Vancouver, British Columbia–(Newsfile Corp. – March 9, 2022) – BASIN URANIUM CORP. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) (“Basin Uranium” or the “Company“) is pleased to provide an update on ongoing permitting for an extensive exploration and drilling program at it’s Mann Lake uranium project in Saskatchewan’s prolific Athabasca Basin. The Mann Lake project is located 25km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit.
“As discussions with local stakeholder groups continue to advance and remain constructive, we look to a swift and expedient conclusion,” commented Mike Blady, CEO of Basin Uranium. “Concurrent with stakeholder consultation, we have engaged with a number of geophysical and drilling contractors to ensure rapid mobilization once the permitting process is completed.”
Exploration Program Update
As previously disclosed, the Company has engaged TerraLogic Exploration Inc. and submitted its permitting package in December 2021. The Government has reviewed the proposed program and consultation with the local stakeholders and First Nations communities, including the Ya’ thi Néné, continue to advance.
The Company is permitting for a geophysical survey including electromagnetic (EM) and gravity surveying totalling 18 line-kilometres covering an area of 3.75 square kilometres. The focus of the exploration will be to better define the structural corridors and basement conductors previously identified, in addition to expanding coverage over previously-unexplored areas. Specifically, the surveying will extend coverage to the southern extent of the property in addition to developing additional structural targets for drilling. Within the property, north-northeast trending structural faults are the most prospective as they parallel the trend of known uranium mineralization regionally within the Athabasca basin.
The Company is also permitting for an extensive diamond drill program of up to 20 holes for 15,000 metres to test existing areas of known mineralization in addition to potentially testing targets identified from the upcoming geophysical surveying.
Preparations continue to advance for the rapid mobilization upon receipt of all necessary permits and approvals.
R. Tim Henneberry, PGeo (B.C.), a technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.
About Basin Uranium Corp.
Basin Uranium Corp. is a Canadian junior exploration company focused diversified mineral resources. The Company recently acquired an option to acquire a 75% interest in the Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada, and is also currently undertaking the CHG gold exploration project located approximately 15 kilometers northwest of the town of Clinton in south-central British Columbia. The CHG Project consists of seven contiguous mineral claims covering 3,606 hectares.
On Behalf of the Board of Directors
Chief Executive Officer
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
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