Basin Uranium Completes 2022 Drilling At Mann Lake
VANCOUVER, B.C. CANADA, November 25, 2022, BASIN URANIUM CORP. (CSE:NCLR) (OTC:BURCF) (FRA:6NP0) (“Basin Uranium” or the “Company”) has completed 2022 drilling at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit.
In total 6,279 meters were drilled 2022 (Figure 1) over two phases of drilling. Phase two consisted of 2,776 meters of diamond drilling over four holes which followed up on targets from phase one drilling and geophysical programs completed earlier in the year. The Mann Lake camp has been demobbed for the winter and all drill sites have been reclaimed. All core samples have been submitted to the Saskatchewan Research Council (SRC) for analysis and the assays are pending and will be released once received.
Phase Two Drill Highlights
- Holes MN22007 and MN22008 targeted an interpreted basement conductor (2022 MT resistivity survey), magnetic low (interpreted metasediment basement) within a gravity low anomaly which was interpreted as a basement fault structure and successfully intersected uranium dominant, anomalous radioactive intervals in the basement rocks as well as just above the unconformity.
- MN22007 intersected graphite enriched psammite throughout the entirety of the basement rocks. Two major fault structures with abundant graphite mineralization were intercepted in the basement.
- MN22008 intersected abundant blue-grey dravite clay above the unconformity. The mineralization was focused predominantly along fracture surfaces. Potential graphite could be present in the dravite due to the blue-grey colour of the clay.
“The completion of our phase two drill program represents the culmination of a very active and successful 2022 exploration program that was comprised of nearly 6,300 metres of diamond drilling and multiple geophysical programs at our Mann Lake project. We were able to advance this project from a grassroots-stage, one that had not seen any modern exploration techniques or benefitted from the last two decades of exploration understanding in the basin, through to a multi-phase diamond drill program that defined the unconformity and intersected uranium mineralization.” commented Mike Blady, CEO of Basin Uranium. “As we await assay results from drilling, we are planning our 2023 exploration programs at both our Mann Lake project in the Athabasca Basin and our Wray Mesa project in Utah.”
Figure 1. Completed drill holes at Mann Lake 2022
Table 1. Collar information
| Hole ID | Easting | Northing | Elevation | Depth | Azimuth | Dip | Notes |
| MN22001 | 470812 | 6383121 | 550 | 731 | 0 | -90 | U/C @650.65m |
| MN22002 | 471133 | 6383344 | 550 | 683 | 0 | -90 | U/C @631.35m |
| MN22003 | 471379 | 6383635 | 550 | 713 | 0 | -90 | U/C @630.95m |
| MN22004 | 471878 | 6384180 | 550 | 704.65 | 0 | -90 | U/C @607.76m |
| MN22005 | 473245 | 6384561 | 550 | 671.67 | 0 | -90 | U/C @623.79m |
| MN22006 | 471252 | 6383262 | 550 | 572 | 0 | -90 | Abandoned |
| MN22006A | 471252 | 6383262 | 550 | 836.75 | 0 | -90 | U/C @617.5m |
| MN22007 | 470122 | 6381750 | 575 | 887 | 0 | -90 | U/C @671.8m |
| MN22008 | 469839 | 6381646 | 574 | 910 | 0 | -90 | U/C @649.02m |
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 on mineral exploration and development in the green energy sector. The Company owns the Wray Mesa project in southeastern Utah which has seen significant historic uranium and vanadium exploration and is located adjacent to the fully- permitted and production ready La Sal project. The Company has an option to acquire a 75% interest in the Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada and holds an option in the CHG gold exploration project located approximately 15 kilometers northwest of the town of Clinton in south-central British Columbia.
For further information, please visit https://basinuranium.ca or email [email protected].
On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
[email protected]
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.
