With uranium sentiment continuing to improve – as highlighted by spot prices hovering in the US$56 per pound range – Basin’s move to acquire additional ground at its Geikie project seems well timed.

The addition of the two claims totalling 11.87km2 takes the total area covered by Geikie project up to 350.87km2.

Importantly for Basin Energy (ASX:BSN), the new claims are adjacent to its current maiden exploration drilling program of eight holes totalling 2,000m and contain continuations of the current drill targets.

“With maiden drilling currently underway at Geikie, it is commendable work by our joint venture partner CanAlaska to secure the interpreted extensions to the current drill targets via the staking of these additional claims,” Managing Director Pete Moorhouse said.

“We eagerly await the additional VTEM data, the results of which will be compiled with any available historic exploration data and the findings from our maiden drill program to formulate the next steps for Basin.”

All very timely when one considers that the Bank of America has forecast that prices could hit US$75/lb by the end of 2025while a deficit of 60 million pounds is expected in 2035 – on par with Kazakhstan’s (15% of global reserves) annual output.


Location of the new claims at Geikie. Pic: Supplied (BSN)


New claims

The company secured the new claims through the Saskatchewan Government’s mineral claim reopening ground.

It has already commissioned Geotech Limited to provide helicopter-borne Versatile Time-Domain Electromagnetic (VTEM) over the additional claim areas.

Survey equipment is already within the area so no mobilisation fees will be incurred.

The VTEM data, which has been proven in this style of exploration for uranium within the Athabasca Basin, will provide consistent coverage to the existing data set acquired in the first quarter of this year.


Geikie Uranium Project

Geikie is located 7km southeast of the present edge of the Athabasca Basin and 10km west of highway 905.

It is also adjacent to 92 Energy’s Gemini discovery where drilling returned an intercept of 43m grading 0.6% U3O8 including 6m at 2.2% U3O8 and Baseload Energy’s ACKIO discovery with its 31m intercept at 0.9% U3O8.

Historical airborne and ground exploration completed between 1967 and 1980 that had focused on base metal mineralisation discovered a central trend with copper and molybdenum showings surrounding Mud Lake. Molybdenum is a key identifier for potential U3O8 mineralisation.

The property also hosts several historical uranium showings with grades as high as 0.225% U3O8.

More importantly, recently discovered uranium mineralisation in the area displays alteration patterns typical of unconformity uranium deposits, which enhances the project’s overall uranium potential.

The current drilling targets three shallow prospects – Preston Creek, Hourglass Lake and Aero Lake – that are deemed favourable for high-grade uranium.

Preston Creek is the eastern most target within the 15km trend and will have five holes testing multiple significant structures including regional deep seated Tabbernor faults, offsets and disruptions to a steep dipping VTEM conductor, “stacked” subparallel VTEM anomalies, and a significant magnetic low corridor that correlates with a regional fault line.

Drilling at Hourglass Lake will test an interpreted disruption of a steeply dipping VTEM conductor, where an apparent 500 metre offset is observed, while Aero Lake drilling will test multiple significant structures, including regional deep seated Tabbernor aged faults and offsets and disruptions to a shallow dipping VTEM conductor.



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.