Basin Energy Ltd (ASX:BSN) Annual Report To Shareholders

Over the past year, Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) has continued its work efforts in the Athabasca Basin including increasing its landholding at Geikie, in addition to diversifying its asset base with the early mover Nordic strategic acquisition providing high-grade uranium and polymetallic discovery potential in a tier-one jurisdiction. The Company has continued to assess new opportunities during the year, and subsequent to the financial year, has announced the conditional acquisition (subject to shareholder approval) of a district-scale rare earth element and uranium land package in Northwest Queensland.
Key highlights during the year include:
Finalised the acquisition and commenced exploration of a 100% owned uranium and green energy metals portfolio in Sweden and Finland.
Continued assessment of new opportunities in uranium and rare earth elements.
Completed significant reconnaissance sampling, mapping and revisit of historical data and drill core completed across Nordic projects:
- Rock chip assays returned up to 5.9% U3O8, 9.8% zinc, 9.15% lead, and 0.33% total rare earth oxides (TREO).
- Historical drill core relogging identified mineralised structures strongly correlated with surface results.
- 441 drill core samples from 36 historic holes submitted for multi-element assay to guide next-stage targeting
Applied for, and received grant for the Trollberget license in Sweden, doubling Basin's footprint in the ArvidsjaurArjeplog uranium district.
Received final results from the Phase 2 exploration drilling at the Preston Creek prospect, within the Geikie project which identified elevated uranium and pathfinders within a 1.5 km zone of alteration typical of basement-hosted mineralisation comparable to multiple world class uranium deposits.
Expanded Athabasca Basin uranium portfolio through staking of two additional claims adjacent to Preston Creek at Geikie.
Advanced targeting at Marshall with multiple high-priority EM anomalies identified, consistent with unconformity-style mineralisation.
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