Basin Energy defines 3.3km magnet REE corridor at Newmans

• Magnet rare earth mineralisation returned from four of eight scout holes.
• Drilling returned additional shallow magnet REE mineralisation.
• Two priority areas totalling identified.
• Exploration model now prioritising regional targets.

Basin Energy (ASX:BSN) has identified a significant rare earth elements corridor after drilling at the Newmans prospect, part of the Sybella-Barkly project in northwest Queensland. These results confirm additional shallow magnet rare earth oxide (MREO) mineralisation with heavy rare earth oxide (HREO) credentials.

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Pete Moorhouse, the company’s managing director, said the results also provide strong support for Basin’s exploration model that preserved weathering profiles developed over fertile rare earth-bearing granites are a key control on enhanced rare earth enrichment at Newmans.

“Basin now has a clear and compelling exploration pathway at Newmans. The mineralisation is shallow and thick, with an encouraging magnet rare earth basket supported by strong grades,” Mr Moorhouse said.

“Set against the scale of prospective weathering interpreted across the corridor and our position next to Mount Isa, we believe the best of this story is still ahead of us.”

Mr Moorhouse pointed to previously announced results from hole three in the program, which confirmed that shallow magnet rare earth mineralisation occurs at Newmans, while hole six has now demonstrated that similar mineralisation can be repeated where the weathering profile is better preserved.

“What is particularly encouraging is the emerging vertical architecture of the system. In hole six, we see a weakly mineralised upper weathering cap, with stronger neodymium and praseodymium (NdPr) along with dysprosium and terbium (DyTb) enrichment developed beneath it within the preserved weathered granite profile,” he said.

“This gives Basin a practical geological model that can now be applied at a district scale.

“With follow-up drilling fully funded, our immediate focus is to test scale at Newmans, before assessing whether this preserved-weathering model can be repeated elsewhere within the broader Sybella-Barkly Project.”

The new results have identified a 3.3 km mineralised corridor between drillholes three and six, with intervening drillholes four and five also returning magnet rare earth mineralisation.

Using Basin’s exploration model, drilling results to date and available remote sensing data, two areas adjacent to SBRC26006 have been identified, totalling approximately 22 sq. km, as priority areas for potential preserved weathering-profile development, requiring priority follow-up exploration.

BSN is steady at 3.4¢. Mkt cap $8M.

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