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Baselode Intersects Three New Holes with Elevated Radioactivity, Including the Highest Levels of Radioactivity To Date on ACKIO High-Grade Uranium Discovery

07.03.2022  |  CNW

TORONTO, March 7, 2022 - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide an update of the on-going 10,000 metre diamond drilling program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project ("Hook"), Athabasca Basin area, northern Saskatchewan.

Highlights include;

  • 25,000 counts-per-second ("cps") from drill hole AK22-11 at 217.1 m depth (see Figure 1) represents the highest indvidual radioactivity reading on the project to date
  • New sub-parallel "Lower" zone of uranium mineralization discovered with two intervals of continuous elevated radioacitivity measuring 1,583 cps over 6.5 m at 201.0 m and 1,286 cps over 11.9 m at 215.75 m from drill hole AK22-11
  • Uranium mineralization extends for over 150 m along strike and remains open along both strike directions (see Figure 2)
  • Higher levels of radioactivity discovered in two drill holes to the north (AK22-08 and AK22-09) and one drill hole to the south (AK22-11) of the discovery drill fence which includes drill hole AK21-01 (0.13 wt% U3O8 over 15.5 m, see Table 1 and Table 2 for comparisons)
  • Faulting, alteration, and above background radioactivity discovered in Athabasca sandstone east of ACKIO mineralization in drill hole AK22-05 is prospective for unconformity mineralization (see Figure 3)

"We're encouraged with the results from the winter drill holes to date, especially AK22-08, AK22-09, and AK22-11. The former two drill holes provide continuity to the northwest with the "Upper" mineralized zone that we discovered last year, and the latter drill hole has intersected a new "Lower" mineralized zone that exhibits the highest levels of radioactivity that we've seen on ACKIO to date. The Lower zone in AK22-11 is associated with a calc-silicate unit where we intersected 0.11 wt% U3O8 over 2.0 m in drill hole AK21-03 last year. Mineralization and alteration are getting much broader and stronger as we continue exploring to the southeast. Our updated structural model suggests the ACKIO trend continues for another 1,000 m to the southeast, and that fold repetition of lithological units which host known mineralization should occur east of current drill limits. Drill hole AK22-05 intersected above average radioactivity associated with massive clay-hematite alteration as part of a basement fault wedge into the Athabasca sandstone, suggesting the eastern area has potential for unconformity mineralization. For now, we will continue our aggressive drill campaign with 50 metre step-out holes to the southeast and northwest, exploring for more high-grade uranium mineralization along the ACKIO trends. Targeting the eastern corridor for unconformity mineralization potential will become a priority in the weeks to come," said James Sykes, CEO, President and Director of Baselode.

The Company is preparing a video presentation to provide more details and interpretations regarding the results from this news release. The video is expected in the coming days.

Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 7 drill holes (AK22-05 to AK22-11) for 2,185.6 m (see Figure 2). Three drill holes (AK22-08, AK22-09 and AK22-11) have intersected continuous elevated radioactivity. Figure 3 is a schematic representation of the interpreted geology along the discovery drill fence which includes drill holes AK21-01 to AK22-06. A complete list of drill hole collar details and hand-held scintillometer radioactivity composite measurements are in Table 1. Table 2 is provided for comparison of radioactivity and geochemical assay results from the 2021 drill holes with those from Table 1.

Samples from these 7 drill holes have been submitted to the Saskatchewan Research Council's ("SRC") Geoanalytical Laboratory in Saskatoon, Saskatchewan, for whole-rock, multi-element and U3O8 analysis. Baselode will continue to release drill core radioactivity results as a prelude to uranium assay results on a bi-monthly to monthly schedule. Uranium assay results will be released as they are received after being compiled and thoroughly checked by the technical team.

The Program is helicopter-supported to lessen any ground-induced environmental impacts within the project area, and will allow the Company to continue the Program during Spring thaw.

ACKIO is located 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.

NOTES:

  1. cps* = "counts-per-second", as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer. The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
  2. The Company considers all RS-125 readings greater than 300 cps to be considered elevated radioactivity, with background radioactivity measuring between 50 to 125 cps.
  3. "Continuous elevated radioactivity" means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
  4. All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.

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.

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.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.

FIGURE 1 - 25,000 cps measured from AK22-11 at 217.1 m depth

FIGURE 2 - Plan map of the ACKIO area including 2021 and current 2022 drill holes

FIGURE 3 - Geology schematic cross-section of drill holes AK21-01 to AK22-06 (view looking north)

TABLE 1 - Drill collar details and continuous composite elevated radioactivity results from drill holes AK22-05 to AK22-11

DDH

Target Area

East

North

Elevation

Azimuth

Dip

EOH

Radioactivity (>300 cps)

Assay Results (>0.5 wt% U3O8)

AK22-05

ACKIO

526,345

6,372,955

467

270

-75

258

No significant results

Assay results pending

AK22-06

ACKIO

526,345

6,372,955

467

270

-45

285

No significant results

Assay results pending

AK22-07

ACKIO

526,245

6,373,005

468

270

-60

310.6

No significant results

Assay results pending

AK22-08

ACKIO

526,245

6,373,005

468

270

-45

378

600 cps over 0.3 m at 170.6 m

Assay results pending









911 cps over 6.4 m at 175.6 m

Assay results pending









677 cps over 1.65 m at 241.1 m

Assay results pending









850 cps over 0.25 m at 266.5 m

Assay results pending









390 cps over 0.1 m at 345.3 m

Assay results pending

AK22-09

ACKIO

526,245

6,373,005

468

270

-52

297

1,052 cps over 10.05 m at 136.8 m

Assay results pending









345 cps over 0.5 m at 180.4 m

Assay results pending









400 cps over 0.2 m at 264.5 m

Assay results pending

AK22-10

ACKIO

526,245

6,372,855

468

270

-70

281

No significant results

Assay results pending

AK22-11

ACKIO

526,245

6,372,855

468

270

-45

376

330 cps over 0.2 m at 174.25 m

Assay results pending









1,583 cps over 6.5 m at 201.0 m

Assay results pending









572 cps over 3.5 m at 210.1 m

Assay results pending









1,286 cps over 11.9 m at 215.75 m

Assay results pending






includes >5,000 cps

9,844 cps over 0.65 m at 216.75 m

Assay results pending






includes >20,000 cps

25,000 cps over 0.1 m at 217.1 m

Assay results pending

7 DDH







2,185.6 m

3 DDH

0 DDH

NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N
Elevation is recorded as "metres above sea level"
EOH = End of hole, measured in metres
Composite radioactivity results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution

TABLE 2 - Drill collar details, continuous composite elevated radioactivity results and uranium (U3O8) assay results from drill holes AK21-01 to AK21-04

DDH

Target Area

East

North

Elevation

Azimuth

Dip

EOH

Radioactivity (>300 cps)*

Assay Results (>0.5 wt% U3O8)

AK21-01**

ACKIO

526,245

6,372,955

467

270

-60

471

333 cps over 3.3 m at 127.1 m

0.05 wt% U3O8 over 2.0 m at 126.8 m









642 cps over 16.2 m at 133.8 m

0.13 wt% U3O8 over 15.5 m at 134.3 m









350 cps over 0.1 m at 250.7 m

No significant results









356 cps over 1.8 m at 283.6 m

0.06 wt% U3O8 over 1.2 m at 284.6 m









403 cps over 2.75 m at 366.7 m

0.05 wt% U3O8 over 1.0 m at 366.7 m









includes

0.06 wt% U3O8 over 0.4 m at 368.8 m

AK21-02

ACKIO

526,245

6,372,955

467

270

-85

42

N/A - Abandoned

N/A - Abandoned

AK21-02A

ACKIO

526,245

6,372,955

467

270

-85

357

No significant results

No significant results

AK21-03***

ACKIO

526,245

6,372,955

467

270

-45

360

994 cps over 5.55 m at 128.5 m

0.24 wt% U3O8 over 5.5 m at 128.6 m









550 cps over 0.15 m at 136.9 m

No significant results









876 cps over 3.75 m at 246.4 m

0.11 wt% U3O8 over 2.0 m at 248.1 m









429 cps over 2.5 m at 266.05 m

0.06 wt% U3O8 over 0.5 m at 267.4 m









738 cps over 1.5 m at 272.3 m

0.05 wt% U3O8 over 0.5 m at 273.4 m









750 cps over 1.9 m at 276.7 m

0.06 wt% U3O8 over 1.0 m at 277.4 m









491 cps over 0.4 m at 302.4 m

No significant results

AK21-04***

ACKIO

526,139

6,372,955

467

270

-60

381

474 cps over 9.95 m at 95.8 m

0.17 wt% U3O8 over 1.0 m at 95.5 m









includes

0.24 wt% U3O8 over 2.0 m at 99.0 m









includes

0.05 wt% U3O8 over 0.5 m at 103.5 m









includes

0.07 wt% U3O8 over 0.5 m at 105.5 m









396 cps over 1.2 m at 108.8 m

No significant results









350 cps over 0.35 m at 165.4 m

No significant results









502 cps over 0.5 m at 168.1 m

0.08 wt% U3O8 over 1.0 m at 168.0 m









771 cps over 0.7 m at 254.3 m

0.07 wt% U3O8 over 0.5 m at 253.8 m









450 cps over 0.2 m at 270.7 m

No significant results

5 DDH







1,611 m

3 DDH

3 DDH

NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N
Elevation is recorded as "metres above sea level"
EOH = End of hole, measured in metres
Composite radioactivity results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution
* 2021 drill hole radioactivity results were all reported in a news release dated October 13, 2021
** 2021 drill hole assay results were originally reported in a news release dated December 3, 2021
*** 2021 drill hole assay results were originally reported in a news release dated January 6, 2022

SOURCE Baselode Energy Corp.



Contact
Baselode Energy Corp., FIND on the TSXV, James Sykes, CEO, President and Director, jsykes@uraniumgeologist.com, 306-221-8717, www.baselode.com
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