TORONTO, June 10, 2021 /CNW/ - Baselode Energy Corp.
(TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the
"Company") is pleased to announce that a field crew has
started groundwork exploration on the Catharsis high-grade uranium
exploration project ("Catharsis" or the "Project").
The Company received its exploration permits from Saskatchewan's Ministry of Environment (see
News Release dated May 25, 2021) and
remains engaged in good faith discussions with local Indigenous
communities and northern stakeholders.
"This is an exciting time for the Company kicking-off our first
ground-based exploration program. The groundwork exploration
is critical to advance the Project in preparation for our planned
diamond drill campaign. We're also very happy to report that the
majority of our logistical support and economic benefits have been
sourced to Indigenous and northern Saskatchewan businesses. We've been
proactively engaged towards mutually-beneficial working
relationships with the local Indigenous communities and
stakeholders for the past few months, communicating our manner of
planning and operations with respect to the possible impacts on
their traditional Rights, lands, and resources, while also
identifying areas for economic benefits," said James Sykes, CEO and President of
Baselode.
"We're excited to have this opportunity to explore Catharsis for
the first time on the ground. Our review of the historical
work in the Project area has highlighted numerous favourable
characteristics analogous with Athabasca uranium deposits, such as a
high-grade uranium occurrence at surface hosted within sheared
metasediments. Our recently completed airborne gravity and
magnetic survey have also provided us with additional exploration
target areas requiring ground reconnaissance. We expect to
learn a lot from the planned groundwork with the intent of
vectoring us towards new uranium discoveries," said Cameron MacKay, the Company's Projects
Manager.
Planned Groundwork
The planned groundwork on Catharsis
includes prospecting, mapping and outcrop/boulder sampling.
The field crew will spend three to four weeks onsite and will be
prioritizing two main trends:
- A favourable northeast-oriented trend in the north part of the
Project, which hosts a high-grade uranium occurrence at surface
within sheared metasediments, coincident with overlapping gravity
lows, magnetic breaks, jogs and offsets; and
- A highly prospective northeast-oriented, uranium-fertile,
conductive corridor in the southeast part of the Project that is on
trend with numerous high-grade uranium showings discovered at
surface and intersected within drillholes outside of the Project
boundary.
Initial surface geology results will be released at the end of
the groundwork exploration program, and geochemical assay results
will be released when results become available and
reviewed.
Follow-Up Exploration
Immediate follow-up exploration plans for Catharsis include; i) an
airborne VTEM survey required to further refine structural targets
for diamond drilling, anticipated to start in the next 1 to 2
weeks, and ii) 2,500 metres of reconnaissance diamond drilling
within defined priority target areas, anticipated to begin in late
Q3.
The Company also announces that in accordance with its stock
option plan, it has granted a total of 3,000,050 incentive options
to officers, directors and consultants of the Company, at an option
exercise price of 0.56 cents per
share, exercisable for a period of five years from the date of
issue.
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.
