TORONTO, March 22, 2022 /CNW/ - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the receipt of an exploration permit (the "Permit") from Saskatchewan's Ministry of Environment for an additional 50,000 metres of diamond drilling on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project, Athabasca Basin area, northern Saskatchewan.
The Company has approximately $20 million in cash and is fully-funded to carry out the expanded drill program.
"In light of the results we've seen on ACKIO we've increased the planned 10,000 metres to a minimum 20,000 metres along strike of ACKIO. This will see us drill right through until summer, and we now have the flexibility to expand further to a total of 60,000 metres on ACKIO until 2023," said James Sykes, CEO, President and Director of Baselode.
The drill program is helicopter-supported to lessen any ground-induced environmental impacts within the project area, and will allow the Company to continue the drill program through Spring thaw and into the Summer months. The Permit is effective immediately and expires on December 31, 2023. Baselode remains engaged in positive discussions with the respective Indigenous communities and northern stakeholders for the Hook project. Baselode is committed to mutually beneficial working relationships with Indigenous and northern communities while mitigating any exploration impacts on traditional Indigenous lands and Rights.
ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.'s (TSX: CCO) and Orano's McArthur River mine and Key Lake Uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill.
About Baselode Energy Corp.
Baselode 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.
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.
SOURCE Baselode Energy Corp.
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