Forum-Baselode Announces Aberdeen Project Drilling Underway
Forum-Baselode Announces Aberdeen Project
Drilling Underway
Toronto, Ontario--(Newsfile Corp. - July 10, 2025) - Baselode Energy Corp. (TSXV: FIND) (OTCQB:
BSENF) ("
Baselode
") and Forum Energy Metals Corp. ("
Forum
", together with Baselode, the
"
Parties
") (TSXV: FMC) (OTCQB: FDCFF) are pleased to announce that our drilling is underway on the
Aberdeen Project (
Figure 1
).
Key Highlights
Exploration Plan
: 18-25 drill holes planned and up to 7,000 m
Target Areas:
10 high-priority target areas, first targets tested will be Loki and Bjorn
Loki Grid:
Drilling will follow up on prospective gravity target with strong clay alteration and
elevated uranium (up to 30 ppm - 30x background) in the Thelon sandstone
"Our drilling is underway on the Aberdeen Project and the first target is our Loki Grid.
We are excited
about this target because it has all the exploration building blocks for a possible new discovery." stated
Rebecca Hunter, President, CEO and Director of Forum and upcoming Geiger Energy.
James Sykes, President and Chief Executive Officer of Baselode, stated: "We're very excited that
drilling has begun at Aberdeen. The Loki target area has all of the characteristics we'd expect to find
near a high-grade uranium deposit in the Athabasca Basin; elevated uranium in the sandstone and
within 10 m of the basement unconformity, clay alteration, bleaching, desilicification and highly
anomalous pathfinder elements in the sandstone. We believe an Athabasca-style unconformity high-
grade uranium deposit discovery on the Project will immediately reward both Baselode and Forum
shareholders."
Aberdeen Program Details
Up to 7,000 m in 18-25 drill holes is planned at Aberdeen (
Figure 2
), depending on results.
Targets and
target criteria are as follows:
i
.
Sandstone-covered targets (i.e. traditional unconformity targets) such as Loki, Bjorn, Mammoth,
Thor, Squiggly River and Nymeria - Loki and Bjorn will be the first 2 areas tested. Drilling in 2024
at Loki contained uranium values 30x background and substantial clay alteration in the sandstone
ii
.
Basement-only targets including Lobster, Tarzan, Willow, Apollo and Starbuck; three historical drill
holes at Tarzan intersected significant clay alteration and elevated boron
iii
.
Drill targets are selected and prioritized based on the presence of gravity low anomalies in concert
with major ENE- and NE-trending faults, as well as any nearby drill or surface data that show
prospective fault structures, clay or geochemical signatures
The 2025 program is focused on finding additional high-grade discoveries to build scale and enhance
the discovery potential in the district.
Ground magnetic surveys are underway on 6 to 10 of the target
areas to help refine the main fault zones within the drill areas.
The exploration camp is in operation for the exploration season.
Figure 1: Project location map.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/258399_3a5e0de8b4e97b55_001full.jpg
Figure 2: Project map with 2025 target areas overlying residual gravity image.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/258399_3a5e0de8b4e97b55_002full.jpg
About Baselode
Baselode controls 100% of approximately 231,378 hectares for exploration in the Athabasca Basin area
of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying
royalties.
Baselode discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures
greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium
Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7,
respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization
occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted,
high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further
complemented by Baselode's preferred use of innovative and well-understood geophysical methods to
map deep structural controls to identify shallow targets for diamond drilling.
About Forum
Forum Energy Metals is focused on the discovery of high-grade, unconformity-related uranium deposits
in Canada's premier uranium jurisdictions: the Athabasca Basin in Saskatchewan and the Thelon Basin
in Nunavut. The Company holds a significant land position with 153,838 hectares in Saskatchewan -
primarily within the Athabasca Basin - and 95,519 hectares in Nunavut's Thelon Basin.
Forum's flagship asset is the Aberdeen Project in Nunavut, which hosts the high-grade Tatiggaq and
Qavvik uranium discoveries. Tatiggaq is a basement-hosted prospect defined over a 300-metre strike
length, comprising multiple steeply dipping, ENE-trending mineralized lenses located at depths between
80 and 180 metres. Notable intercepts include 2.25% U
O
over 11.1 metres
[1]
, highlighting a high-
grade core within the system. To date, only 500 metres of a 1,500-metre-long anomaly has been drill
tested. Qavvik is a similarly styled, basement-hosted prospect characterized by steeply dipping, ENE-
trending mineralized lenses across a 100 x 100 metre area, from surface down to 400 metres depth.
Both zones require further detailed drilling to determine the full extent of mineralization.
In addition to these discoveries, the Aberdeen Project hosts over 50 high-priority exploration targets,
many of which exhibit strong alteration and anomalous geochemistry from limited historical drilling - or
remain entirely untested.
Qualified Person Statement
The technical information contained in this news release has been reviewed and approved by Rebecca
Hunter, P.Geo, President & CEO of Forum Energy Metals Corp., a Qualified Person, as defined in
"National Instrument 43-101, Standards of Disclosure for Mineral Projects."
ON BEHALF OF THE BOARD OF DIRECTORS
OF BASELODE ENERGY CORP.
"James Sykes"
James Sykes
CEO, President, & Director
Email:
Phone: 416-644-1567
ON BEHALF OF THE BOARD OF DIRECTORS
OF FORUM ENERGY METALS CORP.
"Rebecca Hunter"
Rebecca Hunter, PhD. P. Geo.
President & CEO
Phone: 604-630-1585
Cautionary Statement
Certain information in this news release is considered forward-looking within the meaning of certain
securities laws and is subject to important risks, uncertainties and assumptions. This forward-looking
information includes, among other things, information with respect to Baselode's and Forum's beliefs,
plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would",
"suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar
words and expressions are used to identify forward-looking information. The forward-looking information
in this news release describes Baselode's and Forum's expectations as of the date of this news release.
Forward-looking statements in this news release include, but are not limited to statements with respect
to the anticipated timing for the meeting of Forum shareholders and closing of the Arrangement, the
anticipated consideration to be issued by Baselode and received by Forum shareholders, and the
satisfaction of closing conditions including: (i) required Forum shareholder approval; (ii) necessary court
approval in connection with the Arrangement; (iii) certain termination rights available to the Parties under
the Agreement; (iv) obtaining the necessary approvals from the TSX-V; and (v) other closing conditions
as set forth in the Arrangement Agreement.
The results or events anticipated or predicted in such forward-looking information may differ materially
from actual results or events. Material factors which could cause actual results or events to differ
materially from such forward-looking information include, among others, risks arising from general
economic conditions; adverse industry events; inability to realize anticipated synergies; future legislative
and regulatory developments; inability to access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms; income tax and regulatory matters; the
ability of Baselode and Forum to implement their business strategies; competition; currency and interest
rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive.
Baselode and Forum caution that the foregoing list of material factors is not exhaustive. When relying on
forward-looking information to make decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. Baselode and Forum have assumed a
certain progression, which may not be realized. It has also assumed that the material factors referred to
in the previous paragraph will not cause such forward-looking information to differ materially from actual
results or events. However, the list of these factors is not exhaustive and is subject to change and there
can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS
THE EXPECTATIONS OF BASELODE AND FORUM AS OF THE DATE OF THIS NEWS RELEASE
AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT
PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY
UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE BASELODE AND FORUM MAY
ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR
TIME.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of
the TSXV) accepts responsibility for the adequacy or accuracy of this release.
[1]
Refer to Forum News Release dated
September 12, 2023
, titled "Forum intersects 2.25% over 11.1 metres on the Thelon Basin Uranium Project"
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/258399