Basin Energy Limited (“Basin”) is pleased to provide an update on its Scandinavian exploration activities, as well as recent developments with regards to Sweden’s policies on uranium mining.
Highlights:
- Exploration Expansion: Basin has applied for additional exploration ground between the Björkberget and Rävaberget Projects it is currently making progress on in the Arjeplog-Arvidsjaur uranium region of Sweden.
- Geochemical Sampling Program:
- 45 rock chip samples have been collected and now submitted for multi-element analysis.
- Policy Developments: The Swedish Government has recently recommended lifting its uranium mining ban as part of its developing strategy to secure its domestic critical mineral sources and transition to greener energy.
- Scandinavian Portfolio Expansion: The acquisition of Normetco AS (and its 10 Scandinavian green energy metals projects) is now nearing completion, further enhancing the Company’s exploration portfolio.
Exploration Progress in Sweden
Basin has now conducted field assessments at its Virka, Björkberget, and Rävaberget Projects in the December Quartter of 2024, with findings including:
- Identification of structural features that are interpreted to host mineralization.
- Discovery of previously undocumented outcrops and prospective lithologies sampled for analysis.
- Access to historical drill cores in excellent condition.
The findings led to the submission of a new exploration application, which is expected to secure key extensions of nearby mineralized structures.
Swedish Uranium Policy Update
The Swedish Government has recently announced the results of its recent inquiry and has recommended lifting the nation’s uranium mining ban. This development aligns with Sweden’s developing strategy that aims to support nuclear power and cleaner energy sources.
Pete Moorhouse, Managing Director of Basin Energy, commented:
“Initial work at Basin’s Northern Sweden projects has been extremely positive and we are eagerly awaiting the geochemical rock chip sampling results. The field identification of structural controls which disappear under a thin glacial cover is an immediate opportunity for Basin to pursue. Historic exploration work was heavily restricted to outcrop and the potential for further hidden mineralisation beneath this thin cover is interpreted to be very high. The results of these observations have compelled us to apply for an additional exploration land between the Björkberget and Rävaberget projects. If granted, this newly acquired area will double our holdings in the Arvidsjaur-Arjeplog uranium region.
Basin is optimistic about the future of uranium mining in Sweden to sustain a carbon neutral world in a socially and environmentally responsible nature. Sweden’s government presented in mid-December the inquiry to lift the ban on uranium mining and proposed a framework for the new legislation. This marks a strategic move to secure domestic access to critical resources for green energy technologies. Sweden holds excellent uranium exploration upside potential with the Company now holding multiple highly prospective projects in Sweden where high grade uranium is known to occur. Virtually no modern exploration has been conducted within our project areas.”
Acquisition of Normetco AS Portfolio
Basin is finalizing the acquisition of Normetco AS, comprising five exploration licenses in Sweden and five reservations in Finland. The assets in these two locations are highly prospective for uranium, as well as niobium.