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Baselode drills 16.2 m of 300 cps radioactivity at Hook
2021-09-29 07:35 ET - News Release
Mr. James Sykes reports
BASELODE ANNOUCES A NEW URANIUM DISCOVERY: DRILLS 16.2 METRES OF ELEVATED RADIOACTIVITY IN FIRST DRILL PROGRAM ON THE HOOK URANIUM PROJECT
Baselode Energy Corp. has intersected a wide zone of elevated radioactivity in the first drill program on its Hook uranium project, Athabasca basin area, Northern Saskatchewan.
Drill hole HK21-07 was the first drill hole in the Ackio target area on Hook. This discovery drill hole intersected 16.2 metres of continuous elevated radioactivity (that is, greater than 300 counts per second) starting at 133.8 m drill hole depth (about 115 m vertical depth from surface) within a massive structurally controlled hydrothermal alteration envelope that exceeds 250 m thickness.
"This is an exciting discovery for Baselode. We believe this discovery is part of a new and large uranium system within the Athabasca basin area. These results are a testimony to our Athabasca 2.0 thesis and we remain eager to deliver more exciting results from the Ackio target area as drilling progresses," said James Sykes, chief executive officer and president of Baselode.
The radioactive interval averages 642 cps and includes multiple intersections of greater than 1,000 cps:
- An average of 3,900 cps over 0.5 m at 138.8 m, which also includes a 0.1 m interval of 12,500 cps;
- An average of 2,000 cps over 0.9 m at 142.0 m;
- 2,200 cps over 0.2 m at 147.2 m.
"The widespread basement alteration we've intersected in HK21-07 reflects a large hydrothermal fluid system that could be fertile for high-grade uranium mineralization, which is demonstrated with radioactivity greater than 10,000 cps in the Ackio area. We're also excited to have intersected Athabasca sandstones outside the previously known basin margin. This provides us with exploration targets for discovering unconformity-style mineralization just 50 metres below surface at Ackio," said Cameron MacKay, Baselode's projects manager.
Expansion of the current Hook drill program
Due to the encouraging results at Ackio, Baselode will continue the current drill program on its Ackio target for as long as weather conditions permit. The company is expanding the drill program from 2,500 to a minimum of 3,500 m with drill holes now ranging from 200 to 500 metres of drill hole depth. The drill program is operated with helicopter support to lessen any ground-induced environmental impacts within the project area. Updates from the expanded drill program will be released in the coming weeks.
Open webinar presentation -- Sept. 30, 2021
Mr. Sykes will be presenting a live webinar on Thursday, Sept. 30, 2021, at 2 p.m. Eastern Time, as part of Red Cloud Securities Inc.'s webinar series. Mr. Sykes will provide more detailed results and ideas from the Ackio discovery area and for the Hook project.
Ackio target area
Drill hole HK21-07 intersected a sequence of Athabasca sandstone immediately beneath glacial overburden at 35.0 m drill hole depth. The sandstone shows signs of classic Athabasca sandstone uranium deposit alteration styles including pervasive bleaching, secondary hematite and other oxidized-alteration overprints, as well as hematite alteration along faults. The unconformity (UC) between sandstone and basement rocks was intersected at 59.7 m drill hole depth. The basement rocks are strongly altered from the UC down to about 300 m drill hole depth. Basement alteration consists of predominant and pervasive chlorite alteration with clay alteration and hematite, which resemble alteration envelopes proximal to known Athabasca basement-hosted uranium deposits. The drill hole was stopped at 471 m drill hole depth.
Drill hole HK21-07 is located approximately 450 m southeast from the recent discovery drill hole (GEM-004) by 92 Energy on their adjacent Gemini project. Baselode believes that these two discovery drill holes are part of the same structural system, suggesting a large and widespread fertile system for uranium mineralization that remains open for drilling in all directions.
The Ackio-GEM area is located 30 km southeast of well-established infrastructure including an all-season road and power line that run between Cameco Corp. and Orano joint venture McArthur River mine and Key Lake uranium mill. The Ackio-GEM area is 70 km northeast of the Key Lake mill.
Beckett target area
Seven drill holes (HK21-01 through HK21-06A, including abandoned drill hole HK21-06) were completed in the Beckett target area. A total of 2,069 metres were completed in the seven drill holes down to depths between 206 m and 480 m. Drill holes HK21-01, HK21-03 and HK21-04 all intersected elevated radioactivity within quartzo-feldspathic pegmatite rock types, with some radioactivity in drill hole HK21-01 directly associated with fractures coated with yellow secondary uranium-bearing minerals between 126.9 and 139.5 m drill hole depths (about 110 to 120 m vertical depth from surface). Drill holes HK21-01 through HK21-04 also intersected structural intervals up to 10 m wide with significant hematite, chlorite and clay alteration styles similar to Ackio drill hole HK21-07.
"The yellow uranium-bearing minerals are a hydrous form of uranium, suggesting that the necessary conditions to mobilize uranium was present locally. In addition, we've intersected hematite-rich fault zones with remobilized clay-altered fractures, similar to those observed at Ackio, which could be distal parts to structures that may have carried and deposited uranium nearby. We remain excited with the exploration potential that exists at the Beckett target area," said Mr. Sykes.
About Baselode Energy Corp.
Baselode currently controls 100 per cent 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.
Qualified person statement
The technical information contained in this news release has been reviewed and approved by Mr. MacKay, who is considered to be a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
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