Vancouver, British Columbia--(Newsfile Corp. - January 18, 2022) - BASIN URANIUM CORP. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) ("Basin Uranium" or the "Company") is pleased to announce the Company has engaged TerraLogic Exploration Inc. to facilitate the proposed exploration and development work program on the Company's Mann Lake uranium project in Saskatchewan's prolific Athabasca Basin. The Mann Lake project is located 25km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit. The work program is fully funded with cash on hand from the capital raises completed in 2021.
"We are excited to partner with TerraLogic for our upcoming 2022 work program, which is to include a significant diamond drill program. TerraLogic has extensive experience in the Athabasca Basin, having fully-managed numerous exploration programs throughout the area," commented Mike Blady, CEO of Basin Uranium. "We are currently working through the permitting process, consulting with stakeholders including the Ya' thi Néné and the local First Nations groups, in addition to the Saskatchewan Ministry of Environment, Fish, Wildlife and Lands. We are also finalizing agreements with the various surveying and drilling crews to be able to mobilize once the permitting process is completed."
Permitting Update
In December 2021, the Company submitted its permitting package to the Saskatchewan Ministry of Environment, Fish, Wildlife and Lands and began the consultation process with local stakeholders. The Company has engaged the Ya' thi Néné, a non-profit organization owned by the seven Athabasca Basin First Nations communities, in addition to other local stakeholders to ensure the highest level of engagement with all groups.
The proposed 2022 work program will include geophysical surveying and geochemical sampling, in addition to an extensive diamond drill program. Past exploration, which totalled over $3 million by previous operators, has identified a number of basement conductors and structural corridors which is the prospective horizon for uranium mineralization. Preparations are underway for the rapid mobilization upon receipt of all necessary permits and approvals, in addition to completing stakeholder consultation, with the work program anticipated to commence later this quarter.
About TerraLogic Exploration Inc.
TerraLogic Exploration Inc. is a dynamic and innovative company that provides a full spectrum of mineral exploration consulting services to the mineral exploration industry ranging from permitting through to surveying / prospecting, drilling and resource modelling. TerraLogic has been operating mineral exploration projects in North America since 2004. Since then, TerraLogic has successfully managed hundreds of exploration programs including numerous uranium focused projects in the Athabasca Basin.
Board Change
The Company also announces the resignation of Mr. David Goertz from the Board of Directors. The Company thanks Mr. Geortz for all of his contributions and wishes him the best in future endeavors.
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 diversified mineral resources. The Company recently acquired an option to acquire a 75% interest in the Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada, and is also currently undertaking the CHG gold exploration project located approximately 15 kilometers northwest of the town of Clinton in south-central British Columbia. The CHG Project consists of seven contiguous mineral claims covering 3,606 hectares.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110249
