Up to 16,000 metre project-wide drill program, the second largest drill program on Hook project
The second drill is anticipated to start in two weeks
Toronto, Ontario--(Newsfile Corp. - June 17, 2024) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce diamond drilling has started on the ACKIO ("ACKIO") uranium prospect within the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).
"We are excited to be finally be back at our flagship Hook project, where we will be looking to expand upon our near-surface uranium discovery ACKIO. Additional drilling on ACKIO offers excellent prospects for expanding the known zones and making new discoveries along strike and depth.
Additionally, we will be exploring Hook beyond the ACKIO zone. Hook is such a fertile uranium corridor that we've shown hosts high-grade uranium fluids, and we will test numerous high-priority exploration targets that could support our understanding of Hook," commented James Sykes, CEO, President, and Director of Baselode.
ACKIO Program Details Up to 12,000 metres of drilling is planned at ACKIO (Figure 2), subject to drill results, targeting
the southeast zone, where geophysical survey results suggest the alteration and structural system trend east/southeast-west/northwest,
unconformity-style mineralization along the Athabasca sandstone structural contact to the southeast, and;
the depth of mineralized structures based on geochemical trends and alteration pathways.
Hook Program Details The regional Hook exploration drill program is planned for up to 4,000 metres with 15 to 20 drill holes targeting 5 to 7 different areas. The target areas were generated from combinations of recent results from ground gravity and ANT geophysical surveys (Figure 3). The program is scheduled to start near the end of June. Once the drill has completed Hook exploration drilling, it will join the ACKIO program to complete drilling there.
Catharsis Drill Results "The results from drill holes CT24-09 to CT24-13 and CT24-17 identify 5 km of uranium fertility and potential between target areas D and G (Figure 4). Five of the six drill holes intersected above normal uranium concentrations (3-5x background) identified within 5 to 25 metre-thick zones of structurally-controlled, hydrothermal redox-style alterations (i.e., mixture of redox, hematite, clay, desilicification/re-silicification, chlorite alteration styles). These characteristics indicate uranium-bearing fluids were mobile along the D/G corridor. These are some of the most encouraging exploration results I've encountered in my 18-year Athabasca uranium career. They remind me of uranium discoveries I've been part of and other basement-hosted uranium discoveries, where results like these were only 10's of metres away from high-grade uranium deposits. We are cashed-up and highly motivated to advance Catharsis with ground-based geophysics followed by additional diamond drilling," stated James Sykes, CEO, President, and Director of Baselode.
Drilling at the Bear project focused on coincident EM and gravity anomalies. The most promising results were encountered in Target Area 1 (Figure 5) where broad zones of encouraging hydrothermal alteration, were encountered in all drillholes that tested this area. Lab analysis results are still pending.
About Baselode Energy Corp. Baselode controls 100% of approximately 272,804 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside 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.
QP Statement 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."
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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.sedarplus.ca.
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.
