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- Additional tenement application adjacent to Newmans prospect.
- Area deemed prospective for complementary rare earth mineralisation styles.
- Application seen as a priority after positive results.
- Remaining assays from Newmans drilling expected in mid-June.
Basin Energy (ASX:BSN) has confirmed it is the sole applicant for an additional exploration license adjacent to the company’s Sybella-Barkly rare earth project in northwest Queensland. The new application comes after Basin’s recent success at the Newmans prospect there.
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“The application reflects our conviction that the Sybella-Barkly district is larger than Newmans,” managing director Pete Moorhouse said.
“While Newmans has demonstrated shallow weathered granite-hosted REE mineralisation, the sedimentary sequences west of the batholith represent a different but complementary REE target style and securing this ground ahead of our CEI-funded drilling and geophysical programs was a natural step.
“With assays from key drillholes at Newmans still pending, and Basin funded to advance further drilling and geophysical programs across the Sybella-Barkly project, we believe the Company is entering a highly active period with multiple near-term potential catalysts.”
Once granted, the area will become EPM 29556 and take the total Sybella Barkly project to approximately 5,864 square kilometres.
The Sybella Barkly project is subject to the Queensland Government’s Zero Rent Initiative, resulting in no annual rents being payable until August CY28. It is expected to take around nine months for the EPM to be granted.
The EPM is west of the Sybella Batholith and is deemed prospective for clay-rich, sediment-hosted and phosphate-associated rare earth mineralisation styles.
Basin holds Queensland Government Collaborative Exploration Initiative funding to conduct exploration drilling in CY26, directly east of the new area and for a significant airborne electromagnetic survey encompassing the new project.
Basin’s recent results from drilling at Newmans included drillhole SBRC26003, which hit thick, shallow and high-grade magnet rare earth mineralisation from surface returning 18m @ 401ppm neodymium and praseodymium oxide, and 49ppm dysprosium and terbium oxide within 2,160ppm TREO, to support the concept of sediment-hosted REE potential within the newly applied for tenure.
In late May, Basin reported that the first three of eight drillholes in the maiden reverse circulation (RC) drilling completed at the Newmans prospect.
BSN is steady at 3.3¢. Mkt cap $7.765M.
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