Basin Uranium Reports Maiden Resource Of 2.75 Million Pounds U3O8 At Chord
Basin Uranium (CSE: NCLR) has reported a maiden mineral resource estimate for its Chord uranium project in South Dakota. The project, viewed as a “cornerstone asset” for Basin, is said to be geared towards an in-situ recoverable resource.
Chord is said to have inferred resources of 2.75 million pounds of U3O8 at an average grade of 810 ppm, with the mineralization having an average thickness of 8.5 feet. The resource has been assembled based on historic results from the property, including 431 drill holes that have been conducted, out of a total of 1,247 historic holes.
The resource estimate comes from three separate zones at the project, which Basin claims have a “reasonable possibility” of being connected to one another. Additional targets at Chord are said to potentially contain 1.42 to 4.23 million additional pounds of U3O8, however exploration of these targets is currently insufficient.
Existing monitoring wells onsite meanwhile indicates that the lower portion of the Chilson member is within a saturated aquifer. The mineralized portion of this aquifer, as per Basin, may be suitable for ISR mining methods. The company has indicated that a drill program to confirm the current resource would also serve to provide the data needed to determine if such recovery methods are suitable for the project.
Basin Uranium last traded at $0.52 on the CSE.
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