Vancouver, British Columbia--(Newsfile Corp. - December 13, 2023) - BASIN URANIUM CORP. (CSE: NCLR) ("Basin Uranium" or the "Company") is pleased to announce it has successfully confirmed the presence of a significant amount of water in multiple monitoring wells across the Chord Uranium Project (the "Property") in South Dakota. The confirmatory sampling of these wells continues to demonstrate potential for mineralization to be amenable to in-situ recovery (ISR) methods for at least the lower portions of the mineralization.
"The well sampling and water level measurements were completed by the Company. Parallel to this work, mineral resource modelling is underway by our consultants, BRS," commented Mike Blady, CEO of Basin Uranium. "Mineral resource estimation will consider reasonable prospects for economic extraction. The recent confirmation of the hydrologic setting of the mineralization will aid in this evaluation. In-situ mining is the most prevalent form of uranium production in the USA due to its minimal environmental impact, small footprint, and low development and operating costs."
Monitoring Well Sampling and Evaluation Program
The Company sampled two existing monitoring wells across the Chord project, both of which confirmed the presence of a significant amount of water. Monitoring well B-5, which is located on the southwestern and down dip edge of the October-Jinx mineralized body, was measured to a depth of 496 feet and was terminated in the Lakota Formation which is the same formation that is host to the uranium mineralization on the Property. The bottom 100 feet of the well contained ground water which was sampled with analytical results demonstrating the presence of anomalous concentrations of uranium, dissolved solids, sulfate and radionuclides (gross alpha, gross beta and radium-226). The combination of a significant hydraulic head from the bottom 5 feet of the well in addition to the presence of anomalous concentrations of uranium and radionuclides continue to support the viability of the mineralization to be amenable to in-situ recovery methods. Monitoring well B-4 was located within the Viking mineralized body, approximately two miles to the northwest, was drilled to 315 feet with a 5 five screened interval, contained 40 feet of groundwater.
Overall, results from the hydrology and water sampling of wells B-4 and B-5 were in line with historic test work completed by Union Carbide in the late 1970's and subsequent consultants in the 1980's (Cohan, 1984). The Company cautions that additional tests are required to validate these results in addition to the drilling of new monitoring wells to properly characterize the aquifer and define the parameters for in-situ recovery.
In general, to support the use of ISR methods, hydrogeologic data is required to demonstrate the following:
1) Permeability of the mineralized horizon;
2) Hydrologic confinement of the mineralized horizon; and
3) Ability to return groundwater within the mined area to its original baseline quality and usage.
Figure 1: Chord Property Map
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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 Chord however, mineralization at this depth typically lies within the parameters of ISR mining and recovery.
Qualified Person:
BRS has been retained by the Company to complete a NI 43-101 Technical Report on the project. Douglas L. Beahm, P.E., P.G., the principal engineer at BRS, and is a Qualified Person as defined in NI 43-101 who has reviewed and approved the technical data in this news 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 has three advanced-stage uranium projects located in the United States, namely the Chord project in South Dakota, the South Pass project in Wyoming, and the Wray Mesa project in Utah. All three projects have seen extensive historical exploration and are 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.sedar.com.
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.
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