Baselode Energy Corp. (OTCQB: BSENF) (TSXV: FIND) is a Canadian uranium exploration and extraction company, which controls 100% of 226,900 hectares in the Athabasca Basin area in Saskatchewan, Canada. Shares of the uranium mining company are rallying 37% through early trading on Wednesday, October 13, 2021. Over the past thirty days, Baselode Energy has seen average daily volume of 191,312 shares. However, volume of 226,874 shares or dollar volume of $242,755, has already exchanged hands through early trading on Wednesday.
Shares of Baselode Energy are gaining after the company announced it has located intersected numerous intervals of elevated radioactivity across its two new diamond drill holes on the Hook Uranium project. Baselode Energy owns 100% of the Hook project with no royalties.
A total of four drill holes were completed in the ACKIO zone for 1,911 meters and a total of ten drill holes spanning 3,680 meters during the Hook drill program. The company’s key distinct intersections occurred at hole AK21-03. Drill hole AK21-03 shows 1,199 CPS over 6.2 meters at 128.5 meter drill hole depth. Also, 876 CPS over 3.75 meters at 246.3 meter drill hole depth. The AK21-03 drill hole showed the largest zone of elevated radioactivity at the closest distance to the surface.
Baselode Energy announces the conclusion of its current drill program and plans for a follow up program in the winter. The winter program is estimated to feature two-drill support over its 10,000 meter program during the winter months in 2022. In addition, the company has staked an additional 19,964 hectares southwest to the Hook project for further prospecting. The new land shares regional magnetic features that are similar to those in its current exploration region.
“Drilling at ACKIO has continued to produce exciting results with high levels of radioactivity over wide intersections. These intersections are hosted within large alteration envelopes with visible uranium mineralization within 100 metres of true vertical depth. The system we’ve observed on Hook exhibits many features analagous with known Athabasca Basin deposits. Within the drillcore we see evidence of numerous, brittle, reactivated structures with multiple, overprinting fluid events, which is the right environment for uranium deposition. The alteration and structures observed in both the basement rocks and Athabasca sandstones suggest we could be close to a major fault zone that may have acted as a primary uranium fluid carrier,” said James Sykes, CEO and President of Baselode.
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