- Basin Uranium (CSE:NCLR) has enlisted BRS Engineering to complete a NI 43-101 resource estimate on its Chord Uranium Project in South Dakota
- The property spans 3,677 acres and is near enCore Energy’s (NYSEAM:EU) Dewey-Burdock development project
- Roughly 1,000 holes have previously been drilled at the Chord Uranium Project by Union Carbide
- Shares of Basin Uranium are unchanged at C$0.45, but are up 2.27 per cent year-to-date
Basin Uranium (CSE:NCLR) has enlisted BRS Engineering to complete an NI 43-101 resource estimate on its Chord Uranium Project in South Dakota.
Located near enCore Energy’s (TSXV:EU) Dewey-Burdock development project, the Chord Uranium Project spans 3,677 acres. Roughly 1,000 holes have previously been drilled by Union Carbide and host a significant resource.
“In the short time since acquiring the project, we have amassed a significant historical data set for Chord and the surrounding region in addition to expanding the claims to encompass the potential down gradient extension of mineralization from the October Jinx,” Mike Blady, CEO of Basin Uranium, said in a statement.
Under the terms of an option agreement, Basin Uranium is acquiring up to a 90 per cent interest in the property for a total of US$50,000 in cash, $950,000 in stock and $1.2 million in exploration.
The company just recently expanded the property’s land package by acquiring an additional 2.5 square kilometres next to the property. Located in Fall River County, the project now stands at 14.8 square km of contiguous landholdings.
The new claims adjoin the October Jinx mineralized zone to the south, where historical drilling and resource modelling terminated at the property boundary and is highly prospective for extending uranium mineralization to the south.
“The acquisition of the additional 2.5 square km marks a significant advancement for the project, as it represents the logical southern extension of the most significant historical resource on the project, the October Jinx deposit, as previous exploration was constrained solely by the property boundary,” Blady said in a statement.
With headquarters in Vancouver, Basin Uranium is focused on mineral exploration and development in the green energy sector and has two advanced-stage uranium projects under its belt in the United States, including the Chord Project and the Wray Mesa project. It also has the Mann Lake uranium project in the Athabasca Basin in Saskatchewan as well as the CHG gold project in British Columbia.
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