This week, the uranium exploration and development company Basin Energy announced its ownership of 60% of the Geikie Uranium Project, a project based in Canada’s Athabasca Basin that aims to extract world-class uranium.
Basin Energy adopts 60% ownership of Geikie Uranium Project
Basin Energy reported that the company completed all the necessary expenditure requirements – $2.5m in total – to purchase the ownership stake, which partners them with CanAlaska Uranium Limited. The agreement commenced in April 2022 and was completed this summer. Alongside this announcement, Basin Energy reported $5.2m cash reserves, which will fund the project in its entirety.
Pete Moorhouse Source: LinkedIn
Geikie is one of three Basin projects and has been a global giant in uranium extraction for over 45 years. Basin Energy has also made progress talks wherein the company purchases an extra 20% stake, taking their current stake from 60% to 80%.
Basin Energy’s Managing Director, Pete Moorhouse, stated:
We are pleased to have reached this milestone for Basin, bringing us majority ownership of this exciting project. Following the initial results of the maiden drilling, the decision to advance to 80% was an easy one to make. We look forward to updating the market directly on the ongoing airborne gravity survey and plans to follow up on these exciting initial drill results.
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The Geikie maiden drilling expedition is yet to commence with Basin Energy at the forefront of the project; however, experts suggest that significant signs of early success with downhole gamma probes have identified the presence of active hydrothermal systems that could be potentially lucrative for the company’s expedition.
