Mr. Mike Blady reports

BASIN URANIUM COMPLETES 2022 DRILLING AT MANN LAKE

Basin Uranium Corp. has completed 2022 drilling at its Mann Lake project located 25 kilometres southwest of the McArthur River mine and 15 km to the northeast along strike of Cameco's Millennium uranium deposit.

In total 6,279 metres were drilled in 2022 over two phases of drilling. Phase 2 consisted of 2,776 metres of diamond drilling over four holes which followed up on targets from phase 1 drilling and geophysical programs completed earlier in the year. The Mann Lake camp has been demobbed for the winter and all drill sites have been reclaimed. All core samples have been submitted to the Saskatchewan Research Council (SRC) for analysis and the assays are pending and will be released once received.

Phase 2 drill highlights:

• Holes MN22007 and MN22008 targeted an interpreted basement conductor (2022 magnetotelluric resistivity survey), magnetic low (interpreted metasediment basement) within a gravity-low anomaly, which was interpreted as a basement fault structure, and successfully intersected uranium-dominant, anomalous radioactive intervals in the basement rocks as well as just above the unconformity.
• MN22007 intersected graphite-enriched psammite throughout the entirety of the basement rocks. Two major fault structures with abundant graphite mineralization were intercepted in the basement.
• MN22008 intersected abundant blue-grey dravite clay above the unconformity. The mineralization was focused predominantly along fracture surfaces. Potential graphite could be present in the dravite due to the blue-grey colour of the clay.

"The completion of our phase 2 drill program represents the culmination of a very active and successful 2022 exploration program that was comprised of nearly 6,300 metres of diamond drilling and multiple geophysical programs at our Mann Lake project. We were able to advance this project from a grassroots stage, one that had not seen any modern exploration techniques or benefited from the last two decades of exploration understanding in the basin, through to a multiphase diamond drill program that defined the unconformity and intersected uranium mineralization," commented Mike Blady, chief executive officer of Basin Uranium. "As we await assay results from drilling, we are planning our 2023 exploration programs at both our Mann Lake project in the Athabasca basin and our Wray Mesa project in Utah."

Qualified person

R. Tim Henneberry, PGeo (British Columbia), a technical adviser 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 is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company owns the Wray Mesa project in southeastern Utah which has seen significant historic uranium and vanadium exploration and is located adjacent to the full permitted and production-ready La Sal project. The company has an option to acquire a 75-per-cent interest in the Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada, and holds an option in the CHG gold exploration project located approximately 15 kilometres northwest of the town of Clinton in south-central British Columbia.

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