The drill program will double in size to 4,000 metres
Three new target areas will be added
Baselode is seeking another grassroots discovery on Catharsis
Early drilling has encountered anomalous radioactivity, strong alteration, and encouraging redox-style alteration within brittle structures
Toronto, Ontario--(Newsfile Corp. - March 4, 2024) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce that it will increase the ongoing drill program on the Catharsis uranium project ("Catharsis") to 4,000 metres. Early drilling has shown encouraging signs that warrant the additional investment.
"Our first drill hole of this program intersected anomalous radioactivity* within a structural corridor at a favourable lithologic contact. These are important similarities with other uranium deposits. Subsequent drill holes followed the radioactivity up-dip (Figure 3) and intersected quartz-hematite oxidized fluid systems with redox-style and clay alteration characteristics reminiscent of high-grade uranium deposits (see Figures 4, 5 & 6). We will continue drilling the target area down-dip of the radioactivity, and along strike from it. We are encouraged by the results and have decided to increase our Program. We will drill more target areas than previously announced to test for near-surface, high-grade uranium deposits," stated James Sykes, CEO, President, and Director of Baselode.
Please watch the Company's video (below) for updates and explanations about the first three drill holes (CT24-009 to CT24-011) and target areas of the Program.
Three drill holes, CT24-009 to CT24-011, for 721 m have been completed within Target Area D (Table 1). The Program has been upgraded to target 12 to 16 drill holes for 4,000 metres ("m") within 6 to 8 different untested target areas (Figure 2).
Drill hole CT24-009 was completed down to 305.0 m depth, having intersected anomalous radioactivity, 666 counts-per-second ("cps") over 0.7 m, including a maximum of 1,305 cps over 0.1 m, at 275.4 m depth within a structural corridor at a favourable lithological contact. The radioactivity was never recovered in drill core due to significant core loss however the radioactivity was identified by the downhole gamma probe.
Drill holes CT24-010 and CT24-011 were completed down to 218.25 m and 198.0 m depth, respectively. Both drill holes intersected encouraging clay, quartz, and hematite redox-style alterations associated with cohesive brittle structures up-dip of the radioactivity in CT24-009. CT24-011 intersected alteration styles and structural types with greater intensity over a broader width than CT24-010. These structures and alteration styles demonstrate the presence of hydrothermal fluids mixing along remobilized brittle structures, and are typically associated with Athabasca Basin basement-hosted uranium deposits.
The logistics support for a high-resolution airborne magnetic and radiometric survey remains on-going. The survey is planned for over 10,000 line-km with flight lines 50 m apart.
* "Anomalous radioactivity" defined as >1,000 cps over 0.1 m as measured with the large NaI crystal from the downhole triple gamma probe model 2GHF-1000. Average background radioactivity for drill holes CT24-009 to CT24-011 established as 40 cps.
Baselode controls 100% of approximately 272,804 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company 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 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 www.sedarplus.ca.
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.
FIGURE 1 - Bear, Catharsis, Hook & Shadow projects location map. ACKIO uranium prospect identified by yellow circle
TABLE 1 – Drill collar details for drill holes CT24-009 to CT24-011
DDH
Target Area
East
North
Elevation
Az.
Dip
EOH
Radioactivity (>300 cps)
Assay Results (>100 ppm U3O8)
CT24-009
D
403,004
6,246,588
476
315
-60
305
666 cps over 0.7 m at 275.4 m
NA - no core recovered
CT24-010
D
402,960
6,246,631
475
315
-60
218
No significant results
CT24-011
D
402,960
6,246,631
475
315
-45
198
No significant results
3 DDH
721
1 DDH
0 DDH
NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N Elevation is recorded as "metres above sea level" Az. = Azimuth, EOH = End of hole (measured in metres) Composite radioactivity results use 200 cps cut-off and do not contain greater than 2.0 m consecutive dilution
