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Toronto, Ontario – May 16, 2022 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to provide an update on the ongoing 20,000 metre diamond drilling program (the “Program”) on the ACKIO high-grade uranium discovery (“ACKIO”), Hook project (“Hook”), Athabasca Basin area, northern Saskatchewan (see Figure 1 and Table 1).
“ACKIO continues to impress us as we have now extended near-surface mineralization to an area measuring 50 m by 50 m. We’ve had two drill holes, AK22-037 and AK22-040, intersect the widest continuous zones of elevated radioactivity, measuring over 20 m drill hole thickness. These two drill holes have now ranked the 2nd and 4th best drill holes on ACKIO to date in terms of continuous radioactivity. Additionally, we’ve changed our drill hole direction from west azimuth (270) to east azimuth (090), targeting a structural model that we’ve recently conceived. Since then, we’ve had 100% intersection success with each drill hole hitting significant widths of radioactivity,” said James Sykes, CEO, President and Director of Baselode.
“From the drilling we have completed to date, our model for is ACKIO a series of gently west-dipping, stacked, mineralized lenses. In many cases what we previously interpreted as the Upper and Lower zones is in fact connected as one mineralized zone. In other cases there are 3 to 4 stacked lenses on a section. Understanding how to connect the lenses from section to section will require more drilling as the lenses pinch and swell both along strike (N-S) and down-dip (E-W). The main takeaways from ACKIO are that we have continuity of mineralization along strike as we’ve hit significant widths of mineralization on every drill fence, and that we high levels of radioactivity at shallow depths ranging from 35 m to 150 m true vertical depths,” said Cameron MacKay, Vice-President, Exploration & Development.
The Company is preparing a video presentation to provide more details and interpretations regarding the results and details from this and previous news releases. The video is expected within the next week.
Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 37 drill holes (AK22-005 to AK22-041) for 11,153.75 m (see Figure 1). Twenty of thirty-seven drill holes have intersected continuous 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 (AK22-034 to AK22-041) are provided in Table 1.
Drill holes AK22-034 to AK22-041 were all drill testing a structural model which required a change in drilling azimuth from west (270) to east (090). The model required testing prior to continuing drilling along strike to the southeast of ACKIO. The change in the drill azimuth direction has had a 100% intersection success suggesting the structural model is accurate.
Successful drill testing of the structural model has changed the future drill plans. One drill will continue ACKIO exploration to the southeast drilling with an east-facing azimuth (090) while the other drill will continue to infill previously drilled fences with a similar east-facing azimuth (090).
Samples from these reported eight drill holes have been submitted to the Saskatchewan Research Council’s (“SRC”) Geoanalytical Laboratory in Saskatoon, Saskatchewan, for whole-rock, multi-element and U3O8 analysis. Baselode will continue to provide Program updates on a bi-monthly to monthly schedule. Uranium assay results will be released as they are received after being compiled and thoroughly checked by the technical team.
The Program is helicopter-supported to lessen any ground-induced environmental impacts within the project area, and will allow the Company to continue the Program during Spring thaw.
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.
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