Oleblue
4 weeks ago
Basin Uranium Announces Filing of Technical Report Including Maiden Resource Estimate for Chord
VANCOUVER, B.C. CANADA – MAY 22, 2024 – BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) (“Basin Uranium” or the “Company”) is pleased to announce the filing of the NI 43-101 mineral resource estimate (“MRE”) for its Chord uranium project located in Fall River County, South Dakota, USA. The Chord Uranium Project, Fall River County, South Dakota, USA Mineral Resource NI 43-101 Technical report was prepared by BRS Engineering Inc. with an effective date of May 7th, 2024 (the “Technical Report”). A copy of the Techncial Report can be found under the Company’s issuer profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website.
Chord MRE Highlights:
Total inferred resources of 2.75 Mlb U3O8 at an average grade of 810 ppm over an average thickness of 8.5 feet.
MRE was based off only 431 of the over 1,247 drill holes historically drilled at the Chord. The 431 drill holes had both reliable collar mapping and geophysical data available for interpretation.
The areas underlying the MRE have the reasonable possibility of connectivity between them along trends within the same fluvial sands of the Inyan Kara group. These broad trends have been projected to connect the drilling in the Viking Area to the Ridge Runner, the Ridge Runner to the October-Jinx, and Southwest of October Jinx.
The Company has delineated Exploration Targets at the Chord Project is estimated in the range of 1.42 to 4.23 Mlb U3O8 of potential as further described below. These targets currently have insufficient data and are conceptual in nature. Further exploration is needed to test them for mineralization. No guarantee is made that any future resource will be delineated by future exploration.
Estimated Inferred Mineral resources for uranium are reported at a GT cutoff of 0.25 with a minimum intercept grade of 0.02% equivalent U3O8.
A drilling program targeting the confirmation of the current resource would also provide data on the hydrogeology of the mineralized horizons and evaluate their potential for extraction by ISR methods. If the deposit or portions thereof are determined to be In-situ Recovery (ISR) amenable, similar grade and GT cut-offs as were applied to the current Inferred Resource would also be applicable.
Data from two existing monitoring wells onsite indicates that the lower portion of the Chilson member lies within a saturated aquifer. The mineralized portion of this aquifer may prove to be potentially extractable by in-situ recovery (ISR) methods.
The Fall River Uranium district is a past producer of approximately 250,000 tons of mineralized material. Mining in the project area was primarily limited to small sized open pit methods, and focused on the uppermost, oxidized mineral horizons within the Inyan Kara Group. The deeper mineral horizons, particularly with the October-Jinx area were left undeveloped but were strongly explored by Union Carbide Corporation in the late 1970’s.
Total Inferred Mineral Resources
Uranium Inferred Mineral Resource Area GT Cutoff (ft%) AVG. Thickness (ft) AVG. Grade (%eU3O8) Tons (Millions) Pounds (e U3O8) (Millions)
October-Jinx 0.25 8.8 0.081 1.584 2.569
Viking 0.25 6.0 0.082 .050 .082
Ridge Runner 0.25 5.9 0.069 .075 .103
Total Inferred Mineral Resource 0.25 8.5 .081 1.709 2.754
Pounds and tons as reported are rounded to the nearest 1,000.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Exploration Target Range Summary
Exploration Target Trend Trend Length (ft) Trend Width (ft) AVG. Thickness Range (ft) AVG. Grade Range (%eU3O8) Tons Range (Millions) Pounds (e U3O8) Range (Millions)
Viking-Runner 7,650 400 3.6 – 7.3 0.056 – 0.074 0.730 – 1.635 0.813 – 2.419
Jinx Ridge 2,480 400 3.6 – 7.3 0.056 – 0.074 0.249 – 0.559 0.278 – 0.826
October South 1,860 600 3.6 – 7.3 0.056 – 0.074 0.298 – 0.668 0.332 – 0.989
Total 11,990 3.6 – 7.3 0.056 – 0.074 1.278 – 2.862 1.422 – 4.234
The potential quantity and grade disclosed above are conceptual in nature and there has been insufficient exploration to define a mineral resource at these targets. Further exploration is needed to test them for mineralization. No guarantee is made that any future resource will be delineated by future exploration.
Readers are encouraged to review the Technical Report and the Company’s news release dated May 9, 2024 for additional information on the MRE and the exploration targets disclosed in this news release.
Chord Project, South Dakota
The Chord Project consists of 3,640 contiguous acres. The project lies on the southern end of the Black Hills, in Fall River County, South Dakota approximately seven miles north of Edgemont. Mineralization is sandstone-hosted, and channel-bound into tabular and lenticular deposits within the Lakota and Fall River formations of the Inyan Kara Group.
The Project lies within a historically explored and mined district. Nearly 300 historical uranium mines and prospects once dotted western South Dakota. Union Carbide Corporation (UCC) spent approximately $3.5 to 4.0 million dollars in development of the project in the late 1970’s. UCC conducted extensive exploration drilling in the late 1970’s, culminating in a Feasibility Study and planned conventional mine development by 1979.
The Chord Project is located just 5.5 miles southeast of enCore Energy’s advanced stage and Nuclear Regulatory Commission (NRC) licensed Dewey-Burdock ISR uranium project, which is one of the Company’s initial development priorities following the start of production in South Texas.
During the tabulation of the MRE the author and the Company were only able to accurately verify 35% of the holes historically drilled on the Chord property. This, in itself, provides the potential for significant exploration upside to increase the confidence and potential size of the resource at Chord. The Company will be working diligently to continue to upgrade the size and potential of the Chord project. In addition, Basin will also be undertaking steps to assess the ISR viability of the deeper sands that form the majority of the resource on the project. The Company has established exploration targets outside of the ground covered by the MRE, as disclosed below.
Investor Relations
Further to the Company’s news release of April 18, 2024, the Company has increased the budget by EUR 100,000 with Plutus Invest & Consulting GmbH (“Plutus”). The consultant will provide strategic consulting services focused on market analysis and financial advisory and managing digital content to support the Company’s business initiatives in Europe and beyond.
As of the date hereof, to the company’s knowledge, Plutus (including its directors and officers) does not own any securities of the Company and has an arm’s-length relationship with the Company. The Company will not issue any securities to Plutus as compensation for its marketing services.
Qualified Person
Carl D. Warren, P.E., P.G., is a Senior Engineer at BRS Engineering Inc., and is a Qualified Person as defined in NI 43-101. Mr. Warren has reviewed and approved the technical data contained 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 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.sedar.com.
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.
Oleblue
4 weeks ago
Basin Uranium Stakes Uranium Project in the Great Divide Basin, Wyoming
VANCOUVER, B.C. CANADA – MAY 16, 2024 – BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) (“Basin Uranium” or the “Company”) is pleased to announce it has acquired the Great Divide Basin Uranium Project (the “Project” or “GDB”) located in Sweetwater County, Wyoming, USA. The Project, which was acquired through direct staking by the Company, is comprised of 104 unpatented mineral lode claims totaling approximately 1,880 acres located in south-central Wyoming and within the Great Divide Basin (Figure 1).
The claims are located contiguous with Premier American Uranium’s Cyclone Project which hosts an exploration target ranging from 6.5 million short tons averaging 0.06% U3O8 (7.9 million lbs. U3O8) to 10.5 million short tons averaging 0.06% U3O8 (12.6 million lbs. U3O8)[1]. Wyoming is home to both the largest uranium reserves and top producing uranium state in US[2], with the Great Divide Basin representing the least exploited of Wyoming’s basins estimated to contain over 270 million pounds of uranium[3].
“The staking of the GDB property represents our continued expansion into the USA and second internally generated project in Wyoming. We continue to execute on acquiring and developing strategic assets located in prolific mining districts with extensive historical exploration” commented Mike Blady, CEO of Basin Uranium. “The GDB Project and surrounding area have played host to a plethora of explorers, starting with the U.S. government in the 1950’s and most recently Tournigan Energy Ltd. in the mid 2000’s. The well understood geology, historic exploration, and proximity to UR Energy’s Lost Creek ISR mine and processing facility add to the appeal and potential of GDB. Wyoming represents one of the premiere exploration and mining jurisdictions for uranium within the USA which provides for a clearly defined and expedient pathway for permitting and development.”
The Great Divide Basin (GDB) Project, Wyoming
The GDB Project is comprised of approximately 1,880 acres of contiguous claims (104 unpatented mineral lode claims) located south and west of Jeffrey City and north and west of Wamsutter, Wyoming. The Project adjoins Premier American Uranium’s Cyclone Project and is readily accessible by gravel and dirt roads maintained by the Bureau of Land Management (BLM). The Project has seen extensive historical drilling dating back to the 1970’s with many of the pads identifiable on the western half of the project. More recently, Tournigan Energy drilled a number of wells with grade-thickness or GT (grade U3O8 X thickness in feet) in excess of 0.25GT from a grid located about 500 – 1,000 feet to the southwest of the project, further highlighting the potential for economic grade uranium mineralization within the immediate vicinity.
Figure 1 – GDB Project Location
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 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.sedar.com.
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.
[1] Technical Report on the Cyclone Rim Uranium Project Great Divide Basin Wyoming, USA. June 30, 2023. https://premierur.com/wyoming/cyclone-project/
[2] Domestic Uranium Production Report – Q2/2023, US Energy Information Administration https://www.eia.gov/uranium/production/quarterly/qupdtable1.php
[3] Applied Exploration Geology and Uranium Resources of Great Divide Basin, Wyoming https://pubs.geoscienceworld.org/aapgbull/article-abstract/63/5/822/558172/Applied-Exploration-Geology-and-Uranium-Resources
Oleblue
4 weeks ago
Basin Uranium Announces Maiden Mineral Resource Estimate at Its Chord Uranium Project
VANCOUVER, B.C. CANADA – MAY 9, 2024 – BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) (“Basin Uranium” or the “Company”) is pleased to announce an initial mineral resource estimate (MRE) for its Chord uranium project located in Fall River County, South Dakota, USA. This MRE incorporates the Company’s historic data set acquired through private and public sources and provides a path to expand and build towards a much larger, potentially in-situ recoverable (ISR) resource.
The MRE was prepared by BRS Engineering Inc. in accordance with NI 43-101, Standards of Disclosures for Mineral Projects.
Chord MRE Highlights:
Total inferred resources of 2.75 Mlb U3O8 at an average grade of 810 ppm over an average thickness of 8.5 feet.
MRE was based off only 431 of the over 1,247 drill holes historically drilled at the Chord. The 431 drill holes had both reliable collar mapping and geophysical data available for interpretation.
The areas underlying the MRE have the reasonable possibility of connectivity between them along trends within the same fluvial sands of the Inyan Kara group. These broad trends have been projected to connect the drilling in the Viking Area to the Ridge Runner, the Ridge Runner to the October-Jinx, and Southwest of October Jinx.
The Company has delineated Exploration Targets at the Chord Project is estimated in the range of 1.42 to 4.23 Mlb U3O8 of potential as further described below. These targets currently have insufficient data and are conceptual in nature. Further exploration is needed to test them for mineralization. No guarantee is made that any future resource will be delineated by future exploration.
Estimated Inferred Mineral resources for uranium are reported at a GT cutoff of 0.25 with a minimum intercept grade of 0.02% equivalent U3O8.
A drilling program targeting the confirmation of the current resource would also provide data on the hydrogeology of the mineralized horizons and evaluate their potential for extraction by ISR methods. If the deposit or portions thereof are determined to be In-situ Recovery (ISR) amenable, similar grade and GT cut-offs as were applied to the current Inferred Resource would also be applicable.
Data from two existing monitoring wells onsite indicates that the lower portion of the Chilson member lies within a saturated aquifer. The mineralized portion of this aquifer may prove to be potentially extractable by in-situ recovery (ISR) methods.
The Fall River Uranium district is a past producer of approximately 250,000 tons of mineralized material. Mining in the project area was primarily limited to small sized open pit methods, and focused on the uppermost, oxidized mineral horizons within the Inyan Kara Group. The deeper mineral horizons, particularly with the October-Jinx area were left undeveloped but were strongly explored by Union Carbide Corporation in the late 1970’s.
“The initial MRE at Chord represents a major milestone, establishing Chord as a cornerstone asset for our Company. As we turn our efforts to confirming, expanding and upgrading the resource at Chord, and our other high-quality assets, we have a great roadmap to follow, and the future is bright” commented Mike Blady, CEO of Basin Uranium. “The resource modelling exercise has highlighted the potential for significant expansion of potentially ISR-amenable uranium mineralization. Domestically sourced, secure uranium supplies are becoming more crucial as global conflicts continue to fester and industry supply is squeezed by insatiable demand. Global transitions to a ‘green economy’ will only exacerbate this demand as nuclear energy is the only true carbon free source of safe, reliable baseload power currently. Overall, we at Basin Uranium feel we have a large-scale project with outstanding potential.”
Table 1 – Total Inferred Mineral Resources
Uranium Inferred Mineral Resource Area GT Cutoff (ft%) AVG. Thickness (ft) AVG. Grade (%eU3O8) Tons (Millions) Pounds (e U3O8) (Millions)
October-Jinx 0.25 8.8 0.081 1.584 2.569
Viking 0.25 6.0 0.082 .050 .082
Ridge Runner 0.25 5.9 0.069 .075 .103
Total Inferred Mineral Resource 0.25 8.5 .081 1.709 2.754
Pounds and tons as reported are rounded to the nearest 1,000.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The MRE has an Effective Date of May 7, 2024.
The Qualified Person for the MRE is Mr. Carl Warren, P.E., P.G., whom is a Senior Engineer for BRS Engineering in Riverton, Wyoming.
Mineral resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by NI 43-101.
Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Additional drilling will be required to convert Inferred Mineral Resources to indicated Mineral Resources or Mineral Reserves. There is no certainty that any part of a Mineral Resource will ever be converted into Mineral Reserves
All data used in the MRE consists of original drill hole maps and geophysical logs and was sourced from a combination of the South Dakota Geological Survey and private parties.
The MRE was performed using the Grade time Thickness (GT) contour modeling method.
The available original data was evaluated for authenticity and the equivalent uranium oxide (eU3O8) grades recalculated from the original gamma curves using K factor, deadtime, water and air factors clearly stated on each original geophysical log.
A disequilibrium factor of 1 was applied to the resulting eU3O8 intercept dataset.
An intercept grade cutoff of 0.02% eU3O8 was applied to the grade data to screen for intercepts which are not economically extractable by conventional heap or milling methods.
Intercept data meeting the grade cutoff criteria were split into mineral horizons based on 3-dimensional interpretation of geological units and were composited and modeled within each horizon using a minimum 0.1 GT cutoff, a maximum vertical distance of 10 feet between intercepts, and a maximum radius of influence of 200 feet between drill holes.
Three Mineralized Horizons were Identified by 3-dimensional interpretation and modeled: Horizon A being the highest in elevation, C being the lowest in elevation and B residing between A and C.
These mineral horizons are variably present within the three project areas: October-Jinx, Viking, and Ridge Runner.
A bulk density of 14 ft3/ton (2.288 tonne/m3) was applied for the MRE in mineral horizons B and C. For mineral resource estimations in the Fall River sandstone, Horizon A, a bulk density of 15.5 ft3/ton (2.067 tonne/m3) was used.
A marginal economic GT cut off of 0.25 was further applied to the GT model, based on US$70 per ton average conventional underground mining costs and US$90 per pound U3O8 assumptions for reasonable eventual economic extraction.
Moreover, isolated, and small pods of mineralization were removed from the MRE due to lack of reasonable eventual economic extraction.
Figures are rounded to reflect the relative accuracy of the estimate and may not sum due to rounding.
Resources are presented as undiluted and in-situ, are constrained by the GT contour model for each mineral horizon, and
The Qualified Person is not aware of environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resources.
The NI 43-101 technical report for the MRE will be accessible on SEDAR+ under the company’s issuer profile and the company’s website within 45 days of this news release.
Chord Project, South Dakota
The Chord Project consists of 3,640 contiguous acres. The project lies on the southern end of the Black Hills, in Fall River County, South Dakota approximately seven miles north of Edgemont. Mineralization is sandstone-hosted, and channel-bound into tabular and lenticular deposits within the Lakota and Fall River formations of the Inyan Kara Group.
The Project lies within a historically explored and mined district. Nearly 300 historical uranium mines and prospects once dotted western South Dakota. Union Carbide Corporation (UCC) spent approximately $3.5 to 4.0 million dollars in development of the project in the late 1970’s. UCC conducted extensive exploration drilling in the late 1970’s, culminating in a Feasibility Study and planned conventional mine development by 1979.
The Chord Project is located just 5.5 miles southeast of enCore Energy’s advanced stage and Nuclear Regulatory Commission (NRC) licensed Dewey-Burdock ISR uranium project, which is one of the Company’s initial development priorities following the start of production in South Texas.
During the tabulation of the MRE the author and the Company were only able to accurately verify 35% of the holes historically drilled on the Chord property. This, in itself, provides the potential for significant exploration upside to increase the confidence and potential size of the resource at Chord. The Company will be working diligently to continue to upgrade the size and potential of the Chord project. In addition, Basin will also be undertaking steps to assess the ISR viability of the deeper sands that form the majority of the resource on the project. The Company has established exploration targets outside of the ground covered by the MRE, as disclosed below.
https://basinuranium.ca/basin-uranium-announces-maiden-mineral-resource-estimate-at-its-chord-uranium-project/
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