Basin (ASX:BSN) identify unconformity Athabasca uranium targets
September 15, 2023A 3D inversion of historical geophysical datasets has backed up Basin Energy‘s exploration model for unconformity style uranium mineralisation at its North Millenium Project, sitting in the southeastern end of Canada’s world-class Athabasca basin.
It further supports interpretation of a five-kilometre structural target corridor known to be the conduit for mineralisation of the nearby Milennium deposit.
The corridor is continuous to the Mother Fault which hosts that world class deposit with a 53 million pound indicated resource at 2.39 per cent triuranium octoxide and 20.2 million pounds inferred at 3.19 per cent.
Basin Managing Director Pete Moorhouse said the results provided a tantalising target for unconformity and basement style uranium mineralisation.
“Recent discoveries in the area from projects such as West McArthur and Moon Lake South demonstrate the discovery potential for high-grade uranium mineralisation in this part of the Athabasca Basin. The results from Basin’s study show the exploration prospectivity that North Millennium holds,” Mr Moorhouse said.
Mr Moorhouse added that while the company’s short-term focus would be following up on shallow targets yielded through phase one drilling at the nearby Geikie Project, it continued to position its wider portfolio for the drill test.
“The uranium sector has had multiple positive catalysts in recent weeks, which is being reflected in the U3O8 spot price. As momentum continues to build, our aim is to position Basin as the preferred ASX listed explorer for high grade uranium discoveries,” he said.
Athabasca Uranium
Even assets like Cameco’s Milennium deposit have been put on pause waiting for an inflection point for uranium prices, something which could be soon on hand with rising pro-nuclear sentiment.
On the back of increasing adoption for energy security and emissions targets, uranium prices have just hit a decade high, rising by 20 per cent through the year and outperforming most commodities.
China, Russia, and India are all building up their nuclear capabilities, and the World Nuclear Association have raised their predictions for reactor demand, set to double from current demand and reach around 130,000 tonnes by 2040.
The yellowcake endowed Athabasca is as likely as anywhere to meet that demand with new discoveries, and Basin Energy is getting on its march at North Millenium and expects to soon begin ground geophysical surveys over its priority target areas.
Drill targeting will be prioritising conductivity high anomalies, and the company is conducting a similar review over the neighbouring Marshall project to set up its next stage of exploration across a trio of Athabasca assets.
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