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Baselode Energy Corp
Symbol FIND
Shares Issued 133,639,822
Close 2024-10-03 C$ 0.128
Market Cap C$ 17,105,897
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Baselode Energy drills 8.5 m of 0.59% U3O8 at Ackio

2024-10-03 20:32 ET - News Release

Mr. James Sykes reports

BASELODE REPORTS HIGH-GRADE URANIUM ASSAYS ON ITS ACKIO PROSPECT

Baselode Energy Corp. has provided uranium (U3O8) assay results from three of 43 drill holes of the 2024 drill program on the Ackio prospect in the Athabasca basin area of Northern Saskatchewan.

"Baselode's Ackio prospect stands out among its peers due to the shallow depth of its mineralization, especially compared to the much deeper deposits elsewhere in the basin. We are highly encouraged by the results from holes AK24-118 and AK24-119, as they are the best intersections in pod 6 and rank among the top 20 drill holes at Ackio. These results strengthen our confidence in Ackio. It's remarkable that, just over three years after discovering Ackio, we're still achieving better-than-expected grades and widths," commented James Sykes, chief executive officer, president and ad director of Baselode.

Drill hole details

Drill hole AK24-119 was collared to test the northern extent of pod 6, 25 metres (m) downdip of hole AK22-039 (0.14 per cent U3O8 over 16.5 m*). This drill hole intersected twice the grade and increased thickness with a maximum of 0.28 per cent U3O8 over 21.0 m at 141.0 m depth, including high-grade uranium of 1.55 per cent U3O8 over 1.5 m.

Drill hole AK24-118 was collared to test the downdip extent 25 m from AK22-035, which returned 0.54 per cent U3O8 over 7.3 m**. This drill hole intersected similar but better results, with 0.59 per cent U3O8 over 8.5 m at 153.0 m depth, including high-grade uranium of 1.25 per cent U3O8 over 1.5 m.

The wider and higher-grade intersections from AK24-118 and AK24-119 help improve the overall uranium mineralization statistics of pod 6.

Drill hole AK24-117 was collared to test the mid-lower extents of pod 6, 15 m updip of hole AK22-020, which returned 0.08 per cent U3O8 over 4.45 m and 0.13 per cent U3O8 over 2.9 m***. This drill hole intersected similar results as AK22-020, with a maximum of 0.07 per cent U3O8 over 7.5 m at 128.5 m, confirming pod 6 to be pinching out in the downdip direction.

Assay results from an additional 40 drill holes from the now completed Ackio and Hook drill programs are pending, and will be released after quality review and approval.

Notes

High-grade uranium is defined by the company as composite results with more than 1.00 per cent U3O8 and no greater than 2.0 m continuous internal dilution (dilution is less than 1.00 per cent U3O8).

All reported lengths and depths are drill hole measurements and do not represent true thicknesses or vertical depths from surface, which have yet to be determined.

* Previously released results on Nov. 10, 2022.

** Previously released results on Sept. 12, 2022.

*** Previously released results on Aug. 22, 2022.

About Baselode Energy Corp.

Baselode controls 100 per cent of approximately 238,930 hectares for exploration in the Athabasca basin area of Northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

The company discovered the Ackio near-surface uranium prospect in September, 2021. Ackio measures greater than 375 m along strike, greater than 150 m wide, comprising at least nine separate uranium pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. Ackio remains open at depth, and to the north, south and east.

Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside 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 (qualified person) statement

The technical information contained in this news release has been reviewed and approved by Cameron MacKay, PGeo, vice-president, exploration and development, for Baselode Energy, who is considered to be a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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