Basin Uranium intersects anomalous uranium, boron at at Mann Lake, Saskatchewan

Basin Uranium Corp. [NCLR-CSE; BURCF-6NP0-FSE] has intersected significant mineralization from the three-hole phase 2 drill program 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, northern Saskatchewan. A total of 6,279 metres of diamond drilling were completed on the Mann Lake property during the 2022 season.

Phase 2 drilling highlights: Drilling continued to intersect notable pathfinder elements (boron, cobalt, copper, nickel and lead), which provides for vectoring toward uranium mineralization as it is typically associated with Athabasca basin unconformity-style mineralization.

MN22-0007 intersected the unconformity at 671.8 metres and returned anomalous boron (dravite) and uranium mineralization at and above the unconformity. Dravite is a boron-rich clay mineral, often found in association with uranium mineralization, and is considered an important pathfinder in uranium exploration. Notable intercepts include 1,060 parts per million B from 669.3 to 669.8 metres (0.5 metre), 931 ppm B from 668.8 to 669.3 metres (0.5 metre) and 614 ppm boron (B) from 668.8 to 671.8 metres (2.5 metres) in conjunction with 41 ppm U3O8 (triuranium octoxide) from 671.8 to 672.3 metres (0.5 metre).

Significant polymetallic mineralization was intersected below the unconformity of hole MN22-007, including 884 ppm Cu from 679.2 to 679.7 metres (0.5 metre) and 158 ppm Zn from 676 to 683.75 metres (17.75 metres).

Significant boron mineralization was also encountered in hole MN22-008, which intersected the unconformity at 649.02 metres and returned 386 ppm B from 646.02 to 648.52 metres (2.5 metres).

The phase 2 program comprised 2,776 metres of diamond drilling over four holes. The first hole, MN22-006, was wedged and restarted at 572 metres (MN22-006A), serving as a follow-up hole to MN22-002, which was drilled during phase 1 and hosted prospective uranium mineralization. The following two holes, MN22-007 and MN22-008, targeted the southeastern portion of the tenure, which had previously been untested. This southeastern zone was drilled to test a strong interpreted basement conductor that was situated on a magnetic low and on the border of a gravity-low anomaly, which is interpreted as a basement fault structure.

Basin Uranium 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 km northwest of the town of Clinton in south-central British Columbia.

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