Basin drilling returns up to 0.27% uranium at Geikie, highlights ‘scale potential to produce a major discovery’

Drilling returns up to 0.27% U3O8 at the Geikie project in Athabasca Basin

Elevated lead isotope anomalies and extensive hydrothermal alteration indicates potential for ‘major uranium mineralising system’

Results from airborne gradient gravity survey to help targeting for Phase 2 drilling

Uranium is now up past the US$70/lb price point Maiden drilling at Basin’s Geikie project in Saskatchewan, Canada, has intersected anomalous uranium in four of the eight holes with other data indicating that a major mineralising system might be present. The company couldn’t have timed the discovery any better as prices surge, with Numerco noting the U3O8 – or yellowcake – is currently commanding US$71.00/lb.Sprott Asset Management added that the uptrend in uranium price underscores the sector’s strengthening fundamentals and signals that future supply will hinge on the revival of dormant mines and the inception of new mining projects.And providing new supply is exactly what Basin Energy (ASX:BSN) […]

Click here to view original web page at www.msn.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.