Basin Energy (ASX:BSN) said rock chip assay results for its Prästrun and Håkantorp projects in Sweden pointed to a potential presence of strategic metal deposits and rare earth elements, according to a Wednesday Australian bourse filing.
The results from the Prästrun project confirmed anomalous niobium, uranium, and tantalum on three samples with results up to 4,350 parts-per-million grade of niobium, 1,153 ppm grade of uranium oxide, and 185 ppm grade of tantalum.
Rare earth elements and uranium mineralization identified from samples taken from interpreted tailings piles near Frakengruvan historical iron ore pit at Håkantorp resulted in 3,183 ppm grade of uranium oxide and 3,336 ppm grade of total rare earth oxides.
It decided to proceed with the application for exploration licenses over the Lotto, Temo, and Palmottu projects and withdraw from the Eronlampi and Puokio projects in Finland.
Its shares rose 7% on market close on Thursday.
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