Basin Uranium Corporation Announces Significant Mineralization Intersection in Phase 2 Drill Program
Basin Uranium

March, 7 2023 Basin Uranium Corporation (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0), also known as Basin Uranium, is pleased to report the intersection of significant mineralization from the three-hole Phase 2 drill program at its Mann Lake project. The property is located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit. A total of 6,279 meters of diamond drilling was completed during the 2022 season.

Phase Two Drilling Highlights

The drilling continued to intersect notable pathfinder elements such as B, Co, Cu, Ni, and Pb, which provide vectoring towards uranium mineralization as it is typically associated with Athabasca Basin unconformity-style mineralization.

MN22-0007 intersected the unconformity at 671.8 metres and returned anomalous boron (dravite) and uranium mineralization at and above the unconformity. Notable intercepts include 1,060 ppm B from 669.3 – 669.8 metres (0.5 metres), 931 ppm B from 668.8 – 669.3 metres (0.5 metres), and 614 ppm boron (B) from 668.8 – 671.8 metres (2.5 metres) in conjunction with 41 ppm U3O8 from 671.8 – 672.3 metres (0.5 metres).

Significant polymetallic mineralization was intersected below the unconformity of hole MN22-007 including 884 ppm Cu from 679.2 – 679.7 metres (0.5 metres) and 158 ppm Zn from 676.0 – 683.75 metres (17.75 metres).

Significant boron mineralization was also encountered in hole MN22-008 which intersected the unconformity at 649.02 metres and returned 386 ppm B from 646.02 – 648.52 metres (2.5 metres).

Phase Two Drill Program Summary

The Phase 2 program comprised 2,776 metres of diamond drilling over four holes. The first hole MN22-006 was wedged and re-started at 572 metres (MN22-006A), serving as a follow up hole to MN22-002, which was drilled during Phase 1 and hosted prospective uranium mineralization. The following two holes MN22-007 and MN22-008, targeted the southeastern portion of the tenure which had previously been untested.

Hole MN22-007 intersected graphite enriched psammite throughout the entirety of the basement rocks until about 880 metres, whereby it became more silicified until the end of the hole at 887 metres. Two major fault structures with abundant graphite mineralization were intercepted in the basement, potentially serving as an explanation to the resistivity low and magnetic lows.

Hole MN22-008’s most significant intersection was the dravite mineralization present in the fault zones and fractures in the upper Athabasca group sediments. These were more well developed than previous drill holes, and the potential for nearby structures with remobilized mineralization in the area is still high. In the basement, the intersected graphitic metasediments host significant amounts of pyrite and minor chalcopyrite.

Overall, the company’s Phase 2 drill program at Mann Lake intersected significant mineralization, providing evidence of the potential for significant uranium deposits.

About Basin Uranium Corp.

Basin Uranium Corp. is a leading Canadian junior exploration company that specializes in mineral exploration and development in the dynamic green energy sector. The Company is the proud owner of the highly promising Wray Mesa project, situated in southeastern Utah. The site has a rich history of uranium and vanadium exploration and is conveniently located adjacent to the fully-permitted and production-ready La Sal project.

Moreover, Basin Uranium Corp. has secured the option to acquire a 75% interest in the prestigious Mann Lake uranium project, situated in the Athabasca basin in Northern Saskatchewan, Canada. The Company’s commitment to excellence is further demonstrated by its option in the CHG gold exploration project, which is situated a mere 15 kilometers northwest of the town of Clinton in south-central British Columbia.

With a track record of proven success, Basin Uranium Corp. is at the forefront of mineral exploration and development in the green energy sector. The Company’s unwavering commitment to innovation and sustainable development ensures that it will remain a key player in the industry for years to come.

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