InvestSMART

Basin Energy Limited (ASX:BSN)

ALERT: Price-sensitive ASX Announcement for BSN
Current share price for BSN : $0.035 0.002 (6.06%)+
Announcement
Release
28 May 2026 8:56AM
Price at Release
$0.033
Full Release
download
Summary
Basin Energy Limited has announced the results of its maiden reverse circulation (RC) drilling program at the Newmans Prospect, part of the Sybella-Barkly Rare Earth Project in northwest Queensland, Australia. The drilling confirmed thick, shallow, and high-grade rare earth mineralisation associated with a well-preserved weathered granite profile. Notably, drillhole SBRC26003 returned significant measurements of NdPr and DyTb oxides within a total rare earth element oxide (TREO). This supports a revised geological model focusing on preserved weathering zones above rare earth-bearing granites. The company remains funded for further exploration following a strategic placement. Newmans lies within the Sybella Batholith, contributing to the emerging Australian critical minerals sector.
Key Points
  • Basin Energy Limited announced assay results from maiden RC drilling at Newmans Prospect, confirming high-grade rare earth mineralisation.
  • Drillhole SBRC26003 revealed 18 m of NdPr oxide and DyTb oxide within 2,160 ppm TREO from surface.
  • Mineralisation appears associated with a strongly weathered granite profile.
  • The Newmans system potentially comprises preserved weathering zones over rare earth-bearing granites.
  • SBRC26006 intersected the most extensive weathered granite profile, crucial for the geological model.
  • Follow-up work is fully funded after a A$1.1M financing.
  • Newmans is within the Sybella Batholith, an emerging Australian critical minerals district.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.