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

Basin Energy Limited (“Basin”) 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:
  • 9 m @ 1,087 ppm U₃O₈ from 24.5 m in drill hole 81-003, 
  • within 17 m @ 707 ppm U₃O₈ from 23 m.
• 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 mineralization.

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 mineralization.