With uranium spot prices nearing a 10-year high, fully-funded Basin Energy has mobilised its exploration team to Geikie for a maiden drill program in search of highly sought-after uranium.
The Athabasca Basin in Saskatchewan, Canada is endowed with one of the richest sources of uranium on the planet and plays host to the world’s largest producing uranium mine, Cameco’s Cigar Lake along with a number of other significant uranium finds.
Geological surveys at Basin Energy’s (ASX:BSN) Geikie project, located on the eastern margin of Athabasca, have identified 15km-long strike length deemed prospective for uranium mineralisation, adjacent to successful exploration by 92Energy (ASX:92E) and Baselode Energy (TSX-V:FIND).
BSN is underway with a 2,000m drill program focusing on three prospects along the strike – Preston Creek, Hourglass Lake and Aero Lake, prioritised from identifying a series of splays and offsets of the conductor visible from the survey data collected.
Led by renowned uranium explorer Pete Moorhouse, BSN’s interest in the Geikie project stems from historical exploration dating back to 1967, where exploration work was primarily focused on base metals yet only minimally for uranium.
During the work however, anomalous boulders and outcrops showed decent grades of up to 0.23% uranium and 5.2% molybdenum.
BSN’s MD Moorhouse said the team was looking forward to receiving initial results from the ~8 drill holes that will test for shallow, high-grade uranium mineralisation.
“Basin has prioritised three prospect areas within the Geikie Project to focus this initial program on, each of which have the fundamental ingredients to potentially host a world-class uranium deposit,” Moorhouse said.
“The commencement of the summer drilling program comes at the same time as a significant upturn in uranium prices, with recently reported uranium spot prices now nearing a 10-year high.
“We are fully funded allowing us to systematically develop and test our projects, remaining highly leveraged to exploration success.”