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
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