Toronto, Ontario – August 02, 2022 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to announce the final sixteen drill hole results from the now-complete 2022 diamond drill program (the “Program”) on the ACKIO high-grade uranium discovery (“ACKIO”), Hook project (“Hook”), Athabasca Basin area (the “Basin”), northern Saskatchewan (see Figure 1 and Table 1).
“Our success at ACKIO this year has exceeded our expectations. We’ve grown ACKIO very quickly with over 22,000 metres having been drilled since February. The final drill holes of the Program continued to intersect near-surface mineralization, expanding the footprint of known mineralization at shallow depths. The discovery of uranium mineralization just 25 metres below surface puts ACKIO into a rare category with near-surface open pit mined Athabasca uranium deposits. Our objective now is to incorporate all the data we have collected this year, including recently flown airborne geophysical surveys, to refine our geological models, to determine mineralized vectors at ACKIO, and to assess the required drill hole density for completing a mineral resource estimate for ACKIO. Once complete we plan to return to ACKIO with an aggressive drill campaign to discover more uranium mineralization,” said James Sykes, CEO, President and Director of Baselode.
Drill hole highlights from this news release include;
Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 78 drill holes (AK22-005 to AK22-080, and HK22-007), including one abandoned drill hole, for 22,485.85 m (see Figure 1). Forty-three of seventy-six drill holes at ACKIO have intersected continuously elevated radioactivity. A complete list of drill hole collar information and hand-held scintillometer radioactivity composite measurements for the drill holes reported in this news release (AK22-066 to AK22-080, and HK22-007) are provided in Table 1.
Samples from these reported sixteen drill holes have been submitted to the Saskatchewan Research Council’s Geoanalytical Laboratory in Saskatoon, Saskatchewan, for whole-rock, multi-element and U3O8 analysis. Uranium and other assay results will be released as they are received after being compiled and thoroughly checked by the technical team.
ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 5 separate zones, with mineralization starting as shallow as 25 m beneath the surface and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 200 m. ACKIO remains open to the west, south, and along the Athabasca sandstone unconformity to the east and south.
ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.’s (TSX: CCO) and Orano’s McArthur River mine and Key Lake uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill. The Program was helicopter-supported to lessen any ground-induced environmental impacts within the project area.
About HK22-007’s Massive Sulphide Intersection
On the Program's final hole and in-line with drill demobilization, Baselode tested a distinct geophysical target for sulphide mineralization 9 kilometres southeast of ACKIO on the Hook project. Given the visual observations of massive sulphides, including pentlandite, management will review and refine this new shallow nickel-sulphide target area for follow-up in a subsequent drill program. Assays are pending and will be released accordingly.
About Baselode Energy Corp.
Baselode controls 100% of approximately 227,000 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
Baselode's Athabasca 2.0 exploration thesis is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.”
For further information, please contact:
Baselode Energy Corp.
FIND on the TSXV
James Sykes, CEO, President and Director
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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 the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedar.com.
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