
Topping even this in terms of grade is IsoEnergy’s (TSXV:ISO) new Hurricane discovery — 48.6 Mlbs U3O8 @ 34.5%, making it the world’s highest-grade uranium resource. Incredible.
A detailed fixed-wing Falcon AGG survey has now commenced at Geikie to further define targets following the early success of a maiden drill program.
BSN says the high-resolution AGG survey is the optimum follow-up method considering the styles and significance of alteration observed during the drilling of identified structures at Geikie. Further, this technique has mapped similar basement-hosted uranium alternation systems within the Athabasca Basin.
Drill holes intersected graphitic host rocks, showing evidence of multiple post-Athabasca structural reactivation events along north-south and northwest trending faults, hydrothermal alteration, and elevated radioactivity.
“Early results from the Preston Creek and Aero Lake target areas, specifically the hydrothermal alteration associated with structures, suggest that AGG surveying is an optimal geophysical tool to refine future drill targets,” the explorer says.
The eight-hole, 2217m drill program was focused on a 15km-long conductive structural corridor at three main target areas and showed significant alteration patterns and fault sets.
“The first phase of drilling at Geikie identified a series of radiometric anomalies and has delineated significant alteration associated with regional structures – key ingredients for exploring Athabasca basement-hosted high-grade uranium,” BSN MD Pete Moorhouse says.
AGG surveys are focused on identifying gravity lows which are interpreted to be caused by hydrothermal fluids altering basement rocks to clay – a good sign of a prospect’s potential to host high-grade uranium deposits.
The survey, consisting of 1838-line kilometres on 200m line spacing, is a “proven effective tool in the exploration for basement-hosted high-grade uranium deposits” in the Athabasca Basin – specifically in areas where no Athabasca sandstone cover is present, BSN says.
These types of gravity surveys have been successfully used 10km west of Geikie on the Baselode Energy’s (TSXV: FIND) ACKIO discovery, which is associated with a well-defined gravity low anomaly.
“The Geikie project is a geographically large area within an emerging uranium district, results from airborne gravity, coupled with the exciting results from our recent drill program, will allow the rapid and cost-effective assessment of the project over a broader scale,” Moorhouse says.
Basin says it will combine the AGG survey data with structural knowledge from the drill program and previous data sets to validate existing targets and generate new ones for the next drill program.
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.