Basin Prepares for Maiden Drill Program at Geikie

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on exploration activities at the Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin.

Key Highlights

• Contractors secured for maiden drilling program at Geikie with mobilisation set to commence in early June
• Initial 2,000 metres planned for a minimum of 8 drill holes
• Drilling to test shallow, high priority prospects deemed favourable for high grade uranium mineralisation
• Targets defined using high resolution airborne radiometric and electromagnetic surveys in combination with geochemical sampling, structural mapping & historical data review
• Basin remains fully funded for a significant 2023 exploration program with $7.3M at 31 March 2023

The Company has secured contractors and crews with mobilisation set to commence in the second week of June for an initial 2,000 metre diamond drilling program designed to test features associated with a regionally significant conductor deemed favorable to host shallow, high grade uranium mineralisation. This initial program will consist of a minimum of 8 drill holes, with proposed depths up to 250 metres.

Basin’s Managing Director, Pete Moorhouse, commented:

“This is a significant milestone for Basin, being the initial phase of the first exploration drilling to be completed by the Company and representing the start of an exciting 2023 summer field season.

Our efforts to date have generated a compelling pipeline of regionally significant drill ready uranium targets at shallow depths. As this drilling commences, Basin continues to develop the secondary targets identified at Geikie, whilst bolstering is North Millennium and Marshall targeting criteria.

We are seeing a very positive sentiment in the uranium space emerging, and Basin is extremely well positioned to capitalise on this through the exploration of its projects in the world-class Athabasca Basin. We look forward to providing further updates as the season develops.”

Drilling Scope

The 2,000 metre drill program is scheduled to commence in the second week of June and expected to take 6 weeks to complete. The drilling services have been contracted to Athabasca Catering Limited Partnership, a 100% First Nations-owned company, who are partnered with ITL Diamond Drilling Ltd. Basin will update the market on target specifics at the time of contractor mobilisation.

The initial drilling campaign will focus on features associated with the strong coherent regionally significant northeast trending conductor, classified as a primary target, striking through the southern half of the Project. A series of splays and offsets of this conductor are visible, often in correlation with intersections of regionally significant deep-seated north-south trending faults, part of the Tabbernor Fault System (‘Tabbernor’, or ‘TFS’)1. The conductive trend is part of a tightly folded stratigraphic package comprising metasediments, discontinuous quartzite lenses and granitic rocks deemed to form a suitable rheological contrast for potential mineralisation.

Figures 1 and 22 : Locations of AEM primary and secondary targets over (left) Channel 10 VTEM data and (right) 2022 magnetic data. Phase 1 drilling set to test primary targets whilst work continues to refine a series of secondary targets.

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