Perth, Australia, Dec 18, 2025 - (ABN Newswire) - Basin Energy Limited (ASX:BSN) (OTCMKTS:BSNEF) announced completion and demobilisation from phase one drilling, and the further expansion of its Sybella-Barkly district-scale rare earth elements ("REE") and uranium project (the "Project") with the addition of the application for EPM 29328.
Key Highlights
- Phase one drilling completed at Basin's district scale Sybella-Barkly rare earth and uranium project in northwest Queensland.
- 63 holes completed for a total of 2,735 metres of drilling with 779 composite samples submitted to ALS for geochemical analysis.
- Phase two drilling preparations underway for a proposed early dry season start, targeting hard rock Sybella rare earth potential.
- Additional tenure secured following a competitive application process, increasing Basin's Sybella-Barkly holding by a further 90 km2 to a total of 6,230 km2 in the Mount Isa district.
- Additional landholding is considered prospective for hard rock hosted rare earth elements, analogous to the Red Metal (ASX:RDM) giant Sybella Discovery, and shear hosted uranium analogous to Paladin Energy's Valhalla deposit.
Phase 1 drilling was completed across the northern part of the Project targeting regional scale electromagnetic ("EM") conductors interpreted to be prospective for sediment hosted REE and palaeochannel uranium mineralisation, derived from the adjacent Sybella granites. Drilling utilised existing station tracks to minimise disturbance. Part of the drilling program was eligible for the Queensland Government CEI grant scheme, where Basin can claim $150K toward costs.
The Company has also been successful in a competitive process to secure an application for Exploration Permit for Minerals ("EPM") 29328, which will add 90 km2 of highly prospective ground to the Project (refer to figure 1*). This increases the Sybella-Barkly landholding to 6,230 km2, strengthening Basin's position over key REE and uranium target corridors. The application is expected to take around 9 months to progress to grant.
Managing Director, Pete Moorhouse commented:
"The completion of this Phase 1 drilling comes just over 3 months following acquisition of the Project, demonstrating the Company's strong exploration desire and responsiveness. This is a testament to the small team and work ethic employed within Basin and those assisting with the planning and execution of the program, completing it incident free and in such short time at this challenging time of year. The program identified clays prospective for sediment hosted REEs, and the anticipation of geochemical assay results from the program is an exciting prospect for the new year with results expected mid to late January. I would also like to take this opportunity to extend my thanks to the stations and native title groups, who have all engaged with the Company over the last few months, for the support and advice they have provided."
Phase 1 Drilling competed across District Scale Targets
Phase 1 drilling at the Company's Sybella-Barkly Project is now completed with a total of 2,723.7 metres completed across 63 holes with all sites fully rehabilitated pending post wet season inspections and all drilling and camp equipment removed from sites.
The distribution of drilling is shown above in Figure 1*, with holes primarily targeting regional scale electromagnetic conductors deemed prospective for sediment hosted REE and palaeochannel uranium derived from the adjacent Sybella granites. Logistics and timely access were achieved throughout the Ardmore and Barkly stations, utilising existing access tracks.
Drilling averaged 43 metres per hole with broad clay intercepts recorded within a large portion of targeted holes. These intercepts provide strong support to the EM targeting for the regional sediment hosted REE model. This data has provided initial confirmation of the geological exploration model.
A total of 779 samples from around this clay dominant unit have been collected and submitted to ALS Mt Isa for geochemical analysis with results anticipated in Q1 2026. Sampling was typically undertaken taken as 3-metre composites through zones of interest, with a 6-metre buffer either side.
Archive samples have also been collected from every individual metre drilled and stored in anticipation of the geochemical assay results which will allow for follow up metallurgical and geochemical testing should positive results be received. The requirement for any additional bulk samples will also factor into phase 2 planning which is now underway targeting the hard rock REE potential adjacent to the neighbouring Red Metals' Sybella discovery.
Additional EPM secured - EPM 29328
The newly secured tenure, EPM 29328 is deemed most prospective for granite hosted REE within the Sybella Batholith and potential Valhalla style shear hosted uranium mineralisation. The tenement is a 3-part block that lies adjacent to Basin's EPM 28252 covering the northern carapace of the outcropping Sybella-Batholith. The securing of EPM 29238 followed a competitive tendering process with Basin selected as the preferred applicant for the ground. The application adds an additional 90 km2 to the Company's now 6,230 km2 Sybella project.
Initial exploration within the application area will target areas of granite saprolite and regolith that are potentially REE-enriched to economically extractable levels. The area is also considered prospective for 'Valhalla-style' shear-hosted uranium mineralisation. This style of mineralisation is typically hosted in mafic volcanics and interlayered metasediments of the Cromwell Metabasalt member of the Eastern Creek volcanics. A key target area for this style of mineralisation resides along the electrically conductive 'keel' structure between the Keithys Granite and the Kitty Plain Microgranite (central block; highlighted by yellow arrow in Figure 4*) and along the northeastern margin of the Kitty Plain Microgranite (northeastern block, Figure 4*).
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/I6NIYXPB
About Basin Energy Ltd:
Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) is a green energy metals exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada and has recently acquired a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.
Contact:
Pete Moorhouse
Managing Director
pete.m@basinenergy.com.au
+61 7 3667 7449
Chloe Hayes
Investor and Media Relations
chloe@janemorganmanagement.com.au
+61 458619317
Source:
Basin Energy Ltd
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