Basin Uranium Announces Camp Completion and Mobilization of Exploration Crews to Mann Lake
Vancouver, April 14, 2022 - Basin Uranium Corp. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) ("Basin Uranium" or the "Company") is pleased to announce its exploration plan for its Phase 1 program at its 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.
Highlights
- Camp construction complete and mobilization underway
- Minimum $3.5 million program for 2022 comprised of drilling and geophysics in multiple phases throughout 2022
- Moving loop EM and gravity surveys will target fertile ground to the southwest of previous geophysics and will provide a more complete geophysical picture to guide exploration
- Initial diamond drilling will focus on interpreted conductor corridors coinciding with gravity and mag lows
- Maiden drill program comprised of 6,000 metres of diamond drilling in ten (10) holes
"Historic drilling in 2008 at Mann Lake focused on interpreted reactivated northeast- and east-trending fault structures delineated by gravity and VTEM surveys," commented Mike Blady, CEO of Basin Uranium. "Fifteen years later, we are returning to Mann Lake with a superior geological understanding of deposits within the basin which allowed us to refine the geological model and has resulted in our focus being concentrated on the southern portion of the property where we believe the best potential resides."
The Phase I exploration program will build off work done by previous operators and will consist of a moving loop electromagnetic survey, gravity survey and diamond drilling. Geophysical surveys will be focused on the southern half of the property and will integrate previous and regional surveys to vector in on what the Company believes to be the most prospective area of the property for regional conductive corridors which can host unconformity style uranium deposits. To date the southern half of the property has seen little exploration and no diamond drilling.
Regional conductive corridors are known to exist on the southern part of the Mann Lake property. These conductors are believed to correspond with Wollaston Supergroup graphitic metasedimentary basement, a fertile host for uranium mineralization. The Company will be targeting these structures in combination with overlying gravity and magnetic lows in its Phase I drilling over a 2.0-kilometer-long corridor. The program will be conducted in two phases, a spring (Phase I) and late summer/fall (Phase II) program, which will allow the Company time to compile and process exploration data to improve targeting. In total, the Company has budgeted a minimum of $3.5 million dollars for exploration at Mann Lake this year.
Figure 1a: Exploration Camp at Mann Lake
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Figure 1b: Exploration Camp at Mann Lake
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Figure 2: Mann Lake Historical and Proposed Drilling
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Figure 3: Mann Lake Geophysical Survey
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Qualified Person:
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.
For further information, please visit https://basinuranium.ca or email info@basinuranium.ca.
On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
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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