Basin Energy, an exploration and mining services company, has signed a binding agreement to acquire a portfolio of Scandinavian exploration projects.
The deal provides Basin Energy with multiple near-surface targets for uranium and green energy metals.
The acquisition is structured through a share purchase plan with Normetco, the current owner of the Scandinavian projects.
The agreement involves the purchase of assets in Sweden and Finland, including the Virka, Björkberget, Rävaberget, Prästrun and Håkantorp projects in Sweden, and the Puokio, Löttö, Temo, Eronlampi and Palmottu projects in Finland.
Located in the Arjeplog-Arvidsjaur shear-hosted uranium district, the Virka Project is reported to have indicated several surface anomalies in lead, zinc, silver and gold as per historical geological mapping and boulder tracing records.
The nearby Björkberget and Rävaberget prospects share geological characteristics with Virka but require further exploration to produce geochemical data.
The Prästrun Project in central Sweden has yielded rock chip samples with notable concentrations of niobium and uranium, while the Håkantorp Project is situated in a historic iron ore mining district.
In Finland, all projects are currently in reservation status, allowing exclusive rights to apply for exploration licences.
The Palmottu Project shows promise for green energy metals based on historical drilling and rock chip sampling. The Temo Project's proximity to Finland's largest open-pit mine underscores its potential.
However, the Puokio and Eronlampi projects need further data sourcing and assessment.
The company has expressed its intent to continue focusing on its existing uranium portfolio in the Athabasca Basin, with this acquisition offering an opportunity for broader exposure to uranium and green energy metals.
Basin Energy managing director Pete Moorhouse said: “Basin has been assessing opportunities since inception that fit the exploration criteria for potential world-class discoveries. We are excited to add this complementary portfolio to our existing asset base.
“The acquisition provides multiple near surface targets for uranium and green energy metals that can be advanced cost effectively.
“Whilst exploration success was achieved in the 1980s, very little modern exploration has occurred. As of 2021, Sweden’s known uranium assets make up about 27% of Europe’s uranium resources.”
