Basin Energy Limited announced the results of the high resolution airborne radiometric and magnetic survey data (`Data') at its Geikie Project, located near the eastern margin of the world-class Athabasca basin. Analysis of the Data has identified four additional high priority target areas deemed highly prospective for uranium mineralisation. In addition to this, two previously unrecognised structural corridors have been delineated further enhancing the prospectivity of the Geikie Project area.

The results further enhance the company's initial analysis that the Project is highly prospective for near surface uranium mineralisation which remains completely untested. Given the results, Basin is now planning an aggressive exploration program with ground prospecting now underway. A follow up project wide high resolution airborne electromagnetic survey is being fast tracked, with a contractor now secured for work to commence in November 2022.

These works will further refine the drill targeting, allowing drill testing of the higher priority targets to commence in first quarter 2023. High resolution radiometric and magnetic survey Data was acquired over the entire Geikie Project area. Survey lines were flown at 100 metres spaced, with 1,000 metre spaced tie lines.

A total of 3,831-line kilometres of survey Data was collected, at a nominal flight height of 35 metres. Key Highlights: Four additional high priority targets identified, displaying significant geophysical anomalies at structural and lithological settings conducive for uranium mineralization: Mud Lake target expanded that historically recorded rock chips with grades of up to 0.225% U3O8 and 0.18% U3O8; New structural corridors identified at Geikie based on high resolution airborne radiometric and magnetic data, expanding regional potential; Ground follow up reconnaissance mapping and sampling has been initiated to confirm interpretations; Contractor secured to complete fast tracked follow up VTEM airborne electromagnetic survey, scheduled to commence in November 2022; Aggressive exploration strategy planned for fourth quarter with maiden drilling planned to commence first quarter 2023.