Baselode Energy’s Uranium Discovery has High Potential for Low-cost, Open-pit Mining, CEO Says

Baselode Energy’s (TSXV:FIND) Hook project in Saskatchewan's Athabasca Basin has promising potential for open-pit mining methodology, allowing for low-cost production of high-grade uranium, according to CEO James Sykes.

The company earlier announced a series of assay results that confirm near-surface, high-grade uranium mineralization in several drill holes at the ACKIO discovery location at Hook.

“The assay results have been better than expected,” Sykes said. "And seeing some of these grades coming back, these are grades that far exceed previously open-pit-mined areas. So we do think that as far as the mining side of things go, if there is a potential (for) open pit, that’s the easiest way to go. They're always the most cost-effective versus underground scenarios."

Baselode’s chief executive said open-pit mining for high-grade uranium provides potential for high revenue growth without the high costs associated with underground mining.

The company completed its 22,500 meter drilling program at the ACKIO discovery at the end of July, and assay results to date have consistently confirmed near-surface uranium deposits, Sykes said.

Uranium has been gaining significant traction in the global market as geopolitical events and environmental concerns drive the development of green energy, particularly nuclear energy. Uranium is used as fuel for nuclear reactors in power plants.

“We really hope that we can meet this current cycle for uranium demand,” Sykes said.

“I've seen such a turnaround, and not just in the government sentiments, but also the average person’s sentiments … it seems the vast majority of people are now pro-nuclear. So it's a great turnaround and I'm very happy to see that.”

Watch the full interview with Baselode Energy CEO James Sykes above.

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