Basin Uranium Receives Drill Permit for Mann Lake

Vancouver, British Columbia--(Newsfile Corp. - March 14, 2022) - BASIN URANIUM CORP. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) ("Basin Uranium" or the "Company") is pleased to announce it has received Exploration Work Authorization for diamond drilling and geophysical exploration work from Saskatchewan's Ministry of Environment (the "Ministry") for its Mann Lake uranium project in Saskatchewan's prolific Athabasca Basin. The Mann Lake project is located 25km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit.

"We are very excited about this exploration and drill program, which will be the first significant program on the project in over a decade," commented Mike Blady, CEO of Basin Uranium. "The initial geophysical survey will look to refine and delineate drill targets for a multi-phased drill program to commence in April. We remain committed to continued dialogue and engagement with the local First Nations and other stakeholders to ensure that any concerns of local communities are addressed."

Award of Exploration Permits

Saskatchewan's Ministry of Environment has provided an Exploration Work Authorization for up to 15,000 metres of diamond drilling in 20 holes, in addition to clearing or refurbishing up to 100 kilometres of gridlines (for geophysical work), the construction of two temporary exploration camps, and clearing or opening of up to 34 kilometres of trails for access within the property.

The Company and its exploration consultant, TerraLogic Exploration Inc., is preparing for mobilization to the project to develop an exploration camp on site to facilitate initial geophysical surveying in April. The Company is engaging with drilling contractors and anticipates a drill program in June.

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.

For further information, please visit https://basinuranium.ca or email [email protected].

On Behalf of the Board of Directors

Mike Blady
Chief Executive Officer
[email protected]

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116617