Basin Energy Eyes Imminent Assay Results as Rare Earth Leach Tests Begin
Key Takeaways
- Assay results from Basin Energy's 18-hole follow-up drill program at Newmans are expected imminently, with the program designed to test continuity of the 3.3 km mineralised corridor defined by maiden drilling.
- Maiden drilling returned peak intercepts of 3,613 ppm TREO and 712 ppm MREO from surface, with heavy rare earth support including 109 ppm DyTb oxide in the best interval of SBRC26003.
- ANSTO and Brisbane Metallurgical Laboratories have been engaged for leachability and XRD test work, with preliminary results expected Q4 2026 — the outcome will determine whether strong grades translate into recoverable rare earth oxides.
- Basin holds 5,864 km² west and southwest of Mount Isa, with approximately 685 km² interpreted to overlie the Sybella Batholith, the fertile granite system hosting the Newmans discovery.
- Five near-term catalysts are scheduled across the remainder of 2026, including Queensland Government CEI-supported drilling and step-out drilling subject to heritage clearances expected in October 2026.
Multiple catalysts converging at Newmans as metallurgical studies begin
Basin Energy (ASX: BSN) is advancing its Newmans rare earth discovery on three simultaneous work streams, with assay results from an 18-hole follow-up drill program expected imminently and preliminary leachability results anticipated in Q4 2026. The company has engaged ANSTO and Brisbane Metallurgical Laboratories for early-stage metallurgical test work, initial heritage surveys are now complete, and Basin remains funded to execute further targeted drilling and a first-stage metallurgical assessment in 2026.
Pete Moorhouse, Managing Director
“Excited by our results to date, we are advancing Newmans on multiple fronts in parallel. With follow-up drilling complete, leachability studies underway, and initial heritage surveys completed, these parallel work streams are progressively our understanding of the broader potential at Newmans. Assay results are expected imminently, with initial leachability results expected to follow in the fourth quarter. Both represent important next steps in assessing the scale, grade and potential recoverability of the rare earth mineralisation identified at Newmans…”
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What the drilling has revealed so far
The 3.3 km mineralised corridor
Basin’s maiden drilling at Newmans comprised 8 vertical reverse circulation (RC) drillholes for 627 m across a broadly north-south transect of approximately 9 km, testing the depth extent of a neodymium-praseodymium (NdPr)-dominant rare earth anomaly first identified by 2023 auger drilling. Shallow magnet rare earth mineralisation with strong heavy rare earth support was returned in 4 of the 8 holes, with mineralisation consistently associated with the degree and intensity of preserved weathering profile logged in each hole.
The results defined a 3.3 km mineralised corridor between holes SBRC26003 and SBRC26006. The follow-up 18-hole program was designed to test continuity of this corridor, with assay results from that program now pending.
The Newmans rare earth drilling results released earlier in 2026 established the initial grade and corridor geometry that the current 18-hole follow-up program is now testing for continuity across a wider strike length.
Two standout intercepts from the maiden program anchor the investment case:
- SBRC26006: 24 m @ 453 ppm MREO within 2,247 ppm TREO from 6 m, including 9 m @ 534 ppm NdPr oxide and 62 ppm DyTb oxide from 18 m
- SBRC26003: 18 m @ 449 ppm MREO within 2,160 ppm TREO from surface, including 3 m @ 603 ppm NdPr oxide and 109 ppm DyTb oxide from 12 m
Drilling results — significant intercepts
| Hole ID | Interval | From–To (m) | TREO (ppm) | MREO (ppm) | NdPr oxide (ppm) | DyTb oxide (ppm) |
|---|---|---|---|---|---|---|
| SBRC26006 | Main intercept | 6–30 | 2,247 | 453 | 407 | 46 |
| SBRC26006 | including | 18–27 | 2,774 | 596 | 534 | 62 |
| SBRC26006 | including | 24–27 | 3,132 | 654 | 562 | 92 |
| SBRC26003 | Main intercept | 0–18 | 2,160 | 449 | 401 | 49 |
| SBRC26003 | including | 3–9 | 2,752 | 600 | 552 | 48 |
| SBRC26003 | also including | 12–15 | 3,613 | 712 | 603 | 109 |
| SBRC26005 | Main intercept | 3–12 | 1,650 | 357 | 321 | 36 |
| SBRC26005 | including | 6–9 | 2,089 | 455 | 405 | 50 |
| SBRC26005 | also returned | 39–48 | 1,437 | 270 | 246 | 24 |
| SBRC26004 | Main intercept | 0–21 | 1,229 | 261 | 240 | 21 |
| SBRC26004 | including | 6–9 | 1,859 | 378 | 347 | 31 |
Source: Table 1, Basin Energy ASX Announcement, 23 September 2026. MREO = Magnet Rare Earth Oxides; TREO = Total Rare Earth Oxides.
Understanding rare earth leachability and why it matters
Knowing a deposit contains rare earths is only half the equation. The critical question for any rare earth project is whether those elements can actually be extracted from the host rock at a commercially viable cost — and that is precisely what leachability testing assesses.
Leachability studies apply chemical processes to ore samples to measure how readily rare earth elements dissolve and can be separated from the surrounding mineral matrix. Think of it as an early-stage processing feasibility check: even a high-grade discovery needs to demonstrate that its mineralisation responds well to extraction before the project can progress toward economic studies.
Basin has engaged ANSTO, Australia’s national nuclear science and technology organisation, alongside Brisbane Metallurgical Laboratories to conduct this initial test work. The program also includes XRD (X-ray diffraction) analysis, which identifies the specific mineral phases that host the rare earth elements. That matters because the mineral host dictates which processing route is most appropriate, directly influencing capital and operating cost projections further down the track.
For investors watching Newmans, the leachability results expected in Q4 2026 represent a genuine de-risking milestone. Positive results would confirm that the strong grades already recorded translate into recoverable rare earth oxides, meaningfully advancing the project’s economic case.
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H2 2026 work program — what’s coming next
Basin has a structured sequence of near-term catalysts investors can track across the remainder of 2026. The company is funded to execute this program.
- Assay results from the 18-hole follow-up program — expected imminently
- Preliminary leachability results from ANSTO and Brisbane Metallurgical Laboratories — expected Q4 2026
- Heritage survey outcomes — expected October 2026
- CEI-supported drilling to test phosphate-associated heavy REE prospectivity — proposed for early Q4 2026 (supported by the Queensland Government Collaborative Exploration Initiative)
- Step-out drilling to test priority target areas defined by current results — proposed Q4 2026, subject to heritage clearances
Basin holds a 5,864 km² landholding to the west and southwest of Mount Isa, in an area the company describes as an emerging Australian critical minerals district. Of that total, approximately 685 km² is known or interpreted to overlie the Sybella Batholith, the major fertile granite system hosting the Newmans discovery. The company believes the preserved weathering model identified at Newmans may have broader implications for exploration across the wider Sybella Batholith, where multiple rare earth surface anomalies were identified during 2023 auger drilling.
Basin’s Queensland critical minerals portfolio was assembled through a strategic acquisition that established the company’s position across the Mount Isa region, underpinning the large landholding now being systematically tested at Newmans.
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