Basin Uranium announces permit submission to South Pass

Vancouver, British Columbia–(Newsfile Corp. – May 28, 2024) – BASIN URANIUM CORP. (CSE:NCLR) (CNSX:NCLR.CN) (“Uranium Basin“or the”Business“) is pleased to announce that it has submitted a permit application to the Bureau of Land Management, Department of the Interior for exploratory drilling on the South Pass Uranium Project (the “Project” Or “South Col“) located in Fremont and Sublette County, Wyoming, United States. The project, which was acquired by direct staking by the Company, includes 151 unpatented vein claims totaling 3,020 acres located along the perimeter of the Great Basin Wyoming Divide (see Figure 1). Wyoming is home to both the largest uranium reserves and the largest producing state in the United States.¹the Great Divide Basin representing the least exploited basin in Wyoming, estimated at more than 270 million pounds of uranium.².

The Company has retained the services of RESPEC Consulting Inc. (“RESPECT“) as a strategic technical and operational partner for obtaining the permit and submitted an Operation Plan (“Pooh“) for up to 47 drilling platforms and 30,000 feet of drilling. The drilling program is designed to both confirm and extend the uranium mineralization delineated by the project’s long exploration history. Due of the standardization of uranium exploration permits in Wyoming, the company expects to receive all required permits in the third quarter of 2024.

“Obtaining permits for multiple projects simultaneously provides us with the flexibility to rapidly advance exploration on multiple fronts simultaneously,” commented Mike Blady, CEO of Basin Uranium. “Our partnership with RESPEC allows us to leverage their extensive experience in permitting, exploring and developing uranium assets across the United States.”

South Pass Project, Wyoming

The South Pass Uranium Project consists of 3,020 acres of contiguous claims (151 unpatented mineral claims) located 45 miles southwest of Lander, Wyoming. Access to the property is facilitated by State Highway 28, located less than 5 miles to the southeast, with year-round gravel and ATV roads serving the claims. Exploration dates back to the 1960s and 1970s, with several large companies drilling numerous wells along a 12-mile-long corridor that bisects the long axis of the property. Specifically, close-in drilling by Rocky Mountain Energy Corp. (a subsidiary of Union Pacific Railway) in the 1980s revealed uranium mineralization at depths of more than 400 feet – depths that would potentially lend themselves to in situ recovery (ISR) methods. The evaluation of historical records also indicated that a historical resource has been calculated on at least two portions of the claims currently comprising the South Pass Project, but additional verification and validation must be performed by the Company’s Qualified Person before proceeding. be publicly disclosed.

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The reader is cautioned that at this time it is too early to assess the feasibility of these recovery methods at South Pass, but mineralization at this depth is generally within ISR mining and recovery parameters.

Figure 1: South Pass Project Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8416/210703_6296f331847d1b74_001full.jpg

Qualified person:

R. Tim Henneberry, PGeo (BC), technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data contained in this press release.

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 owns 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 the ‘Utah. All five projects have undergone extensive historical exploration and are located in potential development areas. The Company also owns the Mann Lake Uranium Project, located in the world-class Athabasca Basin in 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
General manager
[email protected]
604-722-9842

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this press release..

FORWARD-LOOKING STATEMENTS:

Cautionary Note Regarding Forward-Looking Statements: This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements contained in this press release, other than statements of historical fact, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, are statements forward-looking and contains 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 expressions or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analyzes made by the Company and the opinions and estimates of management as of the date of This press release These forward-looking statements are subject to known and unknown risks, uncertainties and other factors which 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 could cause actual results to vary include, but are not limited to, uncertainties affecting the intended use of the products. 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 are not those anticipated, estimated or expected. . 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. Therefore, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on this information may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statements, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.

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¹National Uranium Production Report – Q2/2023, US Energy Information Administration https://www.eia.gov/uranium/production/quarterly/qupdtable1.php
²Applied exploration geology and uranium resources of the Great Divide Basin, Wyoming https://pubs.geoscienceworld.org/aapgbull/article-abstract/63/5/822/558172/Applied-Exploration-Geology-and-Uranium- Resources

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