Resource News

Baselode Energy Corp. is pleased to report the surface sample results from the summer prospecting work completed over the Catharsis and Hook projects, Athabasca Basin area, northern Saskatchewan . Highlights include : A channel sample at Hook returned high-grade* Uranium and Rare Earth Elements with 1.33 wt% U 3 O 8 and 1.84 wt% Total Rare Earth Oxides over 0.4 m Four grab samples from Catharsis returned encouraging ...

 Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (" Baselode " or the " Company ") is pleased to report the surface sample results from the summer prospecting work completed over the Catharsis (" Catharsis ") and Hook (" Hook ") projects, Athabasca Basin area, northern Saskatchewan .

Highlights include (see Table 1):

  • A channel sample at Hook returned high-grade* Uranium and Rare Earth Elements ("REE") with 1.33 wt% U 3 O 8 and 1.84 wt% Total Rare Earth Oxides ("TREO") over 0.4 m
  • Four grab samples from Catharsis returned encouraging REE results with up to 2.14 wt% TREO
  • All of the samples reported have consistently high concentration of critical REE, including heavy REE enrichment at Hook.

"The REE-enrichment on the Catharsis and Hook was unexpected but well-received.  We're encouraged by these findings as they suggest our projects are exposed to a broader and larger minerals systems, including high-grade uranium and REE exploration potential. REE are considered "critical minerals", or those that are under high demand with scarce source of supply, by Canada , United States of America , Australia and European Union. REE products are highly sought for their unique qualities that have enabled rapid evolution of high-tech equipment and products, including modern solar panels, wind farms, electric vehicles, and cell phones." said James Sykes , CEO, President and Director of Baselode.


Catharsis Results
The summer field exploration crew covered a large swathe of land and visited more than 100 outcrops on Catharsis ( see Figure 1 ). A total of 26 samples were removed from twenty-one individual outcrops for either radiometric determination or background lithological chemistry. Four samples from three outcrops returned encouraging REE results ranging from 0.54 wt% TREO to 2.14 wt% TREO (see Table 1). All four samples had a critical REE concentration (" CREO ") 1 comprising between 23 to 26% of the TREO, with the CREO portion being dominated by praseodymium (Pr 6 O 11 ) and neodymium (Nd 2 O 3 ). CREO are the most sought-after and valuable of the REE in the current market because of their importance fabricating high-strength magnets. The remaining 22 samples did not have any anomalous uranium or REE values to report.

Samples 4 and 8 occur along the same regional lithological trend but are separated by approximately 10 km. Sample 4 was removed from a radioactive biotite schist (>80% biotite) within a small island outcrop. The biotite schist rock is very similar to other known high-grade REE occurrences in Saskatchewan. Sample 8 was removed from an outcrop hosting metasedimentary gneiss inundated with pegmatite veins, the latter being the sampled radioactive material.

Both samples 30 & 31 were removed from different locations along a newly discovered radiometric anomaly measuring 250 m long, approximately 1 to 5 m wide at the lithological contact between metasedimentary gneiss and a granitic unit to the west. The radioactive trend was not followed further as the outcrop becomes lost beneath overburden and vegetative cover along strike directions. The discovery is significant because it's on trend with a number of historic high-grade uranium surface showings.

Hook Results
Outcrops at Hook were not as frequent as those at Catharsis, but the summer field crew was able to visit a number of priority targets defined by an airborne radiometric survey (the " Survey "). Most of the anomalies identied by the Survey were boulder patches and were not sampled.

The strongest radiometric anomaly identified in the Survey was located in outcrop and sampled ( see Figure 2 ). A 0.5 m long channel sample was cut and returned 1.33 wt% U 3 O 8 and 1.84 wt% TREO over 0.4 m . The results are encouraging as they returned similar TREO values as those reported by Valor Resources Limited (ASX: VAL) on October 5 , 2021. Baselode considers the overall Hook area potentially significant for a new high-grade uranium and REE minerals system in Saskatchewan .

The Hook channel sample has a CREO concentration comprising 19% of the TREO. Although lower than the samples from Catharsis and still enriched with praseodymium (Pr 6 O 11 ) and neodymium (Nd 2 O 3 ), of particular interest is that the CREO for these samples are more enriched in terbium (Tb 4 O 7 ) and dysprosium (Dy 2 O 3 ) than the Catharsis results. Terbium and dysprosium are the most valuable CREO by USD$/kg.

Hook/ACKIO Diamond Drilling Results
Assay results from the remaining drill holes (AK21-02A to AK21-04) completed on ACKIO have been received, quality checked, and approved by the Company's technical team. A news release will follow in the coming weeks once the technical team has fully evaluated and interpreted the results.

Planned Winter Drill Program on ACKIO
Baselode is planning for a 10,000 metre diamond drill program on the ACKIO discovery to begin in mid- to late-January. Drill holes will be planned to intersect mineralization along strike and dip, which remains open in all directions, and to test for unconformity-style of mineralization. The drill program will be operated with helicopter support to lessen any ground-induced environmental impacts within the project area.

ACKIO is located 30 km southeast of well-established infrastructure including an all-season road and powerline that runs between Cameco Corp.'s (TSX: CCO) and Orano's McArthur River mine and Key Lake Uranium mill joint ventures.  ACKIO is located 70 km northeast of the Key Lake mill.



Baselode considers "high-grade" to be uranium mineralization with a concentration greater than 0.5 wt% U 3 O 8 and REE mineralization with a concentration greater than 1.5 wt% TREO


Critical REE concentration (CREO) is the sum of Pr 6 O 11 +Nd 2 O 3 +Tb 4 O 7 +Dy 2 O 3 .

About Baselode Energy Corp.
Baselode currently 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.  The high-grade uranium ACKIO discovery was announced on September 29 , 2021.  Advancing and developing ACKIO is the Company's primary focus.

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.

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."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.

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 .

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.



Sample Number


From (m)

To (m)

Interval (m)

U 3 O 8 wt%

La 2 O 3 wt%

CeO 2 wt%

Pr 6 O 11 wt%

Nd 2 O 3 wt%

Sm 2 O 3 wt%

Eu 2 O 3 wt%

Gd 2 O 3 wt%

Tb 4 O 7 wt%

Dy 2 O 3 wt%

Ho 2 O 3 wt%

Er 2 O 3 wt%

Yb 2 O 3 wt%

Y 2 O 3 wt%

TREO wt%

CREO wt%



Outcrop (Grab)




















Outcrop (Grab)




















Outcrop (Grab)




















Outcrop (Grab)



















Channel Sample






















SOURCE Baselode Energy Corp.

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Baselode Energy

Baselode Energy

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GTI Resources Company Logo

GTI Resources


When it comes to mining uranium, one mining method clearly stands out from the rest –– In Situ Recovery (ISR). ISR mining involves injecting and extracting an acid or alkaline lixiviant solution into the deposit via a series of wells, drilled from the deposit’s surface, to leach subterranean target ores. In 2019, 57 percent of the world’s uranium was mined by ISR methods. Today, most of the uranium mining in the US, Kazakhstan and Uzbekistan is done by ISR mining. South Australia also has two ISR mines and a satellite ISR operation at Honeymoon and Beverley (Four Mile).

Today, the majority of the 50 new nuclear reactors currently under construction are being built in China with China alone also pledging an additional 150 new reactors over the next 15 years. In 2021, billionaires Warren Buffett and Bill Gates announced they were joining forces to build a $4 billion and 345-megawatt nuclear power plant facility in Wyoming. The plant –– called “Natrium” which is an old term for sodium –– will use uranium to heat liquid sodium to around 900 degrees Fahrenheit to create steam that powers the turbines to generate electricity. The planned plant is supported by Wyoming's Governor Mark Gordon who believes nuclear plants could provide a market for large reserves of radioactive uranium ore in the state. TerraPower LLC, co-founded by Bill Gates, has partnered with GE-Hitachi to fully build the plant in as early as seven years.

Wyoming has the largest quantity of defined but undeveloped uranium resources of any US state and is the home of ISR uranium with experimental mining during the early 1960s and commercial mining starting in 1974. The state is the energy capital of the US and accounts for more than 80 percent of uranium production in the US and has a production history that dates back to the late 1940s. With the price of uranium hitting a nine-year high in 2020, many analysts believe that the price will remain on the higher end for years to come. As a result, companies exploring for and developing uranium deposits in Wyoming may present an exciting opportunity for investors.

GTI Resources (ASX:GTR) is a mineral exploration company focused on developing its portfolio of attractive uranium projects in the US. The company boasts approximately 21,961 acres in Wyoming’s prolific Great Divide Basin which is a low-cost ISR uranium-producing district. GTI’s Wyoming projects are its primary focus and are highly prospective for ISR uranium projects.

GTI Resources Project Location

The company is led by a highly experienced management team with an extensive track record of success in the mineral exploration industry. GTI Resources’ execution team has proven development and engineering expertise with a history of success in uranium deposit discovery in the Great Divide Basin in Wyoming.

In November 2021, the company announced the strategic acquisition of approximately 21,000 acres in the Great Divide Basin in Wyoming. The landholding includes underexplored and highly prospective sandstone-hosted uranium properties which are the company’s Wyoming projects today.

In November 2021, the company also acquired the Section 36 Project in the Henry Mountains of Utah from Anfield Energy Inc. (TSXV: AEC). The approximately 1,500-hectare project extends the strike of GTI’s existing Henry Mountains project up to 5km of high-grade uranium and vanadium mineralised trend. The Henry mountains Projects are situated within trucking distance of Energy Fuel’s White Mesa Uranium Mill in the prolific Colorado Plateau uranium province, home to numerous significant past-producing mines.

GTI Resources leverages the strategic positioning of its Wyoming projects.

GTI’s Wyoming projects are located near UR Energy’s (TSX: URE,NYSE:URG) Lost Creek ISR deposit & production plant and the Rio Tinto Kennecott Sweetwater Mill. The Lost Creek ISR facility is claimed by URE to be the lowest cost uranium producer outside of Kazakhstan. Uranium One also holds the Jab & Antelope deposits close by.

GTI Resources is committed to strong ESG initiatives to support the clean energy movement. In November 2021, the company adopted the internationally recognized Environmental, Social and Governance Stakeholder Capitalism Metrics framework with 21 core metrics and disclosures established by the World Economic Forum. In December 2021, GTI Resources announced that it would be transitioning to carbon-neutral operations including at its Wyoming projects. As part of the initiative GTI has applied for Climate Active Certification1 under the official partnership between the Australian Government and Australian businesses to drive voluntary climate action

1Climate Active is an ongoing partnership between the Australian Government and Australian businesses to drive voluntary climate action. The brand represents Australia’s collective effort to measure, reduce, and offset carbon emissions to lessen our negative impact on the environment. Certification is a new iteration of the Australian Government's carbon neutral certification* that better reflects the role that government, business and community have to play in working together to address climate change. The Climate Active initiative and Climate Active Carbon Neutral Standard supports and guides businesses as they account for and reduce carbon emissions. The Climate Active stamp helps the community take action by making it easier to identify and choose brands that are making a real difference. It’s about making good decisions today, for a more sustainable tomorrow. Our carbon neutral certification is one of the most rigorous in the world.

*Carbon neutral certification against the Climate Active Carbon Neutral Standard (formerly the National Carbon Offset Standard) has been available to Australian businesses since 2010, with many certified members have claimed carbon neutrality since this date.

GTI Resources Conceptual Model

GTI Resources is funded for and positioned to grow through the pursuit of ISR uranium mining on its Wyoming projects which present an opportunity for low OPEX, low CAPEX and low environmental impact compared to other mining methods. ISR mining supports the company’s commitment to ESG and its goal of carbon neutrality on its Wyoming projects.

In 2021, the company completed further field exploration on its Henry Mountains project. In December 2021 GTI also began a 15,000-meter drill program on its Wyoming projects, this program is due to be completed in early 2022. Going forward, the company is targeting economic mineralization on its properties with an initial target in Wyoming of 3 to 6 million pounds of inferred resources and eventually an exploration target of a 15-to-30-million-pound resource.2

Company Highlights

  • GTI Resources owns 21,961 acres in the prolific and ISR amenable uranium-producing Great Divide Basin in Wyoming.
  • Wyoming projects are strategically located near UR Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant and the Rio Tinto Kennecott Sweetwater Mill. A number of Uranium One deposits are also located close by.
  • The Henry Mountains project is situated in the prolific Colorado Plateau uranium province within trucking distance of Energy Fuel’s White Mesa Uranium Mill, and hosts past-producing mines
  • Committed to strong ESG initiatives to support the clean energy movement, including carbon-neutral operations on its Wyoming projects and an application for Australian Climate Active Certification.
  • Utilizing In Situ Recovery (ISR) mining on its Wyoming projects. ISR mining presents an opportunity for an environmentally-friendly, low OPEX and CAPEX situation.
  • Led by a highly experienced management and execution team with a history of successful corporate outcomes and uranium discovery and development in the Great Divide Basin, Wyoming.
2as defined by the performance share vesting milestones of the Branka Minerals acquisition agreement

Key Projects

Wyoming Projects

GTI Resources Wyoming Projects

The Wyoming projects are located in the Red Desert in the Great Divide Basin in Wyoming, USA and the Uravan Belt in Colorado, USA. The projects consist of the Thor, Loki, Odin, Teebo, Wicket and Logray claim groups. The approximately 21,000-acre projects are prospective for sandstone-hosted, ISR amenable uranium. The Wyoming projects are situated 5 to 30 kilometers from UR Energy’s (TSE:URE) Lost Creek ISR plant. The projects are also located near Rio Tinto’s (ASX:RIO) Sweetwater/Kennecott Mill and the GDB roll front REDOX boundary. Uranium One also holds the Jab & Antelope deposits close by.

Outstanding Initial Drill Results @ Thor
In December 2021, the company announced that it completed 39 holes out of approximately 100 holes as part of its 15,000-meter drill program on the Thor ISR Uranium project. Drilling on the Thor ISR Uranium project returned 19 holes that have met or exceeded Grade Thickness (GT) cutoff with an average of 0.060 GT. Drill results have thus far exceeded expectations with around half of the holes drilled so far recording substantially better than the minimum targeted economic Grade Thickness (GT) cutoff of 0.2 GT. Mineralization on the property continues to strongly demonstrate characteristics conducive to ISR recovery.

The company began initial exploration on Thor in 2021 with follow-up drilling focused on Thor, Odin and Loki in 2022. GTI Resources is currently in the process of conducting drilling on the Wyoming projects and expects to complete its planned drilling program in early 2022.

Henry Mountains Project

The Henry Mountains project, which contains the Section 36 Project, is a shallow high-grade uranium and vanadium project located in the Henry Mountains region of the Garfield and Wayne Counties in Utah, USA. The approximately 1,500-hectare project is situated on part of the prolific Colorado Plateau uranium province which has historically provided the most important uranium resources in the USA since 1904. The projects are located within trucking distance of Energy Fuel’s White Mesa Uranium Mill at Blanding Utah.

The Henry Mountains project features historical mining using low capital-intensive shallow underground mining methods and the sale of ore believed to occur in the mid-1970s and early 1980s. The Henry Mountains project consists of the Rat Nest and Jeffrey claim group as well as the Section 36 state lease block, which the company is currently focused on exploring. These areas feature a shallow 5-kilometre-long uranium and vanadium mineralized trend at 20 to 30 meters deep.

The company completed a field exploration program on the property in November 2021 which revealed 308 additional backfill-abandoned drill holes. As part of the program, the company also mapped and confirmed 3,700 ft of mineralized contact via outcrop. GTI Resources also located and mapped 34 open underground mine workings, including 4 which extend beyond 100 feet in drift length. Going forward, GTI Resources plans to continue advancing the project.

Niagara (Kookynie) Gold Project

The Niagara Kookynie Gold project is a highly prospective and underexplored gold project located in the central goldfields in Western Australia. The project contains approximately 5-kilometers of gold mineralised trend within the Norseman-Wiluna greenstone belt and is located approximately 6 kilometers southwest of the town of Kookynie. The Niagara (Kookynie) Gold project consists of one granted exploration license and six granted prospecting licenses. The property is accessible by highway and road.

The property hosts historic mine production that occurred from 1898 to 1915. The reported production includes 6,800 tons at 25.8 g/t of gold for 5,100 ounces of gold. The Niagara (Kookynie) Gold project contains circa 5km of mineralized trend spanning extensive historic mine workings of the Niagara gold mining district. The project is also home to the historic White Cross and Perseverance mining areas and smaller historic working trends including the Christmas and Good Friday Trends. The property also hosts the historic Orion/Sapphire mine.

The company is currently assessing options to advance the exploration of the property.

Management Team

Nathan Lude, BCom -
Non-Executive Chairman

Nathan Lude has broad experience working in the asset and fund management, mining and energy industries. Lude is the founding director of Advantage Management which is a corporate advisory firm. Lude has previously held directorships with ASX-listed mining companies.

Currently, Lude is the executive director of ASX-listed Hartshead Resources NL (ASX:HHR). Lude has grown a large business network across Australia and Asia. Lude has strong ties with Australian broking firms, institutions and Asian investors.

Bruce Lane, BCom, MSc, GAICD - Executive Director

Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. Lane has been involved in a number of public company capital raising and exploration initiatives over the years including in South Korea (uranium & vanadium), Australia (uranium, gold, tin & iron ore) and the US (uranium & vanadium). Lane currently also serves on the board of Site Services Holdings Group Ltd (ASX:SSH) as Chairman. Lane holds a Master’s degree from London Business School (UK) and is a graduate member of the Australian Institute of Company Directors.

Petar Tomasevic -
Non-Executive Director

Petar Tomasevic is the managing director of Vert Capital Pty Ltd. which is a financial services company that specializes in the mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in 5 languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers.

Tomasevic was most recently a director at Fenix Resources Ltd (ASX: FEX) which has now moved into the production phase. He was involved in the company’s restructuring back when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing and the development phase of FEX’s Iron Ridge project.

Matthew Foy -
Company Secretary

Matthew Foy is an active member of the WA State Governance Council of the Governance Institute Australia (GIA). Foy has more than 14 years of experience in facilitating ASX-listing rule compliance. Foy’s core competencies are in the secretarial, operational and governance disciplines for publicly-listed companies. Foy has a working knowledge of ASIC and ASX reporting and document drafting skills that provide the basis for valuable contribution to the boards in which he serves.

Doug Beahm, PE, PG - Principal BRS inc. Riverton, Wyoming and Execution Team

Doug Beahm is a principal engineer with BRS Engineering Inc. Beahm has over 45 years of experience in mineral exploration and project evaluation. Beahm is a registered member of the Society of Mining, Metallurgy and Exploration. Beahm is a Professional Engineer in Wyoming, Utah and Oregon and a Professional Geologist in Wyoming. Beahm worked in uranium exploration, mining, and mine land reclamation in the Western US since 1975. Beahm discovered the Jab deposit and has worked with many of the uranium majors that operate or have operated in Wyoming. Beahm has sufficient experience relevant to the style of mineralization and type of deposit under consideration.

Beahm has reviewed the activity which has been undertaken in 2019 and 2020 to qualify as a Competent Person. A Competent Person is defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

James Baughman, QP (SME-RM) – GDB/Red Desert, Wyoming Geologist and Execution Team

James Baughman is the former president and CEO of High Plains Uranium and Cyclone Uranium. High Plains Uranium was sold for US$55 million in 2006. Baughman has more than 30 years of experience in advancing gold, silver and base metal projects from grassroots to the advanced stage. Throughout Baughman’s 30-year-long career, Baughman has held various senior positions at private and publicly-traded mining and mineral exploration companies. These positions include chief geologist, chairman, president, acting CFO and chief operating officer. Baughman was part of the successful Greens Creek discovery team and lead exploration and development projects throughout the Western Hemisphere. Baughman is a registered member of the Society of Mining, Metallurgy and Exploration. Baughman is also a member of the Society of Economic Geologists with a BSc in Geology obtained in 1983 from the University of Wyoming. Baughman is also a registered Professional Geologist (P. Geo) in the State of Wyoming. Lastly, Baughman is a registered member of the Society of Mining, Metallurgy and Exploration (SME) and a Qualified Person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).

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