Basin Energy Doubles Newmans Footprint to 6.7km With Best-Ever Rare Earth Grade
Key Takeaways
- Follow-up RC drilling at Newmans has more than doubled the mineralised footprint from 3.3km to 6.7km, with 13 of 18 holes intersecting shallow magnet rare earth mineralisation above 1,000 ppm TREO.
- Hole SBRC26014 delivered the highest-grade MREO intercept at Newmans to date, including a 3-metre high-grade core returning 1,147 ppm MREO within 5,253 ppm TREO and 1,042 ppm NdPr oxide from 16 metres depth.
- MREO has held consistently at approximately 21% of TREO across the expanding system, and heavy rare earth enrichment above 500 ppm HREO is now confirmed across 4.5km of the mineralised trend in seven drillholes.
- Basin Energy is fully funded for Q4 2026 leach test work — the next material de-risking step that will test whether the shallow mineralisation can be economically recovered.
- Two undrilled prospects, Eight Mile and Three Ways, both returned auger samples averaging above 1,000 ppm TREO in 2023 and are now being ranked using the geological model validated at Newmans, underpinning a district-scale growth thesis across Basin's 5,805km² tenure.
Newmans footprint more than doubles as Basin Energy delivers best-ever MREO result
Follow-up drilling at the Newmans Discovery has more than doubled the mineralised footprint from 3.3km to 6.7km, with hole SBRC26014 delivering the highest-grade Magnet Rare Earth Oxide (MREO) intercept recorded at Newmans to date. Basin Energy (ASX: BSN) released final assays from its 18-hole follow-up reverse circulation (RC) drilling programme at the Newmans Discovery, part of the Sybella-Barkly Rare Earth Project located approximately 50km southwest of Mount Isa in northwest Queensland.
13 of 18 holes in the follow-up programme intersected shallow magnet rare earth mineralisation above 1,000 ppm Total Rare Earth Oxide (TREO). Across all drilling to date, 17 of 26 holes at Newmans have returned significant intercepts.
The standout hole, SBRC26014, returned 25m @ 458 ppm MREO within 2,164 ppm TREO from 4m, including 12m @ 634 ppm MREO within 2,940 ppm TREO from 8m, and a high-grade core of 3m @ 1,147 ppm MREO within 5,253 ppm TREO from 16m (1,042 ppm NdPr oxide, 106 ppm DyTb oxide). SBRC26016 delivered the thickest intercept at Newmans to date: 27m @ 364 ppm MREO within 1,698 ppm TREO from 6m.
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What the drill results reveal about the Newmans system
Magnet rare earths: grade rising, basket holding
MREO refers to four rare earth oxides (neodymium, praseodymium, dysprosium, and terbium) that are essential ingredients in high-strength permanent magnets used in electric vehicle motors and wind turbines. What makes them commercially significant is not just their presence but their proportion of the total rare earth basket.
At Newmans, MREO has held at approximately ~21% of TREO even as overall grades increase across the system. That consistency matters: it signals a coherent geological system rather than isolated pockets of enrichment. NdPr oxide is the dominant magnet rare earth component at Newmans, with DyTb oxide contributing to the heavy rare earth (HREO) signature.
Heavy rare earths: a repeating system-wide feature
HREO mineralisation, enriched in dysprosium, terbium, and yttrium, is now confirmed as a recurring feature across the system. Using a uniform 3m composite dataset, seven drillholes returned intervals exceeding 500 ppm HREO across approximately 4.5km of the mineralised trend.
The two strongest new HREO intercepts from the follow-up programme are:
- SBRC26024: 4m @ 940 ppm HREO from 11m, including 2m @ 1,208 ppm HREO from 13m
- SBRC26014: 3m @ 893 ppm HREO from 16m
This is not confined to the current programme. Previously reported holes SBRC26003 (3m @ 1,058 ppm HREO), SBRC26005 (3m @ 506 ppm HREO), and SBRC26006 (3m @ 864 ppm HREO) all returned significant HREO intervals, demonstrating that heavy rare earth enrichment is a repeating feature of the Newmans system.
The vertical architecture: a reliable exploration vector
The preserved-weathering model at Newmans describes a consistent layered structure within the weathered granite profile: a comparatively REE-depleted upper cap, broad magnet rare earth mineralisation beneath it, and locally pronounced Y-HREE enrichment deeper in the profile. First described in June maiden drilling, this vertical architecture has now repeated across the full 6.7km expanded footprint.
The maiden Newmans drilling programme, completed earlier in 2026, first established the preserved-weathering model and the layered vertical architecture that has since been confirmed across the full expanded footprint.
For investors, the practical implication is significant. A consistent and predictable geological framework reduces exploration risk by giving Basin a clear template to prioritise future drilling.
Key intercepts from the follow-up programme are summarised below:
| Hole ID | From–To (m) | Interval (m) | MREO (ppm) | TREO (ppm) |
|---|---|---|---|---|
| SBRC26014 | 4–29 | 25 | 458 | 2,164 |
| SBRC26014 (incl.) | 8–20 | 12 | 634 | 2,940 |
| SBRC26014 (incl.) | 16–19 | 3 | 1,147 | 5,253 |
| SBRC26016 | 6–33 | 27 | 364 | 1,698 |
| SBRC26016 (incl.) | 9–18 | 9 | 495 | 2,285 |
| SBRC26012 | 9–33 | 24 | 323 | 1,516 |
| SBRC26019 | 15–39 | 24 | 379 | 1,812 |
| SBRC26023 | 5–24 | 19 | 394 | 1,737 |
| SBRC26024 | 9–18 | 9 | 482 | 2,324 |
| SBRC26018 | 0–33 | 33 | 274 | 1,296 |
| SBRC26009 | 3–12 | 9 | 259 | 1,284 |
| SBRC26026 | 1–7 | 6 | 355 | 2,001 |
Source: Table 1 – Significant MREO intercepts from follow-up drilling at Newmans, ASX Announcement 29 September 2026.
District-scale context: Newmans is just the beginning
Newmans sits within the Sybella Batholith, a fertile rare earth-bearing granite system extending south from Mount Isa. Basin holds approximately 685km² of the batholith across its 5,805km² of tenure west and southwest of Mount Isa. Three rare earth prospects have been defined by 2023 auger sampling: Newmans, Eight Mile, and Three Ways. Only Newmans has been drilled.
Basin’s Queensland critical minerals portfolio spans uranium and rare earth tenure assembled through a strategic acquisition that first positioned the company across the Northwest Minerals Province well before Newmans was drilled.
Eight Mile and Three Ways each returned auger samples averaging above 1,000 ppm TREO and are now being ranked using the preserved-weathering criteria and remote-sensing filters developed at Newmans. The validated geological model now provides a practical framework for prioritising which of these targets is drilled next.
Within Newmans itself, drilling in the northern portion has identified a northeast-southwest mineralised trend that remains open in both directions, adding further upside within the existing footprint.
The infrastructure picture supports the district’s long-term potential. Newmans is accessed via the Boulia–Mount Isa Highway, approximately 50km from Mount Isa’s existing rail, gas, and power infrastructure. In October 2025, the Commonwealth and Queensland governments committed up to $600 million over three years to secure the Mount Isa Copper Smelter and Townsville Copper Refinery. The resulting Mount Isa Transformation Study is now assessing the long-term critical minerals processing capability of the Northwest Minerals Province. Basin’s Sybella-Barkly Project has also been co-funded by a $349,000 Queensland Government Collaborative Exploration Initiative grant, announced 20 March 2026.
Pete Moorhouse, Managing Director
“The question is no longer whether there is a discovery at Newmans, it is how big it can get and we are already seeing district scale potential.”
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Q4 2026 pipeline: leach work and more drilling fully funded
Basin is funded for its Q4 2026 programme. Planned next steps include:
- Detailed interpretation of the expanded 6.7km mineralised zone at Newmans
- Initial mineralogical and leach test work on Newmans samples to test the style of mineralisation and recovery characteristics (Q4 2026)
- Further RC drilling in Q4 2026 targeting strike extensions and step-outs, subject to heritage clearances, including the phosphate-associated heavy rare earth targets southwest of Newmans flagged in August
- Ranking of Eight Mile, Three Ways, and other preserved-weathering targets across the Sybella Batholith using remote-sensing criteria developed at Newmans
The upcoming leach test work represents a key de-risking milestone for the project. It will test whether the shallow mineralisation can be recovered economically, which is the next material question investors will be watching as Newmans matures from discovery into a better-defined resource system.
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