Red Cloud Update on Wray Mesa Acquisition
Wray Mesa Acquired; Entering 2nd Tier-One Uranium Jurisdiction
Impact: Positive
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 Basin Uranium (NCLR) announced that it has entered into a Letter of Intent (LOI) to acquire a 100%-interest in the Wray Mesa project in San Juan County, Utah. Wray Mesa is an area play that comprises 310 unpatented claims totaling 6,219 acres, is accessible via Utah State Highway 46 and unpaved Forest Service Roads, has access to power, water, and is proximal to the town of La Sal. We note that Wray Mesa is located in a tier-one mining jurisdiction within the USA, which is expected to benefit from US domestic green energy initiatives. Historically, the project has seen an extensive amount of exploration, with over 495 holes drilled dating back to the late 1970’s. As a result, extensive past exploration should allow the team to follow-up on several high-grade historic intercepts. Overall, we believe the project is in a great jurisdiction and a differentiator from other uranium exploration companies. There are very few exploration companies active in the USA, particularly those that also have high-grade uranium potential in the Athabasca Basin.
