TORONTO, July 7, 2020 /CNW/ - Baselode Energy Corp. ("Baselode" or the "Company") (TSXV: FIND) is pleased to announce the acquisition of its Hook uranium property ("Hook") in the Athabasca Basin area of northern Saskatchewan, Canada. Hook covers ~30,000 hectares within the basement rocks adjacent to the southeast edge of the Athabasca Basin ("Athabasca") and ~60km east-northeast of the Key Lake mill. Hook is Baselode's second recent uranium property acquisition in the Athabasca.
Hook is 100% owned by Baselode and is free of any option agreement or underlying royalties.
"The Hook property is another strategic acquisition in-line with Baselode's Athabasca 2.0 exploration thesis which is to target basement hosted near surface deposits. Hook's geophysical strike is between two high-grade uranium occurrences, Cameco's McArthur River (historical 2000-2013 production of 250.6 million pounds U3O8; www.cameco.com) and the Hook Lake high-grade uranium occurrence (average of 44.5% U3O8 from 3 surface grab samples; see Skyharbour Resources Ltd news release of 27 October 2015). Baselode's Hook also covers a few uranium showings of interest; the Art Lake pegmatite radioactive showing which displays secondary uranium stains at surface, and a boulder train with anomalous radioactivity. We remain confident the property is ripe for a discovery," said James Sykes, CEO and President of Baselode.
Geologic Significance of the Hook Property
Hook is located outside of the Athabasca Basin but was once covered with Athabasca sandstones which have since been eroded. This provides the conditions for a near-surface, sub-unconformity high-grade uranium discovery. Hook is also within the basement rocks of the Wollaston Domain which hosts the highest-grade uranium deposits in the world. This acquisition follows Baselode's Athabasca 2.0 strategy of focusing on areas with no sandstone cover to easily explore favourable basement rock types with known uranium deposits. Baselode is confident the Hook Lake high-grade uranium structural system passes through the Property (see QP statement at the end of this news release).
Baselode's History with the Hook Lake Discovery
Charles Beaudry, Director of Baselode commented: "I was involved with the discovery of the Hook Lake showing, prospected the occurrence and conducted the first drill program on the property in the fall of 1979. I was always fascinated by the occurrence and the concept of this high-grade uranium mineralization in basement rocks that had little to do with the traditional graphitic basement hosts. At the time this suggested that graphite was not nearly as important as the geometry of faults in the basement rocks. It seemed unlikely that Hook Lake was a 'one off' anomaly that could not represent something fundamental about the geology of uranium in Saskatchewan."
Our exploration strategy on the Hook Project will focus on mapping post-Wollaston structural displacements along NNE faults combined with ground follow up prospecting to generate quality targets for drill testing, Baselode plans to advance the Hook project by first completing historic work assessment, reprocessing existing geophysical survey data and geological modelling of the property, to be followed with modern and high-resolution airborne geophysics. Once target areas have been identified, the Company will assess the most strategic and impactful steps forward in an attempt to be ready for diamond drilling as soon as possible.
Proximity to Infrastructure
The Hook property has a favourable location in the Athabasca Basin area with proximity to three uranium mills; Cameco's Key Lake mill ~65 km to the west, and access to Cameco's Eagle Point and Orano's McLean Lake mills via all-season highway 905 is ~25 km east of the Property boundary. Powerlines are also accessible at highway 905.
QP Statement and Note Regarding Historical Mineral Resources and Historical Results
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director of Baselode Energy, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
There are no current mineral resources or mineral reserves on the Hook Property. Baselode Energy has not done sufficient work to establish any mineral resources or mineral reserves and cautions the reader that references to any mineralization located outside of the Hook Property is not evidence of mineralization on the property. There is currently no evidence that the Hook Lake uranium fault trend extends onto the property and Baselode's focus will be to prospect the extensions of the Hook Lake trend.
About Baselode Energy
Baselode is a uranium exploration company with less than 29 million shares outstanding and only 9.8 million shares in the float. Baselode is focused on discovering a high-grade uranium orebody in the Athabasca Basin area in Saskatchewan, Canada. The Company holds the surface rights to exploration for 71,821 hectares in Saskatchewan.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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 filings by the Company 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.