Overview of Basin Energy's activities and exploration focus

Basin Energy Ltd (ASX: $BSN) has released its quarterly activities report for the period ending 31 December 2023, detailing the preparation for phase 2 drilling program at Geikie following initial drilling success. The company is pleased to provide an overview of activities for the quarter and an accompanying Appendix 5B.

Executive commentary on exploration progress and upcoming plans

The phase 2 drill program of up to 2,500-metres is scheduled to mobilise in early February at the Geikie Project, with drilling expected to commence by mid-February. The program is anticipated to take 6 to 8 weeks to complete. Technical and logistical preparations for this program commenced during the Reporting Period and subsequent to the end of the quarter, drilling services were awarded to Athabasca Catering Limited Partnership, a 100% First Nations-owned company, who are partnered with ITL Diamond Drilling Ltd.

Summary of exploration activities and future outlook

Basin Energy has been advancing exploration targets deemed prospective for high grade uranium mineralisation, using analogies and models derived from neighbouring uranium deposits and discoveries of the Athabasca Basin. The company's 2023 maiden drill program successfully identified large complex fault systems associated with locally extensive hydrothermal alteration patterns. The upcoming phase 2 drilling program at Geikie aims to test fault zones in key prospect areas, leveraging the success of the maiden drilling. Additionally, preparations for a high-resolution ground Stepwise Moving Loop Time-Domain Electromagnetic survey at the North Millennium and Marshall projects have commenced, with the survey expected to progress the projects to a drill ready status. Basin Energy will be attending several industry events to discuss its progress, and as of 31 December 2023, the company held A$3.4 million in cash, with incurred exploration expenditures reported at A$370,000 for the quarter.