Key Highlights
– Maiden drilling confirms district-scale, sediment-hosted Rare Earth Element (‘REE’) system potential at Sybella Barkly.
– Total Rare Earth Element Oxides (‘TREO’) mineralisation intersected at 54 metres depth and remains open, highlighting significant upside from limited drilling to date.
o SBDH25021: 2 m @ 1,112 ppm TREO from 54 m to end of hole, including 302 ppm NdPr oxide from 54 m, within broader 5 m @ 850 ppm TREO.
o Neighbouring holes that did not reach a comparable depth, demonstrate similar down hole anomalism with up to 3 m at 534 ppm TREO.
– Geological continuity demonstrated over kilometres of strike. One drill hole ending in the interpreted mineralised horizon leaving the system open in all directions.
– Multiple additional TREO intercepts across widely spaced drill holes confirm a laterally extensive REE system, including:
o SBDH25027: 3 m @ 920 ppm TREO from 32 m within 6 m @ 734 ppm TREO from 29 m; including 6 m @ 135 ppm NdPr oxide
o SBDH25040: 3 m @ 700 ppm TREO from 35 m; including 164 ppm NdPr oxide
o SBDH25098: 9 m @ 584 ppm TREO from 19 m; including 104 ppm NdPr oxide
– Identified mineralisation confirms the concept of REEs being mobilised into the Barkly tablelands sediments, opening an entire new system for exploration.
– Drilling has also defined a coherent multi-kilometre palaeochannel system prospective for roll-front uranium, with uranium anomalism of up to 35 ppm U3O8 intersected within oxidised channel sediments.
– Refined geological model has expanded the prospective footprint and resulted in additional samples from phase 1 being submitted for analysis. Results are expected in late Q1.
– Based on encouraging initial REE results, a follow-up drill program has been approved to test open REE mineralisation, to be undertaken in parallel with first pass drilling of highly prospective hard-rock REE targets.
Phase 1 drilling was completed across the northern half of the Project. Aircore drillholes targeted regional scale electromagnetic (‘EM’) conductors interpreted to be prospective for REE mineralisation and palaeochannel uranium mineralisation. Part of the drilling program was eligible for the Queensland Government CEI grant scheme, where Basin can claim $150,000 toward costs.
This maiden program represents the first systematic drilling of the Project and successfully validates the Company’s geological concept for the district-scale sediment hosted REE and uranium potential, with drill holes spaced kilometres apart. The recognition of the REE mineralisation beneath the initial target horizon is extremely exciting, validating the Company’s concept and taking it to the next level.
Managing Director, Pete Moorhouse commented:
‘With these exciting results from our initial drill campaign, the Board has fast tracked approval for follow-on drilling. The next drill program will test both the sediment hosted REE mineralisation for depth continuity at hole SBDH25021 and the advanced hard rock rare earth prospects near Newmans Bore, akin to the Red Metal Sybella Discovery. This program will commence as soon as weather and conditions permit.
Phase 1 drilling commenced on the most greenfield target set of Basin’s recently acquired Sybella Barkly portfolio, targeting the sediment hosted potential for uranium and REEs. This was completed first to satisfy requirements set by the Queensland Government co-founding exploration incentive that will see Basin receive $150K contribution toward the drilling costs.
Drilling primarily targeted conductive clay horizons, however, our best REE anomalism was intersected underneath this horizon. Drillhole SBDH25021, which ended in 2 metres of over 1,100 ppm TREO below this horizon, leaves fantastic upside in all directions. Surrounding drillholes that failed to drill underneath the clay horizons, confirmed the presence of laterally extensive geochemical anomalism associated with the same upper sequence, further supporting the target. This data proves the concept that the REE-rich Sybella granites are shedding and mobilising REE throughout the expansive sediments of the Barkly tablelands and supports further drilling.
From a uranium perspective, we successfully defined an extensive coherent palaeochannel system capable of transporting and concentrating uranium. Considering the presence of multiple metres of strongly anomalous uranium within these sediments, this demonstrates a potential active system, with the next steps being to follow the channels to find the favourable reduced environments suitable to act as a trap. The potential for a South Australian Frome Basin style system here in Queensland is tangible.’
District Scale Sediment-Hosted REE System Confirmed
Basin’s maiden drill program identified REE anomalism across several drill holes and stratigraphic horizons (Figures 1 & 2*). Critical to the exploration of the Project, drilling has identified a prospective horizon underneath the previous target zone of the airborne EM conductor. This horizon is located directly beneath a thick red clay sequence, in which the majority of holes terminated within. Drillhole SBDH25021 is one a of few drillholes of the program that drilled through the oxidised horizon and ended in mineralisation directly beneath:
– SBDH25021: 2 m @ 1,112 ppm TREO including 2 m @ 302 ppm NdPr oxide from 54 m to the end of hole within a broader 5 m @ 850 ppm TREO from 51 m.
Drill hole SBDH25023, located approximately 2 km to the southwest, stopped at the base of the red clay sequence however returned an elevated value of 2 m at 390 ppm TREO at the end of hole, importantly showing anomalism in the same stratigraphic horizon to hole SBDH25021.
A further 3.5 km to the west, hole SBDH25022 drilled through the red clays into a gravel unit, which also demonstrated anomalous TREO of 3 m at 534 ppm from 32 m. These are the only holes to drill through the red clays in this region, and all show increased TREO levels as the hole approaches the prospective horizon (Figures 1 and 2*).
Anomalous neodymium and praseodymium oxide (‘NdPr oxide’) values are associated with these intercepts, supporting the potential magnet REE content. Refer to Appendix 2* for drillhole collar information and Appendix 3* for assay results.
Other significant intercepts from the program, as defined for the highlights as over 500 ppm TREO over 3 metres, include:
o Drillhole SBDH25027: 3 m @ 920 ppm TREO from 32 m within 6 m @ 734 ppm TREO from 29 m; including 6 m @ 135 ppm NdPr oxide.
o Drillhole SBDH25040: 3 m @ 700 ppm TREO from 35 m; including 164 ppm NdPr oxide.
o Drillhole SBDH25098: 9 m @ 584 ppm TREO from 19 m; including 104 ppm NdPr oxide.
o Drillhole SBDH25093: 3 m @ 546 ppm TREO from 19 m.
Drilling has established a laterally extensive sediment-hosted prospective REE system using very wide spaced drill holes, typically over 1 kilometre apart. Geological and geochemical relationships indicate that the potential for further, higher-grade TREO exists, especially directly beneath the red clay zone as shown in figure 1*.
This revised targeting and lithological relationship has prompted the Company to expand its geochemical sampling program, with additional prospective samples being submitted for analysis. The initial sampling regime had been based on the conductive clay target model. Additionally, individual metre samples have been selected and submitted for higher resolution analysis of intervals of interest, critical for understanding mineral controls and distribution.
Palaeoflow directions data indicates that the system may extend directly south where no EM data exists to map the clays and channels. As part of this, Basin is assessing options for obtaining geophysics to map the southern extensions to the EM coverage.
Palaeochannel Architecture and Uranium Prospectivity Defined
Phase 1 drilling has delineated a coherent palaeochannel system characterised by stacked sands and basal gravels, interpreted to represent a significant palaeodrainage network with a broad north-south palaeoflow direction. Key observations include:
– Consistent channel architecture across kilometre-scale strike
– Widespread oxidised and bleached sands indicative of sustained groundwater flow
– Elevated uranium values locally associated with channel sands and basal gravels, with results of up to 35 ppm U3O8 over 3 m (Figure 3*), representing approximately 10 times background.
Drillhole SBDH25027 returned 14 m @ 18 ppm U3O8, including 3 m @ 25 ppm U3O8 from 29 m and 3 m at 35 ppm U3O8 from 32 m. Strongly anomalous vanadium values were also returned for this interval, including a peak of 480 ppm from 29 to 32 m.
Step-out drilling along these interpreted channels demonstrates a transition from a clean, highly permeable white sand unit proximal to the Sybella Granites, to oxidised channel facies with evidence for uranium mobilisation providing a clear geological and geochemical vector toward more prospective reduced environments that remain untested to the south.
Chip tray observations indicate the drilled palaeochannel sediments are predominantly oxidised and locally bleached, with no obvious reduced (grey/green) facies observed in the intervals drilled to date. This is consistent with the oxidised transport domain of a roll-front system, and suggests the potential reduced trap remains untested further down-gradient.
The EM data has proven to be an excellent tool in palaeochannel mapping, which allows follow-up on distal drilling down hydraulic gradient, along with systematic fenceline drilling.
Next District Scale Target – Granite Hosted REE Potential
Basin has completed access arrangements to allow Phase 2 drilling; which will target the hard rock potential of the various granites comprising the Sybella Batholith. These rocks are known to contain zones of enriched REE, including the Red Metal (ASX:RDM) owned Sybella Discovery (4.795 Bt @ 302 ppm NdPr using a 200 ppm NdPr cutoff grade).
A shallow proof of concept auger drill hole program was completed in 2023 on the project area which demonstrated the presence of strongly anomalous REEs, refer figures 4 and 6*. A total of 82 auger holes were completed, with a maximum hole depth of 18 m and several of which were never assayed.
Strong REE anomalism was identified across three prospects (Figure 4*) with the best anomaly being 5 m at 1,951 ppm TREO with 578 ppm NdPr oxide from 4 m to the end of hole. Drilling at Newman’s prospect highlighted a 3.7 km strike length prospective zone where drilling returned TREO values >1,000 ppm.
These results are very significant, considering all were reported to the end of holes (auger blade refusal), and the analogy in the geochemical anomaly of the Red Metal’s Sybella deposit, refer figure 5 and 6*.
Additionally, the newly completed drilling has identified elevated TREOs in the drainage system directly west of Newmans, refer figure 1*. This appears to demonstrate a different signature to the sediment hosted REE anomalism and instead has a correlation with sand and gravels. This could be interpreted as direct mobilisation from the mineralised granites at Newmans.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5UE5S6DT
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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