Toronto, Ontario – July 19, 2021 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide an update of exploration activities on the Company’s uranium exploration projects (“Catharsis”, “Hook” and “Shadow”), located in the Athabasca Basin area, northern Saskatchewan.
Baselode also expects to announce details on the commencement of a drill program in the near term. Management is finalizing the details and will provide specific information available to shareholders shortly.
“The recent Catharsis Acquisitions host historic high-grade uranium surface occurrences that have returned up 7.65 wt% U3O8, many of which have been observed within fractures and shears, indicating structural controls for uranium deposition,” said James Sykes, CEO and President of Baselode, who continued, “We’ve also been working hard to coordinate our drill permitting process on all three projects as well as ensuring that a full and complete consultation process is in place across all of our projects. We are excited with the prospect of announcing our first drill program soon, with the overall objective of having two distinct drill programs running for Baselode in 2021.”
The Acquisitions cover 36,000 hectares of prospective ground for high-grade uranium exploration contiguous to the south and east of Catharsis (Figure 1). The Acquisitions cover ten historic uranium showings in outcrops as fracture and shear hosted mineralization with grades ranging from 0.066 to 7.65 wt% U3O8 (Figure 2). Three of the showings are of particular interest because they have returned in excess of 1 wt% U3O8, which Baselode considers to be high-grade uranium mineralization. The showing discoveries all date back to the mid- to late 1970’s and haven’t been revisited since. The Acquisitions cover a geological corridor hosting rock types similar to Cameco’s basement-hosted Eagle Point uranium mine. The Company intends to complete a detailed review of the historic work completed over the Acquisitions in the coming months. The Acquisitions are 100% controlled by Baselode and are free of any option agreements or underlying royalties.
The Company has received exploration drill permits from the Saskatchewan Ministry of Environment for Catharsis (see News Release dated July 13, 2021) and intends to complete a 2,500 m reconnaissance drill program in the coming months. An airborne VTEMTM geophysical survey is currently being flown to help the Company identify and refine priority drill targets.
A high-resolution radiometrics and magnetics geophysical survey is being flown by Special Projects Inc. (“SPI”) from Calgary, AB. SPI is considered to be an industry-leading provider of high-resolution airborne radiometric surveying. SPI flew the radiometric survey that delineated Fission Uranium’s PLS boulder field which eventually led to the discovery of the high-grade uranium Triple R deposit. The Hook geophysical survey consists of 12,115 line kilometres with 50 m flight line-spacing and low-level flying to maximize radiometric results. The Company remains hopeful the survey will identify structurally-controlled uranium occurrences at or very near surface, providing the final geophysical information required to generate drill targets. The survey is expected to be completed within 2 weeks.
Cameron MacKay, Baselode’s Projects Manager, comments; “The high-resolution survey will help further define structural corridors of interest that we believe have the potential to host high-grade uranium mineralization. Graphitic shear zones are the classic Athabasca uranium exploration targets. The presence of graphite provides a useful means of imaging structures with an EM survey but is not a prerequisite for deposit formation. Structurally-controlled, basement-hosted uranium deposits and occurrences that are not associated with graphite are well-known. We can interpret structural traps manifest as flexures and faults from the high-resolution magnetic data to generate our targets for Hook. We are excited to see if any radiometric and gravity anomalies overlap with our structural targets, providing us with high-priority drill targets.”
Up-Coming Exploration News
Follow-up exploration plans and news over the next few months include; i) completion of the airborne VTEMTM geophysical survey over Catharsis, ii) completion of the high-resolution airborne radiometrics and magnetics geophysical survey over Hook, iii) interpretations of the recently completed field programs at Catharsis and Hook, iv) a planned 2,500 m diamond drill program on Hook anticipated to start in August, and v) a planned 2,500 metre diamond drill program on Catharsis scheduled to start in mid-October.
Baselode remains engaged in positive discussions with Indigenous communities and northern stakeholders for all of its exploration activities and projects. Baselode is committed to mutually beneficial working relationships with Indigenous and northern communities while mitigating any exploration impacts on traditional Indigenous lands and Rights.
About Baselode Energy Corp.
Baselode currently controls 100% of approximately 207,000 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., Projects Manager 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, President and CEO
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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.
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.
Figure 1: Baselode’s projects within the Athabasca Basin area, northern Saskatchewan
Figure 2: Historic uranium occurrences on Baselode’s newly acquired Catharsis land package