Red Cloud Analysis on Basin Uranium
Transformational Developments in 2021; More to Come in 2022
Basin Uranium (NCLR) provided a year-in-review summary of its key accomplishments and transformational developments in 2021. Previous announcements include plans for its IPO in April 2021, listings on the Frankfurt and OTC Markets, private placements of more than C$6.1M, management appointments, and its acquisition of an option to acquire a 75%-interest in the 3,743 ha Mann Lake uranium project. Furthermore, the company’s recent entry into the market comes during an important time, as the industry is at an inflection point with spot prices increasing to up to US$50/lb over the last several months (read more).
We believe that the purchase of the underdeveloped Mann Lake project serves as a transformational acquisition for Basin Uranium. This pre-discovery asset is in the world-class Athabasca Basin of Northern Saskatchewan, with little geophysics and just 5,400m of drilling completed. Many structures have been recognized at the deposit but there is room to refine targets. Moreover, given the 550-650m depth to the unconformity, NCLR is looking to find U3O8 mineralization in the overlying sandstone. This could vector in on basement or unconformity-hosted deposits.
