Basin Energy (ASX:BSN) announced developments regarding its exploration activities in Scandinavia while noting a pivotal policy change from the Swedish Government concerning uranium mining.
Basin has observed field findings from its projects in Northern Sweden, justifying an application to expand exploration.
"Initial work at Basin’s Northern Sweden projects has been extremely positive, and we are eagerly awaiting the geochemical rock chip sampling results," stated Pete Moorhouse, Managing Director of Basin Energy.
The company's application aims to secure additional ground between its Björkberget and Rävaberget projects, potentially doubling Basin's holdings in the Arvidsjaur-Arjeplog region.
This strategic move coincides with the Swedish Government's inquiry recommending the lifting of a ban on uranium mining, which Basin views as a step toward securing domestic resources for green energy.
Field assessments conducted during the fourth quarter of 2024 indicated structural features suitable for mineralisation, and 45 geochemical samples have been submitted for analysis.
Basin anticipates the decision regarding its new exploration application by the first quarter.
Basin Energy is a uranium exploration and development company with an interest in three prospective projects positioned in the southeast corner and margins of the Athabasca Basin in Canada. Its projects include North Millennium, Geikie, and Marshall.
At the time of reporting, Basin Energy's share price was $0.017.