Toronto, Ontario – July 27, 2020 – Baselode Energy Corp. (“Baselode” or the “Company“) (FIND:TSXV) is pleased to announce its exploration programs and upcoming catalysts for both of its 100% owned and royalty free Shadow and Hook properties in Saskatchewan’s Athabasca Basin region (“Athabasca”).
About the Shadow Property
Shadow encompasses ~42,000 hectares along the basement rocks of the Virgin River Shear Zone south of the Athabasca Basin. Shadow exhibits similar structural and geophysical features recognized in other Athabasca high-grade uranium deposits, including a major, deep-rooted, structural corridor along a preferred regional orientation. At the confluence of the main structure and cross-cutting structures is where the rocks tend to break open to create dilation zones, which could promote uranium-rich fluids to migrate to these locations (i.e., traps). Shadow’s upcoming exploration program will target these areas.
Shadow’s Summer Exploration Program
In August, Baselode is planning a property-wide, heli-borne, mobile magnetotellurics (“mobile MT”) geophysical survey. Mobile MT acquires high-spatial resolution geoelectrical information from near-surface to depths greater than 1 kilometer. This technology can assist in identifying structures of interest and dilation zones that would possibly host uranium deposits. Additionally, Baselode will commence a ground exploration program in September as a follow up to our findings from the mobile MT survey, and to study and sample surface rocks.
“The majority of the Shadow property has never been explored. We are excited to be the first explorers in this uncharted part of the Athabasca Basin area as we search for basement-hosted, high-grade uranium deposits. The mobile MT survey will provide details of the rock types and structures across the property. With this data, we will formulate a structural thesis which highlights targets for follow-up, either with additional detailed geophysical surveys or with a diamond drill”, commented Mr. James Sykes, CEO & President of Baselode.
About the Hook Property
Hook is located within the basement rocks of the Wollaston Domain—the rock unit which hosts the highest-grade uranium deposits in the world. Hook covers ~30,000 hectares on the southeast edge of the Athabasca Basin and is located 60 km east-northeast of the Key Lake mill. Hook is particularly prospective as it was once covered with Athabasca sandstones which have since been eroded. This feature provides for excellent exploration conditions for a near-surface, sub-unconformity, high-grade uranium discovery.
Hook’s Summer Exploration Plan
The Hook area has a relatively large resource of historical work assessment, which is available from the Saskatchewan Geological Survey. Baselode is compiling this historical work and data to determine the appropriate next steps. This will likely include property-wide airborne geophysics, detailed ground geological studies and diamond drilling areas of interest.
Mr. Sykes continues, “The Hook property requires an updated geological and geophysical study in order to determine the structural controls responsible for the deposition of high-grade uranium veins that could trend onto the property (see Baselode news release dated July 7, 2020 for details). A number of other historical high-grade occurrences have been mentioned on the property and our goal is to first identify them all, then understand, and prioritize in order to determine the most probable source(s) for near-surface uranium mineralization”.
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director of Baselode Energy Corp., who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.”
About Baselode Energy
Baselode currently controls 100% rights to surface exploration on 71,821 hectares in the Athabasca Basin area. Baselode is a uranium exploration company with less than 29 million shares outstanding and only 9.8 million shares in the float. Baselode is focused on discovering basement-hosted, high-grade uranium orebodies in the Athabasca Basin area of northern Saskatchewan, Canada.
For further information, please contact:
Baselode Energy Corp.
FIND on the TSXV
James Sykes, CEO and President
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Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in filings by the Company with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedar.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.