Basin Energy Limited Begins Exploration Program at Virka Uranium Project in Sweden

Jane Morgan Management

Perth, Australia – 6 November 2024 | Basin Energy Limited (ASX:BSN) (“Basin” or “the Company”) is excited to announce the commencement of its exploration program at the Virka Project in Sweden. This follows the Company’s recent binding agreement to acquire an exploration portfolio within Scandinavia. 

Highlights: 

• Field Investigation: Basin has identified three priority areas for immediate field investigation, and is going to be focusing on mapping and reconnaissance sampling.

• Historic Drill Core Located: The Company has had access to historic drill core data for relogging and possible further sampling. This includes drilling results such as:

  • 9m @ 1,087 ppm U₃O₈ from 24.5m in drill hole 81-003, 

  • within 17m @ 707 ppm U₃O₈ from 23m.

• Systematic Exploration: The Virka Project has not had any modern, systematic exploration efforts since the 1980s. Historical work highlighted significant district-scale potential, but results have not been reported in accordance with the JORC Code (2012).

Pete Moorhouse, Managing Director of Basin Energy, commented: “The team at Basin are extremely excited to commence work on the recently announced Scandinavian uranium and green energy metals portfolio. Initial review of the available historical data on the Virka project has provided areas for immediate groundwork. We know that the system is prospective for a variety of metals, with the historical drilling indicating favourable thickness of uranium mineralisation. 

The team has commenced work immediately at Virka, conscious of the upcoming winter season. Initial work will focus on getting boots on the ground to assess rock outcrops and trace boulder trains. We will move to historic drill core review and additional literature compilation once the weather prohibits further ground activities.”

The Virka Project:

The Virka Project is strategically situated within the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden, which is approximately 37 km southeast of Boliden’s historic Laisvall Pb-Zn-Ag mine. The project area has been explored since the 1980s, with drilling conducted by the Swedish Geological Survey (SGU) identifying significant uranium mineralisation. 

Pete Moorhouse
Managing Director
pete.m@basinenergy.com.au

Jane Morgan
Investor & Media Relations
jm@janemorganmanagement.com.au

About Basin Energy Limited:

Basin Energy Limited is a uranium exploration and development company with an interest in three prospective projects positioned in the southeast corner and margins of the Athabasca Basin in Canada. Its projects include North Millennium, Geikie, and Marshall. The North Millennium and Marshall projects are located in the southeastern portion of the Athabasca Basin and situated about seven kilometres (km) north of Cameco’s Millennium uranium deposit. The North Millennium Project is about 58 square kilometres of prospective ground in the southeast corner of the Athabasca Basin. The Marshall Project is about 112 square kilometres of landholding located 11 km west of the Millennium Deposit in the southeast corner of the Athabasca Basin. The Geikie Project is about 339 square kilometres of landholding located seven km southeast of the present edge of the Athabasca Basin and 10 km west of highway 905. Its subsidiaries include Basin Energy Geiki Corp., Basin Energy Marshall Corp and others.

Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au