Basin Uranium Completes Geophysical Surveys at Mann Lake
Vancouver, September 13, 2022 - Basin Uranium Corp. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) ("Basin Uranium" or the "Company") is pleased to announce the completion of a ground based gravity survey and a heliborne Mobile MT Electromagnetic and Magnetic survey 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 recently collected and interpreted geophysical data has generated new drill targets over prospective areas on the Mann Lake property. The Phase two drill program will test the potential for uranium mineralization along interpreted lineament or structural corridors at the unconformity and in the basement, that correspond with resistivity and magnetic lows and the margins of gravity lows.
"The summer geophysical programs identified a number of new prospective targets, in addition to refining the resolution and coverage over the Mann Lake claims," commented Mike Blady, CEO of Basin Uranium. "With the additional data, our focus will be on coincident geophysical anomalies that sum together to provide the most fertile geophysical environment along with incorporating known uranium mineralization from our Phase one drilling."
Mobile MT Electromagnetic and Magnetic Survey
The Mobile MT survey successfully identified conductive zones and structures along the unconformity contact and deeper in the basement. These conductive zones are prospective for graphite and/or its breakdown products, which are considered to be responsible for uranium mineralization. In addition, deep structures within the basement allow for fluid migration, which can create pathways for the precipitation of uranium mineralization along the unconformity contact and within the basement rocks.
The purpose of the Mobile MT survey was to identify deep structures along the unconformity and in the basement, including possible alteration and mineralization zones. A total of three production flights were flown to complete 376 line-kilometers of the survey over a 70 km2 area. The main conductors along the unconformity contact are shown as resistivity lows (blue) in the accompanying map (Figure 1). The Mobile MT apparent conductivity and magnetics data have also delineated NE and NW trending prospective structures that cross-cut the basement throughout the property (Figure 2).
Gravity Survey
Multiple gravity low anomalies are defined along the southern and south-eastern portions of the tenure. Gravity lows are prospective in uranium exploration, as they can correlate to a de-silicification of the rocks that may indicate the presence of a fault structures, which are prospective for graphite and/or uranium mineralization (Figure 3).
MWH Geo-Surveys completed a 2539 station gravity survey over the southern portion of the Mann Lake tenure in July 2022. Results were merged with the historic (2006, 2008) gravity survey data, to complete the coverage over the central and southern portions of the property.
Figure 1: Mobile MT Geophysics - EM Inverted Resistivity
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Figure 2: Mobile MT Geophysics - Magnetics
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Figure 3: Mobile MT Geophysics - Gravity
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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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