Baselode Provides Exploration Update For Athabasca Area Uranium Projects, Expects to Announce Drill Program Soon
Baselode Provides Exploration Update For
Athabasca Area Uranium Projects, Expects to
Announce Drill Program Soon
TORONTO
,
July 19, 2021
/CNW/ - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF)
("
Baselode
" or the "
Company
") is pleased to provide an update of exploration activities on the
Company's uranium exploration projects ("
Catharsis
", "
Hook
" and "
Shadow
"), located in the
Athabasca
Basin area, northern
Saskatchewan
.
Baselode also expects to announce details on the commencement of a drill program in the near
term. Management is finalizing the details and will provide specific information available to
shareholders shortly.
Summary
Baselode staked an additional 36,000 hectares (the "
Acquisitions
") of prospective ground
contiguous with its existing Catharsis land position. The Catharsis Acquisitions host high-grade
uranium surface occurrences returning up to 7.65 wt% U
3
O
8
(see Figures 1 and 2)
A high-resolution airborne radiometric and magnetic survey has begun over Hook
Positive dialogue continues with the Indigenous communities on all projects, including Shadow
"The recent Catharsis Acquisitions host historic high-grade uranium surface occurrences that have
returned up 7.65 wt% U
3
O
8
, many of which have been observed within fractures and shears,
indicating structural controls for uranium deposition," said
James Sykes
, CEO and President of
Baselode, who continued, "We've also been working hard to coordinate our drill permitting process
on all three projects as well as ensuring that a full and complete consultation process is in place
across all of our projects. We are excited with the prospect of announcing our first drill program
soon, with the overall objective of having two distinct drill programs running for Baselode in 2021."
Catharsis
The Acquisitions cover 36,000 hectares of prospective ground for high-grade uranium exploration
contiguous to the south and east of Catharsis (Figure 1). The Acquisitions cover ten historic uranium
showings in outcrops as fracture and shear hosted mineralization with grades ranging from 0.066 to
7.65 wt% U
3
O
8
(Figure 2). Three of the showings are of particular interest because they have
returned in excess of 1 wt% U
3
O
8
, which Baselode considers to be high-grade uranium
mineralization. The showing discoveries all date back to the mid- to late 1970's and haven't been
revisited since. The Acquisitions cover a geological corridor hosting rock types similar to Cameco's
basement-hosted Eagle Point uranium mine. The Company intends to complete a detailed review of
the historic work completed over the Acquisitions in the coming months. The Acquisitions are 100%
controlled by Baselode and are free of any option agreements or underlying royalties.
The Company has received exploration drill permits from the Saskatchewan Ministry of Environment
for Catharsis (see News Release dated
July 13, 2021
) and intends to complete a
2,500 m
reconnaissance drill program in the coming months. An airborne VTEM
TM
geophysical survey is
currently being flown to help the Company identify and refine priority drill targets.
Hook
A high-resolution radiometrics and magnetics geophysical survey is being flown by Special Projects
Inc. ("
SPI
") from
Calgary
, AB. SPI is considered to be an industry-leading provider of high-resolution
airborne radiometric surveying. SPI flew the radiometric survey that delineated Fission Uranium's
PLS boulder field which eventually led to the discovery of the high-grade uranium Triple R deposit.
The Hook geophysical survey consists of 12,115 line kilometres with
50 m
flight line-spacing and
low-level flying to maximize radiometric results. The Company remains hopeful the survey will
identify structurally-controlled uranium occurrences at or very near surface, providing the final
geophysical information required to generate drill targets. The survey is expected to be completed
within 2 weeks.
Cameron MacKay
, Baselode's Projects Manager, comments; "The high-resolution survey will help
further define structural corridors of interest that we believe have the potential to host high-grade
uranium mineralization. Graphitic shear zones are the classic
Athabasca
uranium exploration
targets. The presence of graphite provides a useful means of imaging structures with an EM survey
but is not a prerequisite for deposit formation. Structurally-controlled, basement-hosted uranium
deposits and occurrences that are not associated with graphite are well-known. We can interpret
structural traps manifest as flexures and faults from the high-resolution magnetic data to generate
our targets for Hook. We are excited to see if any radiometric and gravity anomalies overlap with
our structural targets, providing us with high-priority drill targets."
Up-Coming Exploration News
Follow-up exploration plans and news over the next few months include; i) completion of the airborne
VTEM
TM
geophysical survey over Catharsis, ii) completion of the high-resolution airborne
radiometrics and magnetics geophysical survey over Hook, iii) interpretations of the recently
completed field programs at Catharsis and Hook, iv) a planned
2,500 m
diamond drill program on
Hook anticipated to start in August, and v) a planned 2,500 metre diamond drill program on
Catharsis scheduled to start in mid-October.
Baselode remains engaged in positive discussions with Indigenous communities and northern
stakeholders for all of its exploration activities and projects. Baselode is committed to mutually
beneficial working relationships with Indigenous and northern communities while mitigating any
exploration impacts on traditional Indigenous lands and Rights.
About Baselode Energy Corp.
Baselode currently controls 100% of approximately 207,000 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.
Click here to see figures 1-2
Figure 1: Baselode's projects within the
Athabasca
Basin area, northern
Saskatchewan
Figure 2: Historic uranium occurrences on Baselode's newly acquired Catharsis land package
SOURCE
Baselode Energy Corp.
View original content:
http://www.newswire.ca/en/releases/archive/July2021/19/c0573.html
%SEDAR: 00044947E
For further information:
Baselode Energy Corp., FIND on the TSXV, James Sykes, President and
CEO, [email protected], 306-221-8717, www.baselode.com
CO: Baselode Energy Corp.
CNW 08:44e 19-JUL-21