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Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (" Baselode " or the " Company ") is pleased to report Uranium assay results from the first diamond drill hole, AK21-01, of the recent ACKIO Uranium discovery (" ACKIO ") on the Hook project (" Hook "), Athabasca Basin area, northern Saskatchewan .
Highlights include:
- High-grade* Uranium confirmed; 1.29 wt% U 3 O 8 over 0.5 m at 138.8 m and 0.66 wt% U 3 O 8 over 0.5 m at 142.3 m
- Primary mineralized zone measuring 15.5 m of 0.13 wt% U 3 O 8 starting at 134.3 m
- Multiple uranium intersections occurring over 200 m of drill hole length.
"We are very excited with the confirmation of high-grade Uranium at ACKIO. The ACKIO discovery is beginning to take shape; with high-grade Uranium intersected near-surface, multiple and widespread zones of mineralization, and an alteration halo that exceeds over 230 m which is suggestive of a massive structurally-controlled fluid system. We are still in the early days of exploring and learning more about ACKIO but these assay results from AK21-01 have provided us with invaluable information to help us plan our next steps accordingly," said James Sykes , CEO, President and Director of Baselode.
The Company will follow this news release with a video presentation for the public in the coming days that will provide encouraging comparisons with other notable Athabasca basement-hosted, high-grade Uranium deposits, such as 1) NexGen Energy's (TSX:NXE) Arrow deposit, and 2) Denison Mines (TSX:DML) Gryphon deposit. The video presentation will also highlight the significance of elevated Cobalt, Copper, and Nickel intersected within the drill hole, as well as the extent and meaning of anomalous Boron, Lithium and Vanadium within the massive alteration halo.
Assay results from the remaining drill holes (AK21-02A to AK21-04) completed on ACKIO in the summer program will be released after they've all been received, quality checked, and approved by the Company's technical team.
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.
NOTES: |
* Baselode considers "high-grade" to be uranium mineralization with a concentration greater than 0.5 wt% U 3 O 8 |
1. All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined. |
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.
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., Projects Manager 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 www.sedar.com .
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.
TABLE 1: HOOK PROJECT - SUMMER 2021 DRILL HOLE U 3 O 8 ASSAY RESULTS | ||||||||
DDH* | Target | Az* | Dip | EOH* | Easting | Northing | Elevation | |
AK21-01 | ACKIO | 270 | -60 | 471.0 | 526,245 | 6,372,955 | 467 | |
From | To (m) | Interval (m) | Vertical | U 3 O 8 (wt%) | ||||
126.80 | 128.80 | 2.00 | 108.50 | 0.05 | ||||
130.30 | 130.80 | 0.50 | 111.50 | 0.06 | ||||
134.30 | 149.80 | 15.50 | 115.00 | 0.13 | ||||
includes | 138.80 | 139.30 | 0.50 | 118.90 | 1.29 | |||
and | 142.30 | 142.80 | 0.50 | 121.90 | 0.66 | |||
284.60 | 285.80 | 1.20 | 244.40 | 0.06 | ||||
366.70 | 367.70 | 1.00 | 315.50 | 0.05 | ||||
368.80 | 369.20 | 0.40 | 317.30 | 0.06 | ||||
Cut-off grade = 0.045 wt% U 3 O 8 | ||||||||
Maximum consecutive internal dilution = 2.0 m down hole | ||||||||
True widths have yet to be determined | ||||||||
*"DDH" refers to "diamond drill hole", "Az" refers to "drill hole azimuth" and "EOH" refers to "End of Hole" | ||||||||
"Easting", "Northing" are both measured in metres, NAD83 Datum, UTM Zone 13N | ||||||||
"Elevation" is presented as "metres above sea level" | ||||||||
"Vertical Depth" is presented as "metres below surface" | ||||||||
SOURCE Baselode Energy Corp.
Figure 1: Section A- A’ displaying lithology interpretation, natural gamma responses (cps) and pXRF uranium responses (ppmU). In relation to the disclosure of pXRF results, the Company cautions that estimates of uranium elemental abundance from pXRF results should not be considered a proxy for quantitative analysis of a laboratory assay result. Assay results are required to determine the actual widths and grade of the mineralisation. The company uses an Olympus Vanta M Series portable X-ray Fluorescence (pXRF) analyzer to screen Air Core drilling samples for mineralization prior to submitting samples to a commercial laboratory for assay. This provides an initial understanding of the mineralization distribution before sampling, ensuring submitted samples are representative of the targeted mineralization. While pXRF confirms the presence of mineralization, it does not accurately determine elemental concentrations due to limitations such as a small analysis window, uneven distribution, shallow penetration depth, and irregular surfaces. The pXRF results are indicative and the pXRF readings are subject to confirmation by chemical analysis from an independent laboratory.
Figure 2: Strip log displaying drill hole OV047 lithology, natural gamma responses (cps), pXRF uranium responses (ppm U) and chemical assay results (ppm U3O8)