Basin Uranium Permits for Additional Drilling and ISR Testing at Chord

Rhea-AI Summary

Basin Uranium Corp. (CSE: NCLR) has submitted a permit application for additional drilling and ISR (in-situ recovery) testing at its Chord uranium project in South Dakota. The new permit covers drilling 17 holes, totaling approximately 9,000 feet, with goals to upgrade the NI 43-101 Inferred Resource to Measured & Indicated, expand mineralization at October Jinx, and conduct pump tests. This follows their April 30th permit announcement for a 640-acre section. The exploration aims to de-risk the project, expand resources, and evaluate potential for a low-cost ISR operation.

Positive

• Basin Uranium is expanding their drilling program with 17 new holes totaling 9,000 feet.
• The goal to upgrade the NI 43-101 Inferred Resource to Measured & Indicated is a significant step in project development.
• The company is conducting pump tests to assess ISR amenability, indicating potential cost efficiency.
• Concurrent permitting for both the 3,000-acre and 640-acre sections shows strategic planning to expand known mineralization.
• The exploration program aims to de-risk the project, a positive move for investor confidence.

Negative

• There is no mention of expected costs associated with the expanded drilling program.
• The timeline for obtaining permits and beginning drilling is unclear.
• Potential risks if ISR tests do not yield favorable results, impacting project viability.

Vancouver, British Columbia--(Newsfile Corp. - June 11, 2024) - BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) ("Basin Uranium", "Basin" or the "Company") is pleased to provide an update on permitting for the Company's flagship Chord uranium project in South Dakota. The Company has submitted a permit application for the drilling of 17 holes for a total of approximately 9,000 feet with the objective of upgrading the existing NI 43-101 Inferred Resource to Measured & Indicated, expand the known mineralization at October Jinx, perform pump tests to assess the amenability for ISR (in-situ recovery), characterize the aquifer(s) and install monitoring wells for future development. This application is in addition to the Company's announcement on April 30^th, 2024 (news release), which was for permitting on the 640-acre state section (Section 36-7S-2E).

"We have designed our exploration program at Chord to de-risk the project and expand on our recently announced maiden resource estimate," commented Mike Blady, CEO of Basin Uranium. "We are concurrently permitting both the original 3,000-acre portion of the claims which have the majority of historical exploration in addition to the 640-acre portion which we believe hosts one of the potential extensions of the October Jinx mineralization to the south-southeast. Both have the common objectives of expanding the NI 43-101 resource, conducting baseline studies and tests to evaluate the potential for the Company to define a low-cost, ISR-amenable project."

About Basin Uranium Corp.

Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company has five advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects in South Dakota, the South Pass and Great Divide Basin projects in Wyoming, and the Wray Mesa project in Utah. All five projects have seen extensive historical exploration and 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 south-central British Columbia.

For further information, please contact Mr. Mike Blady or view the Company's filings at www.sedarplus.ca.

On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842

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/212347

FAQ

What is the latest update on Basin Uranium's Chord project?

Basin Uranium has applied for a permit to drill 17 new holes totaling 9,000 feet at the Chord project in South Dakota.

What are the goals of Basin Uranium's new drilling program?

The goals include upgrading the NI 43-101 Inferred Resource to Measured & Indicated, expanding mineralization at October Jinx, and conducting ISR amenability tests.

When did Basin Uranium announce the new drilling permits?

The new drilling permits were announced on June 11, 2024.

What is the stock symbol for Basin Uranium?

The stock symbol for Basin Uranium is BURCF.

Where is Basin Uranium's Chord project located?

The Chord project is located in South Dakota.

What is the purpose of the ISR testing at the Chord project?

The ISR testing aims to assess the feasibility of a low-cost, in-situ recovery operation.

How many sections are being permitted at the Chord project?

Permitting is being conducted for both a 3,000-acre portion and a 640-acre section.