CCO Cameco Corp

TORONTO, April 4, 2022 /CNW/ - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide an update to the ongoing 20,000 metre diamond drilling program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project ("Hook"), Athabasca Basin area, northern Saskatchewan.

"ACKIO continues to grow in size and impress us with results.  Both AK22-18 and AK22-19 demonstrate the robust size of the uranium-fertile fluid pathways that have penetrated the ACKIO area.  We are convinced that our drill holes to date have intersected the distal damage zone along the edges of a major mineralized structure and that a larger deposition point exists along the trend.  Our recent structural analysis of ACKIO is very compelling as it confirms numerous features previously identified with our geophysical surveys which could lead to the discovery of zones with higher levels of radioactivity and point us to targets for unconformity mineralization. We are excited to continue drilling the ACKIO mineralized trend and to test other prospective targets on the Hook Project," said James Sykes, CEO, President and Director of Baselode. 

Highlights include;

• Drill hole AK22-18 has intersected the broadest zone of continuously elevated radioactivity summed over the entire drill hole length on the project to date, including a highlight of 2,130 cps over 2.6 m at 164.5 m depth and a maximum of 4,550 cps over 0.2 m at 166.5 m depth (see Table 1)
• Drill holes AK22-13, AK22-14 and AK22-19 intersected highlights of;
• • 1,317 cps over 2.35 m at 166.5 m depth,
  • 1,152 cps over 2.9 m at 157.2 m depth,
  • 1,037 cps over 2.05 m at 219.95 m including a maximum of 8,000 cps over 0.1 m at 221.6 m and 1,160 cps over 4.55 m at 236.8 m including a maximum of 9,200 cps over 0.1 m at 239.9 m, respectively

• The Upper zone strike length has been extended to over 200 metres and the Lower zone strike length now measures greater than 150 metres; both zones remain open in all directions (see Figure 1). The Upper and Lower zones are between 90 to 125 m and 150 to 200 m beneath the surface, respectively
• Structural analysis has confirmed the presence of northeast-southwest oriented faults cross-cutting the northwest-southeast local fabric which could control 1) higher levels of radioactivity observed in drill holes AK21-01 and AK22-11 (see previous news releases), and 2) offsets of the current northwest-southeast mineralization extents

The Company is preparing a video presentation to provide more details and interpretations regarding the results and details from this news release.  The video is expected within the next 10 days.

Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 15 drill holes (AK22-05 to AK22-19) for 4,754.6 m (see Figure 1).  Eight drill holes have intersected continuously elevated radioactivity.  A complete list of drill hole collars and hand-held scintillometer radioactivity composite measurements from this news release are provided in Table 1.

Samples from these eight 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 provide Program updates 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. 

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 – Plan map of the ACKIO area

TABLE 1 – Drill collar details and continuous composite elevated radioactivity results from drill holes AK22-12 to AK22-19

SOURCE Baselode Energy Corp.