Basin Energy’s (ASX:BSN) newly completed 3D inversion of historical geophysical datasets have supported the company’s exploration model for unconformity style uranium mineralisation at its North Millennium Project located in the south-eastern part of the world-class Athabasca Basin.
As part of its ongoing assessment of the project, the company engaged geophysical experts Computational Geosciences Inc. and Convolutions Geoscience to conduct modern 3D inversion and processing works of the historical geophysical data.
Of significance, this work provides further support for the interpretation of a five-kilometre structural target corridor at North Millennium continuous to the Mother Fault, host of Cameco’s Millennium deposit seven km to the south.
The definition of this corridor, known to be the conduit for mineralisation at the world class Millennium Deposit is highly encouraging given that little exploration has ever been conducted on these tenements. Basin will utilise these interpretations as a basis for future exploration, in conjunction with the ongoing works at the Geikie uranium project.
Basin has continued advancing the North Millennium Project through the reprocessing of historic geophysical data,” Managing Director, Pete Moorhouse, said.
“The delineation of disruptions to a basement conductor by an extension to the fault responsible for hosting the world class Millennium uranium deposit provides 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.
“Whilst our short-term focus will be the follow up of shallow targets identified through phase one drilling at Geikie, we continue to position the wider portfolio of quality uranium projects to be drill tested.
“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.”
Next steps for the Project will likely include Stepwise Moving Loop Time-Domain Electromagnetic (SWML TDEM) surveys combined with Direct Current Resistivity and Induced Polarisation (DCIP) over the priority areas.
Electrical and electromagnetic methods are commonly used in the Athabasca region to detect subsurface geological targets often in association with uranium mineralisation. Such geological targets include large graphitic conductors and the mapping of faults and fracture zones. Both SWML TDEM and DCIP methods are ground-based surveys, offering smaller scale coverage with higher resolution geophysical imagery.
Following the completion of the ground geophysical surveys, drill targeting will prioritise areas of conductivity high anomalies along zones of magnetic transition with associated DCIP resistivity low.
The company is also conducting a similar review of the neighbouring Marshall project and results of this review are expected in the near-term.