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Basin Energy (ASX:BSN) has confirmed an REE anomalism and defined the potential for roll-front uranium mineralisation at the Sybella Barkly project in Queensland.
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The maiden phase one test at the recently acquired Sybella Barkly portfolio successfully achieved the aim of identifying sediment-hosted potential for uranium and REEs. That aim met requirements set by the Queensland government under its co-founding exploration incentive, which will see Basin receive $150,000.
Drilling has just commenced on the most greenfield target at Sybella Barkly, Basin confirmed today; they will now fast-track a follow-up program, too.
The next drill program will test both the sediment-hosted REE mineralisation for depth continuity and the advanced hard rock rare earth prospects near Newmans Bore, similar to the Red Metal Sybella discovery.
“This program will commence as soon as weather and conditions permit,” Basin’s MD, Pete Moorhouse, said. “Drilling targeted conductive clay horizons; however, our best REE anomalism was intersected underneath this horizon.”
Highlight hole SBDH25021 ended in two metres of more than 1,100 parts per million total rare earth oxides (TREO) below that horizon.
“This 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,” Mr Moorhouse explained.
“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.”
The company now plans 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,” Mr Moorhouse said.
BSN is down -17.1%, to 2.9c. Mkt cap $6.695M.
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