With direct exposure to incredibly high-grade uranium within the world class Athabasca Basin, in Saskatchewan, Canada, Aussie prospect Basin Energy is poised for a fast-track to exploration with walk-up targets and all the right permitting locked and loaded.

In a sector rarity, here is a team set to commence exploration concurrently with its initial public offering (IPO) on the ASX and ready to roll out the drilling straight after Christmas.

With an existing, extensively detailed and high-quality geological database – assembled over decades of experience within the world class Saskatchewan Athabasca Basin in Canada – Basin brings together a globally experienced team with a passion for uranium exploration and a cracking track record of success.

Big Footprint

Located in the world-famous mining jurisdiction of Saskatchewan, the Athabasca Basin is ranked number two in the world in the most recent Fraser Institute global mining investment attractiveness index.

And with obvious reason.

Basin is one of the few ASX juniors targeting unconformity-type uranium deposits in what is the acknowledged highest-grade uranium district in the world.

Unconformity-type uranium deposits are among the largest and highest-grade deposits in the world, and the Athabasca Basin discoveries have consistently delivered big shareholder returns, even through downturns.

Significant recent discoveries including

  • NexGen Energy’s Arrow deposit – 306.1Mlbs U3O8 @ 4.6%
  • And only last month, IsoEnergy’s Hurricane deposit with a maiden resource of 48.6Mlbs U3O8 @ 34.5%

With the district being a long time favorite for the major global uranium miners, with Cameco and Orano jointly owning

  • Cigar Lake – 349.3 Mlbs U3O8 @ 15.6%
  • McArthur River – 674.9 Mlbs U3O8 @ 16.9%

Just two deposits amongst a long list of truly world class uranium deposits.

Basin has three key projects in focus:

North Millennium is located just 40km southwest of McArthur River and next door to the heroic Millennium Deposit in the heart of the Athabasca Basin. Basin’s JV partner CanAlaska (TSXV:CVV) is exploring next door along strike in joint venture with Cameco, releasing exploration success last week at their West McArthur project including 9m at 2.4% U3O8.

The primary target is an interpreted extension of the Mother Fault that hosts Cameco’s Millennium Deposit (104.8 Mlb U3O8 @ 3.76%), just 7km to the south.

Geikie, located on the Eastern fringe of the Athabascan Basin, boasts shallow targets ripe for rapid exploration in what is an overlooked part of the district. Historical surface geochemistry demonstrates the presence of uranium and pathfinder elements, with existing geophysics providing walk up targets.

Highlighting the prospectivity of the area, the project is situated adjacent to two projects releasing remarkable exploration success this month;

  • 92 Energy’s (ASX:92E) Gemini discovery 43m at 0.6% eU3O8 including 6m at 2.2% U308, and
  • Baselode Energy’s (TSXV:FIND) ACKIO discovery 13.2m at 0.55% U3O8 including 6.3m @ 0.99% U3O8.

Finally, Marshall is centered on a strong magnetic and conductive structure interpreted as a significant unconformity-type uranium target only 11km west of the Millennium Deposit.

The time is ripe

After more than a decade with the ASX-listed uranium explorer and developer Alligator Energy, Managing Director Pete Moorhouse, a trained geologist with some 17 years’ of on the ground mining and exploration experience says there’s never been a better time to take Basin to market.

“The uranium price has already kicked ahead some 45% in 2021 – partially as a result of Sprott acquiring almost 40Mlbs U3O8 and partially because nuclear power’s vital role in decarbonisation and shifting spot market dynamics during the ongoing global energy crisis.”

Furthermore, just last week Japan announced it has moved to restart more of its existing nuclear plants that are currently offline and will consider extending reactor lives and the construction of next-generation reactors that promise greater flexibility and safety.

This has placed nuclear power at the forefront of the transition to carbon neutrality.

Ideally placed

Chairman Blake Steele, former President and CEO of US-focused Azarga Uranium, (an integrated uranium exploration and development company) is a uranium and Athabasca expert.

Steele led Azarga into an advanced stage multi-asset business, ultimately snapped up by enCore Energy Corp (TSXV:EU) for C$200M in February this year.

Steele told Stockhead that Basin’s strategic location, near world-class high-grade uranium discoveries – as well as nearby mining and processing operations – makes the uranium explorer perfectly placed to take advantage of soaring global demand and take leadership in proving uranium is the number one re-emerging clean energy source critical to a low carbon future.

“Basin is entirely committed to showing how this resource for a sustainable future can be developed cleanly, quickly and with minimal environmental impact.”

“With a low risk staged earn-in approach, set for growth via value adding stages, all three key projects are permitted for immediate exploration and offer the strategic flexibility to accelerate or stop as the exploring unfolds,” Steele said.

“It’s an extraordinarily exciting prospect and we can’t wait to show what we have.”


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.