Basin Energy (ASX:BSN) has had a successful start to its reconnaissance work at the Prästrun and Hakantorp projects in Sweden, with rock chips results identifying multiple commodities, including niobium, tantalum, uranium, and rare earths.

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At Prästrun, the focus was on niobium, uranium, and tantalum, with assay results including up to 0.43% niobium, with this accounting for 4350 parts per million, and 0.12% triuranium octoxide.

Alongside this – at Hakantorp – samples taken from interpreted piles of tailings close to the Frakengruvan historical iron ore pit picked up both uranium and rare earth elements (REE) mineralisation.

Assays here included 0.33 % U3O8 (3183 ppm) and 0.33% TREO (total rare earth oxides, at 3336 ppm) in one sample; 0.39% U3O8 (3867 ppm), 0.21% TREO (2094 ppm) in a second; and 0.20% U3O8 (1998 ppm), 0.27% TREO (2721 ppm) in a third.

Managing director Pete Moorhouse said the results have been very promising, particularly given this was still early-stage work. “The latest multi-element assay results are highly encouraging, confirming the potential presence of strategically important minerals within a multi-element mineral system.”

“With growing global demand for critical minerals essential to clean energy technologies, including nuclear power and advanced materials, these results position our project as a potential strategic asset,” Mr Moorhouse continued.

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“We look forward to integrating these results into our broader exploration model and continuing cost-effective fieldwork as the next steps to establish the full potential of these mineral-rich systems.”

Basin is continuing work at historical drill holes at the Virka project, focusing on structural core logging and multi-element assay sampling.

Basin shares moved up 6.6% after the news and was 1.6 cents each at 2:23pm.

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