BASIN URANIUM CORP. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) (‘Basin Uranium’ or the ‘Company’) is pleased to announce the Company has entered into An Option Agreement to acquire a 100%-interest in seven (7) claims totalling 63 acres which lie inside of the Wray Mesa project in Utah that the Company is in the process of acquiring.
The Wray Mesa project now totals 308 unpatented lode claims totalling 6,282 acres of wholly-owned or optioned claims (option to earn 100%-interest). Through the Option the Company is also acquiring the Tessy project located in Fry Canyon, approximately 100 kilometres southwest of the Wray Mesa project.
‘The potential acquisition of these claims is important as they not only lie in the middle of our land position but also contain a significant amount of historical drilling, which will allow us to consolidate ownership of the project where historical drilling had delineated compelling zones of mineralization within the Dylan and Ajax zones,’ commented Mike Blady, CEO of Basin Uranium.
The Wray Mesa Property is contiguous to and adjoins Energy Fuel’s fully-permitted and production-ready La Sal project which includes a number of past-producing uranium and vanadium mines (production of 550,000 lbs U3O8 in 2012). The La Sal project is host to Measured & Indicated resources of 4.1 Mlb of uranium (U3O8) plus 21.5 Mlb of vanadium (V2O5) plus Inferred resources of 0.4 Mlb of uranium plus 1.9 Mlb of vanadium.
Transaction Terms
Basin Uranium Corp. will have an option to acquire a 100% undivided interest in the Dylan and Ajax claims within the Wray Mesa project, in addition to the Tessy Claims located in Fry Canyon. Under the proposed terms of the LOI, Basin will pay US$30,000 in cash and issue US$20,000 worth of shares of Basin on the effective date of the Option. Basin will have 24 months of unencumbered access to the claims to conduct exploration activities, subject to maintaining the claims in good standing, with the option to purchase the claims for US$250,000 in cash or shares, at the election of the vendor. The shares issued as consideration for the agreement will be subject to a four-month statutory hold period in Canada.
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.
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