Vancouver, British Columbia – (Newsfile Corp. – March 10, 2023) – BASIN URANIUM CORP. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) (“basin uranium” or the “Pursue“) is pleased to announce an update to its asset portfolio as drilling commences at the CHG Project (“CHG” or “Project”). The reverse circulation drilling program will test targets identified by previous geochemical and geophysical (VTEM The drilling program is funded entirely by funds raised under the Company’s previous flow-through funding from US and Canadian projects.
“We are commencing this initial drill program for the CHG Project given the prospect of a number of targets identified by the recently completed VTEM survey and previous sampling programs,” commented Mike Blady, CEO of Basin Uranium. “While our primary focus remains on uranium, particularly at the recently announced Chord project in the US, we have been able to leverage flow-through dollars to advance an asset already in our portfolio. We expect this will improve the marketability of the project as we explore options to unlock latent shareholder value.”
The CHG Project is located in southern BC near Clinton township in a semi-arid environment on the east slope of the Marble Range (Figure 2). A major contributor to the geological validation of CHG is the acceptability of gold mineralization to carbonate rocks (silty sediments and limestone) as demonstrated by the Muddy Lake deposit of northern BC and the Rackla Gold Project in the Yukon Territory, as well as the numerous gold deposits of Carlin Nevada. Since beginning exploration in 2013, Cariboo Rose Resources Ltd. (the project optionor) discovered three small drains welling in the Marble Range (predominantly limestone) that returned highly anomalous gold assays in silt, with numerous assays returning values between 100 ppb and 929 ppb gold in silt and in excess of 10,000 ppb gold in slime slime. These eastbound outflows originate from an area about eight kilometers wide (Figure 1).
Figure 1: Map showing the location of proposed drilling overlaid with the VTEM geophysical survey
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Figure 2: Property map of CHG
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Basin completed an airborne VTEM survey flown by Geotech Airborne Surveys in 2021 and identified a series of resistivity and magnetic anomalies near the topographical top of the mud and mud extension trains. The current drill program will target these anomalies, all of which are buried under recent Pleistocene glaciation.
Investor Relations
Basin Uranium has entered into a consulting agreement with Marco Messina (the “Adviser”), subject to Canadian Securities Exchange approval. The consultant will provide promotional marketing, translations, business development and public relations for the company to raise awareness in Europe and internationally. The agreement has a term of three months and will cost the company a total of €100,000. Certain Provider functions may involve investor relations activities in accordance with the policies of the Canadian Securities Exchange and applicable securities laws. The consultant is an independent party of the company.
Qualified Person:
R. Tim Henneberry, P.Geo. (BC), 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 contained in this news release.
About Basin Uranium Corp.
Basin Uranium Corp. is a Canadian junior exploration company focused on green energy mineral exploration and development. The Company has two advanced-stage uranium projects in the United States, the Chord project in South Dakota and the Wray Mesa project in the southeast, both of which have undergone extensive historical exploration and are located in prospective development areas. The Company also has the Mann Lake Uranium Project, located in the world-class Athabasca Basin of northern Saskatchewan, Canada, in addition to the CHG Gold Project in southern British Columbia.
For more information, please visit https://basinuranium.ca or email info@basinuranium.ca.
On behalf of the Board of Directors
mike bladey
Managing Director
info@basinuranium.ca
Neither the Canadian Securities Exchange nor its regulatory service provider accepts responsibility for the adequacy or accuracy of this press release.
FORWARD LOOKING STATEMENTS:
Cautionary Statement Regarding Forward-Looking Statements: This press release contains certain statements and information that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All statements in this press release, other than statements of historical fact, including statements regarding future estimates, plans, goals, timing, beliefs 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 key assumptions and analyzes made by the Company and management’s opinions and estimates as of the date of this press release. These forward-looking statements involve known and unknown risks, uncertainties and others Factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking information Among the important factors that could cause actual results include, among other things, uncertainties affecting the expected use of proceeds Although the Company’s management has attempted to identify important factors that could cause actual results to differ materially from those projected in the future statements or forward-looking information contained herein, 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 undertakes no obligation to update any forward-looking statements, forward-looking information or financial projections, which are incorporated herein by reference, except in accordance with applicable securities laws.
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