Basin Uranium Commences Geophysical Survey at Mann Lake
Vancouver, June 16, 2022 - Basin Uranium Corp. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) ("Basin Uranium" or the "Company") is pleased to announce the commencement of geophysical surveying 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. The geophysical program consists of 350-line-kilometres of airborne mobile magnetotellurics (mobile MT) flown at 200-meter line spacing. A comprehensive ground-based gravity survey will also be commencing in the coming weeks.
"Building on the success of our phase one drill program, which targeted interpreted basement conductors, successfully intersected uranium mineralization in multiple drill holes" commented Basin CEO Mike Blady. "This geophysical survey we are embarking on will look to significantly expand the geophysical database to both identify new prospective conductive corridors and/or features, in addition to refining the resolution of known conductors to better define follow-up drill targets for later this year. The use of mobile MT surveying has been successful in the identification and delineation of a number of significant uranium deposits within the Athabasca Basin."
Expert Geophysics Limited (EGL) is a geophysical company specializing in airborne geophysical surveys worldwide with advanced electromagnetic systems. EGL will be flying approximately 350-line-kilometres of mobile magnetotellurics (mobile MT), which is used to detect where basement features coincide with graphitic zones - the most significant marker for identifying prospective uranium deposits. This survey is superior to other airborne electromagnetic (EM) surveys given greater depth of investigation and sensitivity in conductive environments and under conductive units.
Figure 1: Mann Lake Airborne Mobile MT Survey Plan
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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 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 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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