Basin Energy starts maiden drilling at Rochedale prospect
- Basin Energy commenced maiden drilling at its Rochedale heavy rare earth prospect in Queensland.
- The exploration programme receives up to $76,413 in non-dilutive co-funding from the Queensland Government.
- The drilling aims to test heavy rare earth potential associated with phosphatic sediments.
Basin Energy (ASX:BSN) has commenced maiden drilling at its 100% owned Rochedale prospect located 15km southwest of the Newmans discovery.
The project introduces a new district exploration model supported by up to $76,413 from the Queensland Government's Collaborative Exploration Initiative.
Reverse circulation drilling targets heavy rare earth enrichment in phosphatic sediments following recent academic research.
Basin’s Managing Director, Pete Moorhouse, commented, "While Newmans is focused on shallow mineralisation developed within weathered granite, this programme is testing the potential for heavy and magnet rare earth enrichment within phosphatic sediments."
Previous drilling at the nearby Newmans discovery returned shallow intercepts, including 25m at 458 ppm magnet rare earth oxide.
Assay results from the maiden Rochedale drilling programme are expected in December.
Following the announcement, the Basin Energy share price was unchanged at $0.027.
The Sybella-Barkly Project expanded its mineralised footprint after recent work demonstrated shallow rare earth mineralisation over a distance of 6.7km.
The company also initiated preliminary mineralological test work at its Newmans prospect alongside active exploration.
