TORONTO, May 17, 2021 /CNW/ - Baselode Energy Corp. (TSXV:
FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is
pleased to announce that the fixed-wing airborne gravity survey
(the "Survey") has been completed over the Hook high-grade
uranium exploration project (the "Project"), Athabasca Basin area ("Athabasca") in northern Saskatchewan.
"We are very excited to have identified numerous gravity
anomalies associated with the historic uranium occurrences on the
Hook project and along strike with high-grade uranium occurrences
south of the project (i.e., SMDI 2016 in Figures 1 and 2). Our
preliminary interpretations have identified numerous elongate
gravity low features that correlate well with magnetic features,
suggesting these features are of geological importance and could be
indicative of fault zones with clay alteration commonly associated
with uranium mineralization. More importantly, we have identified a
large number of gravity targets without uranium occurrences,
suggesting the Project area is vastly underexplored and has the
potential for hosting numerous high-grade uranium discoveries. We
are eager to follow-up these target areas with our planned
high-resolution airborne radiometric and magnetic survey to further
refine and prioritize areas for ground prospecting and diamond
drilling," said James Sykes, CEO and
President of Baselode.
About this Gravity Survey
The Falcon® Plus airborne
gravity gradiometer, gravity and magnetics Survey covered the
entire Project with 400 m flight
line-spacing, including an additional 200
m flight line-spaced grid over an area previously identified
for high-grade uranium potential. The Survey was completed in 15
days. The Survey outlined numerous gravity low features commonly
associated with hydrothermal alteration systems and uranium
deposition. In addition, linear gravity low trends have been
identified that correlate well with magnetic linear features
interpreted as structural corridors (see Figures 1 and 2 for
results and interpretations).
Next Steps
Immediate follow-up exploration plans for
Hook include; i) a high-resolution airborne radiometric and
magnetic survey to further refine and prioritize structural targets
of interest for high-grade uranium mineralization, anticipated to
start in the next 4 weeks, ii) ground-truthing and reconnaissance,
geologic mapping, and sampling to help prioritize planned diamond
drill programs, anticipated to start in late Q2/early Q3, and iii)
2,500 metres of diamond drilling within priority target areas,
anticipated to begin in late Q3. Baselode applied for ground
exploration and diamond drilling permits in April, and anticipates
them to be received in June and July, respectively. The Company is
actively engaged in positive consultation with Indigenous
communities in the Project area.
About Baselode Energy Corp.
Baselode currently
controls 100% of approximately 171,000 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., Projects Manager 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.
SOURCE Baselode Energy Corp.
