Basin Uranium To Acquire Wray Mesa Uranium Project In Utah

Vancouver, British Columbia–(Newsfile Corp. – January 27, 2022) – BASIN URANIUM CORP. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) (“Basin Uranium” or the “Company“) is pleased to announce the Company has entered into a Letter of Intent (the “LOI”) to acquire a 100%-interest in the Wray Mesa project (the “Property”) in Utah.

The Wray Mesa project is comprised of 310 unpatented lode claims totalling 6,219 acres located in San Juan County, Utah. The Property is accessible via Utah State Highway 46 and unpaved Forest Service Roads, with access to power, water and proximal to the town of La Sal. The Property is contiguous to and adjoins Energy Fuel’s fully-permitted and production-ready La Sal project which includes a number of past-producing uranium and vanadium mines (production of 550,000 lbs U3O8 in 2012). The La Sal project hosts Measured & Indicated resources of 4.1 Mlb of uranium (U3O8) plus 21.5 Mlb of vanadium (V2O5) plus Inferred resources of 0.4 Mlb of uranium plus 1.9 Mlb of vanadium (source: March 25, 2104 Technical Report on La Sal District Project).

“We are excited to acquire the Wray Mesa uranium project which is located in a Tier-1 jurisdiction within the USA, which will benefit from US domestic green energy initiatives,” commented Mike Blady, CEO of Basin Uranium. “The project has seen an extensive amount of past exploration, with over 495 holes drilled dating back to the late 1970’s, and is located next to one of the premier US-focused uranium producers, Energy Fuels. The extensive past exploration should allow our exploration team to quickly design an exploration program to follow-up on a number of the high-grade historic intercepts.”

Wray Mesa Project Overview
  • Uranium and vanadium production in the district dates back to the early 1900’s with the majority of the production derived from the Upper Salt Wash Member of the Morrison Formation (the ‘Formation’).
  • Work by previous operators discovered multiple areas of uranium-vanadium mineralization in the same geologic formation that accounted for the majority of production in the district (Upper Salt Wash Member of the Morrison Formation).
  • Mineralization on the property occurs at depths of 500 to 750 feet with the drill-defined mineralization ranging from 25 to 75 feet in thickness. Mineralization is typical sandstone-hosted tabular deposits wherein the uranium occurs in reduced and altered sandstones and sandstone-mudstones in major stream channels in the Formation.
  • Historical work dates back to Atlas Minerals and Pioneer Uravan in 1976 to 1983, who drilled a total of 495 exploration holes (of which logs for 193 holes totaling 137,510 feet or 41,913 metres were preserved), and Homeland Uranium in 2007-2008 who drilled 15 holes.
  • Past exploration was primarily focused on the Dylan, Ajax, Whiskey and Carlin targets. All of the mineralized areas are open to expansion. Historic drill data is not available for Carlin. Areas of the Dylan and Ajax targets are held by outside parties and are not included in the Wray Mesa project claims being acquired by NCLR.

Figure 1

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Transaction Terms

Under the proposed terms of the LOI, the Company will acquire all of the issued and outstanding securities of “Clean Nuclear Energy Corp.” an arms’ length third party. The terms are subject to negotiations and definitive documentation, however the Company may issue approximately 4 million shares of the Company, subject to appropriate escrow and release provisions, including an agreed upon work program. The LOI is subject to the formation of a Definitive Agreement within 45 days in addition to due diligence and regulatory or exchange approval.

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.

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On Behalf of the Board of Directors

Mike Blady
Chief Executive Officer