Key Highlights
– Drilling contractors engaged to commence maiden drilling on the Sybella-Barkly project.
– ~3,000 metres of drilling over 80 drill holes are proposed targeting uranium and rare earth elements.
– Initial drilling will target district-scale sediment-hosted ionic clay rare earth potential. Soil sampling has confirmed widespread anomalism, including >600 ppm TREO, correlating with a laterally extensive flat lying AEM anomaly interpreted to be a granite derived clay unit.
o Program supported by $150,000 Queensland Government funding.
o Drilling will consist of approximately 45 holes for up to 1,600 metres.
– Weather permitting, second phase drilling will target paleochannel roll front uranium systems defined by AEM survey, directly along trend from the uranium-rich Sybella granite.
o Drilling will consist of approximately 35 holes for 1,400 metres.
– Land access agreements have been secured for Barkly Station with Ardmore Station agreement underway.
– Drill site preparations are complete and equipment staging in Mount Isa is underway, with drilling expected to commence within a week.
Managing Director, Pete Moorhouse commented:
‘We are pleased to be working with the team at United Drilling Services on our maiden program targeting these district-scale rare earth and uranium opportunities at our recently acquired Sybella Barkly project. Our first drill campaign will target shallow clay and sediment hosted rare earth elements. We then intend to move on to fence line drilling designed to assess the paleochannel architecture critical in unpicking the concept for shallow roll front uranium potential. This will be the first pass drilling ever completed on two exciting district scale concepts.
We are also commencing preparation works for a reverse circulation drilling program targeting hard rock REE potential, analogous to the Red Metal Sybella discovery, however this drilling will not commence until Q2 2026 On behalf of the Board, I would like to thank all those involved in pulling this program together in a professional manner under tight time constraints.’
Overview
The Company has secured drilling services from United Drilling Services to complete approximately 3,000 metres of drilling over 80 drill holes, refer figure 1*. Additionally, Basin is pleased to advise that it has executed a Conduct and Compensation Agreement (‘CCA’) with the Australian Cattle and Beef Company covering exploration for a 12-month period at Barkly Station. An additional agreement covering Ardmore Station is being prepared.
Preliminary field works have now commenced with all drill sites visited and pegged. Drilling will occur on existing station tracks and access roads, which are extensive and provide excellent first pass coverage of the targets without the need for significant disturbance.
Furthermore, equipment staging has commenced in Mount Isa in preparation for field mobilisation anticipated to occur within a week.
Sediment Hosted Potential
All upcoming drilling will target sediment hosted targets for uranium and REEs. The projects cover an extensive portion of the Sybella Batholith, deemed prospective for granite-hosted REE, as well as a significant landholding west of the Sybella, known as the Barkly Tablelands. The Barkly Tablelands are regarded as prospective for sediment-hosted mineralisation, refer figure 2*, and were surveyed with airborne electromagnetics (‘AEM’) by Summit Resources in February 2007 prior to its acquisition by Paladin Energy. Whilst numerous targets were identified, no drilling was completed at the time. Current drainage patterns data indicate that the sediments forming the Barkly Tablelands are sourced from the Sybella Batholith. While historical drilling in the region has focused on deeper base metal targets, phosphate potential and agricultural water bores, no drilling has targeted the uranium and rare earth potential.
Sediment and Ionic Clay Hosted REE Potential – District Scale Target
Results of surface geochemistry samples indicate significant mobilisation of rare earth elements into the Barkly Tablelands from the Sybella Batholith, which hosts Red Metal’s Sybella Discovery. Surface sediment samples form a regionally significant anomaly, refer figure 3*. The highest of these values are within catchments draining from the Sybella discovery.
The Summit Resources’ AEM survey not only outlines an interpreted extensive paleochannel network but also highlights a conductive layer within the Barkly Tablelands sediment package directly beneath this geochemical anomaly, approximately 12 metres thick from 20 to 32 metres depth with a footprint of over 1,000 km2. This conductive layer could represent a clay unit, produced from the extensive weathering of the Sybella granites and is prospective for clay-hosted REE, refer figure 4*.
Basin’s initial drilling will target this conductive horizon with air core drilling. An average hole depth of approximately 35 metres is anticipated.
Paleochannel Roll Front Uranium Potential – District Scale Target
The Summit Resources’ AEM survey identified a stacked sequence of paleochannels within the Barkly Tablelands, fed from the Sybella Batholith, refer figures 4 & 5*. This network is trending southerly, where no further AEM data exists.
Uranium content within the Sybella varies between the different phases of granites, as can be seen in the regional ternary radiometric image and supported by regional rock chip data, refer figure 5*.
Academic research also indicates that these ‘hot’ granites are the source for the Valhalla uranium deposits.
Furthermore, historical drilling recorded redox fronts, sandstone channels and impermeable cap rocks however no radiometric data was collected, and uranium was not assayed for.
Using the Sybella rocks that likely formed the source for the Valhalla deposits, Basin will target the potential for uranium to have also been mobilised from the Sybella granites, through the interpreted extensive paleochannel network, which appears to have suitable geological host characteristics.
Targeting work was completed by Summit Resources and Fugro to prioritise these interpreted channels.
Basin’s first pass aircore drilling program will look to confirm the characteristics of these interpreted channels. An initial 35 holes are proposed, with an average depth of 40 metres for a total of approximately 1,400 metres.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/87HMUYD4
About Basin Energy Ltd:
Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) is a green energy metals exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada and has recently acquired a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.
Source:
Basin Energy Ltd
Contact:
Pete Moorhouse
Managing Director
pete.m@basinenergy.com.au
+61 7 3667 7449
Chloe Hayes
Investor and Media Relations
chloe@janemorganmanagement.com.au
+61 458619317
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