Basin Uranium Corp. announced that partner company, Nexus Uranium Corp. ("Nexus") has provided an update on the receipt of permits and its exploration plans at the Wray Mesa project ("Wray Mesa" or the "Project") in Utah.

The permits were issued by the State of Utah Department of Natural Resources Division of Oil, Gas and Mining covering the Ajax and Dylan areas for the drilling of up to 50 holes. Under the terms of the option agreement, Nexus will contribute cash, share and exploration expenditure consideration totaling over $4,700,000 during the Option Agreement period to acquire up to a 90%-interest in the Project. The initial Phase 1 drill program is planned for a total of up to 10 holes over the project area, with a focus on both confirming high-grade historical drill results in addition to extending the known zones of mineralization.

The drill program will utilize diamond core drilling for intersecting the mineralized zones which will provide valuable insights on geology, stratigraphy, and orientation as well as allowing for the investigation of the potential for vanadium mineralization which was previously untested by historic drilling. Highlights from historical drilling includes 7.0 feet grading 0.94% eU3O8 (WMD-08-031), 5.0 feet grading 0.98% eU3O8 ("WMD-260-80), and 4.2 feet grading 0.52% eU3O8. The Company has engaged Harrison Land Services LLC of Moab, Utah with drilling expected to commence in First Quarter/24.

The Wray Mesa project is comprised of 6,282 acres and has seen extensive historical exploration dating back to the 1980's with over 500 holes drilled outlining four principal mineralized zones: Dylan, Ajax, Whiskey and Carlin. Mineralization on the property occurs at depths of 500 to 750 feet with the drill-defined mineralization ranging from 25 to 75 feet. Mineralization is typical sandstone-hosted tabular deposits wherein the uranium occurs in reduced and altered sandstones and sandstone- mudstones in major stream channels in the Upper Salt Wash Member of the Morrison Formation.