Baselode Energy CEO: Athabasca Basin 2.0 is “the Way to Go”
Baselode Energy CEO James Sykes discusses the promise of the “Athabasca Basin 2.0” region.
James Sykes, CEO of Baselode Energy (TSXV:FIND), spoke with the Investing News Network (INN) about his company’s exploration nearby Saskatchawan’s Athabasca Basin region, which is best known as the world’s leading source of high-grade uranium and accounts for at least 15 percent of global uranium production.
There is plenty of stiff competition in the Athabasca Basin. Ten of the 15 highest-grade uranium deposits in the world are found in the region, including the Cigar Lake and McArthur River deposits, which are held by the world’s second-largest uranium producer, Cameco (TSX:CCO,NYSE:CCJ). However, junior mining companies like Baselode are making strides and putting energy into making discoveries just outside the region.
Baselode has two key properties — the Shadow and Hook projects — and although they are outside the Athabasca Basin, they share similar geology as those corridors that host high-grade uranium deposits. Due to the location of the properties, the region has been dubbed the “Athabasca Basin 2.0,” which Sykes says is “the way to go.”
“You make a discovery (in Athabasca Basin 2.0), you could be looking at something that’s open pittable,” he explained. “That’s (not) just a discovery bonus to shareholders, that’s also bringing it into mining at a quicker pace.”
Because of the structures the company sees in the region, Sykes says he thinks both of the properties are “absolutely prime.”
When asked about what makes the properties attractive, Sykes said first the geophysics and, when it comes to the Shadow property, he said that no one has ever explored it. “This is as green as it gets,” he said.
“(BaselodeEnergy is) hoping to make a discovery at the Shadow property,” Sykes said. “We’re hoping to get to that deposit, and then to that resource, and even to that reserve stage.”
Located along the Virgin River Shear Zone to the south of the Athabasca Basin, the Shadow project is 42,000 hectares in size and is 100 percent owned by Baselode Energy with no underlying royalties. As the Virgin River Shear Zone plays host to other uranium deposits, the geological features of the Shadow project demonstrate that it covers a deep-rooted structural corridor with loci for structural fluid traps.
Moving ahead, the company anticipates exploring and testing some high-priority target areas, with drilling slated to begin in Q1 2021.
Watch the video above for more of what Sykes had to say.
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