Oleblue
8月前
Baselode Energy and Forum Energy Metals Combine to Create a New Force in Canadian Uranium Exploration
Newsfile Corp.
June 24, 2025
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2025) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode") and Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum", together with Baselode, the "Parties") are pleased to announce that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") in an at-market business combination whereby Baselode will acquire all of the issued and outstanding common shares of Forum (the "Forum Shares") pursuant to a court-approved plan of arrangement (the "Arrangement"). The combined company will continue under the name Geiger Energy Corporation (TSXV: BEEP) (OTCQB: BSENF) ("Geiger").
Strategic Rationale for Geiger Energy
This business combination creates a uranium exploration leader with enhanced scale, diversified assets, a strengthened leadership team, and is backed by the Ore Group's proven capital markets platform. With a clear focus on discovery and growth, the combined company is positioned to immediately execute an aggressive exploration strategy and attract broader market interest.
Key Highlights
Significant Potential: Flagship 100%-owned Aberdeen Project in the Thelon Basin, an underexplored region with district potential. A drill program to begin immediately.
Pipeline Growth from Hook: The Hook Project remains a high-priority follow-up, with large-scale alteration systems suggestive of significant discovery potential and growth.
One of Canada's Largest Uranium Exploration Portfolios: 100%-owned projects across the Thelon and Athabasca basins, two of the most prolific uranium regions globally.
Optionality Through Critical Minerals: Additional copper and critical mineral exposure adds strategic upside and future optionality.
Strong Capital Foundation: Clean capital structure, proven capital-raising capability, and enhanced market visibility.
Refreshed Leadership: Dr. Rebecca Hunter, a leading Thelon expert, appointed CEO. Stephen Stewart continues as Chair, with a reconstituted board drawn from both teams.
Ore Group Platform: Strategic guidance, capital markets execution, and long-term alignment under the Ore Group umbrella.
Shareholder Benefits
Clear plan for growth, discovery, and value creation.
Increased scale and relevance for institutional and index investors.
Immediate, high-impact exploration at Aberdeen.
Exposure to multiple high-potential assets and districts.
Strengthened financial and execution capacity.
Rebecca Hunter, Forum's President and Chief Executive Officer who will continue in the same role at Geiger, stated: "I am excited about this merger and the opportunity to combine the highly prospective portfolios of Forum and Baselode into a new, unified entity. Most importantly, it enables us to unlock the full exploration potential of the Aberdeen Project starting this summer. With our combined resources and a shared vision, we are now positioned to advance the Aberdeen Project through a comprehensive and appropriately scaled drill program aimed at delivering what we believe to be a significant discovery opportunity."
James Sykes, President and Chief Executive Officer of Baselode, stated: "This merger between Baselode and Forum is a unique opportunity with incredible upside potential for shareholder growth and value creation through large-scale, high-grade uranium discovery potential on the Parties flagship properties; Aberdeen and Hook. Our combined efforts create a powerhouse Canadian uranium exploration company that is ready to execute immediately."
Stephen Stewart, Baselode's Chair, who remains as Chair of Geiger, stated: "We are pleased to announce this creative and accretive business combination that brings together complementary assets, capital, and top-tier technical and capital markets teams. This merger is built around a refreshed strategy to pursue uranium discoveries within one of the world's most prospective and emerging uranium districts, Canada's Thelon and Athabasca Basins."
Rick Mazur, Chairman of Forum, stated: "I'm confident this combination, under the leadership of Forum's CEO Rebecca Hunter as the incoming CEO of Geiger, will unlock substantial value from the combined assets for Forum shareholders. The addition of the Baselode management team should also strengthen our access to capital markets."
Transaction Summary
Under the terms of the Arrangement Agreement, signed on June 23, 2025, Forum shareholders will receive 0.3535 common shares of Baselode (each whole common share, a "Baselode Share") in exchange for each Forum common share held immediately prior to the effective time of the Arrangement. Prior to the Arrangement, Baselode had 134,439,822 common shares outstanding, and Forum had 309,354,574 common shares outstanding. Upon completion of the Arrangement, 109,356,842 common shares of Baselode will be issued to Forum shareholders, with a deemed value of $13,122,821 as of Baselode's share price at close on June 23, 2025 ($0.12/sh). The combined company will have a total of 243,796,664 common shares outstanding, with existing Baselode shareholders and former Forum shareholders owning approximately 55% and 45% of the outstanding common shares of the combined company, respectively.
The Arrangement will be carried out by way of a court-approved plan of arrangement under the provisions of the Business Corporations Act (British Columbia). Under the terms of the Arrangement, Forum shareholders will receive 0.3535 of a Baselode Share for each Forum Share held (such exchange ratio being hereinafter referred to as the "Exchange Ratio"). Each outstanding stock option to acquire Forum Shares will be exchanged for a stock option to acquire Baselode Shares, in amounts and at exercise prices adjusted in accordance with the Exchange Ratio. Further, each outstanding warrant to acquire Forum Shares will entitle the holder thereof to receive, upon the exercise thereof, 0.3535 of a Baselode Share at a price adjusted in accordance with the Exchange Ratio, and otherwise on the same terms and conditions as the original warrant.
Completion of the Arrangement is subject to approval by the Supreme Court of British Columbia and the affirmative vote of Forum shareholders at a special meeting that is expected to be held in August 2025 (the "Meeting"). At the Meeting, the Arrangement will require approval by (i) at least two-thirds (66?%) of the votes cast by Forum shareholders present in person or represented by proxy and entitled to vote at the Meeting, and (ii) at least simple majority of the votes cast by Forum shareholders present in person or represented by proxy and entitled to vote at the Meeting, excluding votes from certain shareholders as required under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
Full details of the Arrangement Agreement will be included in a management information circular of Forum in connection with the Meeting, which will be to be filed with applicable regulatory authorities and mailed to Forum shareholders in accordance with applicable securities laws.
Pursuant to the terms of the Arrangement Agreement, the Arrangement is subject to customary conditions, including support of the transaction by directors, officers and significant shareholders of Forum, and receipt of applicable regulatory and third-party approvals and consents as may be required to effect and complete the transaction, including approval of the TSX Venture Exchange "TSXV". Closing of the Arrangement is also subject to (i) the completion of a consolidation of the Baselode Shares on a five-for-one (5:1) basis (the "Baselode Consolidation"), (ii) the change of Baselode's corporate name to a name mutually agreed upon by the Parties (the "Baselode Name Change"), and (iii) the reconstitution of the board of directors and management of Baselode to be comprised of five board members (three Baselode nominees and two Forum nominees) with Rebecca Hunter appointed as CEO and Joel Friedman appointed as CFO, in each case as of the closing of the Arrangement. Both the Baselode Consolidation and Baselode Name Change will be subject to the receipt of Baselode shareholder approval.
The Arrangement Agreement includes customary provisions, including covenants not to solicit other acquisition proposals and the right to match any superior proposal. In addition, the Arrangement Agreement contains a reciprocal termination fee provision of 3% of the transaction value and a reciprocal expense reimbursement provision of up to $250,000 payable to the other party if the transaction is terminated in certain circumstances.
Assuming that all requisite approvals are received, Forum and Baselode expect to close the proposed Arrangement shortly after the date of the Meeting.
Earn-in Agreement
To enable immediate drilling at Aberdeen, the companies have entered into an concurrent earn-in agreement (the "Earn-in Agreement") with respect to Forum's Aberdeen Project in Nunavut ("Aberdeen") whereby Baselode will fund this activity in exchange for a percentage interest in the project. However, when the Arrangement Agreement is completed and receives shareholder approval, the Earn-in agreement will effectively be terminated, as the newly combined entity, Geiger, will own 100% of Aberdeen. This earn-in agreement serves as a creative bridge financing mechanism that facilitates the commencement of drilling prior to the closing of the transaction. Pursuant to the terms of the Earn-in Agreement, Baselode may earn up to a 50% interest in Aberdeen by incurring $4,000,000 in expenditures on to Forum. If the Arrangement Agreement is terminated, Forum will have the opportunity to reacquire any interest earned in Aberdeen from Baselode by (i) making a cash payment equal to 250% of the exploration expenditures incurred on Aberdeen by Baselode; and (ii) granting Baselode a 1% net smelter returns royalty on future production from Aberdeen.
Board of Directors' Recommendation and Voting Support
The Arrangement has been unanimously approved by the board of directors of both Baselode and Forum, after receiving the unanimous recommendation of a special committee of the Forum board of directors (the "Special Committee") comprised entirely of independent directors, which determined that the Arrangement, including the transactions contemplated thereunder, is fair to the holders of Forum Shares and is in the best interests of Forum. All of the directors and officers of Forum have entered into support agreements pursuant to which they have agreed, among other things, to support the transaction and vote their Forum Shares in favour of the Arrangement.
Advisors and Counsel
DLA Piper (Canada) LLP is acting as legal counsel to Baselode. McMillan LLP is acting as legal counsel to Forum.
Evans & Evans, Inc. has provided a fairness opinion to the Special Committee and the board of directors of Forum stating that, as of the date of the opinion, and based upon and subject to the assumptions, limitations and qualifications stated in the opinion, the consideration to be received by the shareholders of Forum is fair, from a financial point of view, to the shareholders of Forum.
Working Capital Corporation has provided a fairness opinion to the special committee of the Baselode board of directors stating that, as of the date of the opinion, and based upon the subject to the assumptions, limitations and qualifications stated in the opinion, the consideration to be received by the shareholders of Baselode is fair, from a financial point of view, to the shareholders of Baselode.
Baselode and Forum securityholders, and other interested parties, are advised to read the materials relating to the proposed Arrangement, including the Arrangement Agreement, that will be filed by each of Baselode and Forum with securities regulatory authorities in Canada when they become available. Anyone may obtain copies of these documents when available free of charge at the Canadian Securities Administrators' website at www.sedarplus.ca.
This announcement is for informational purposes only and does not constitute a solicitation or a proxy. All amounts are in Canadian currency unless otherwise stated.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. 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 the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Baselode
Baselode controls 100% of approximately 231,378 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
Baselode discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 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 Baselode's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
About Forum
Forum Energy Metals is focused on the discovery of high-grade, unconformity-related uranium deposits in Canada's premier uranium jurisdictions: the Athabasca Basin in Saskatchewan and the Thelon Basin in Nunavut. The Company holds a significant land position with 153,838 hectares in Saskatchewan — primarily within the Athabasca Basin — and 95,519 hectares in Nunavut's Thelon Basin.
Forum's flagship asset is the Aberdeen Project in Nunavut, which hosts the high-grade Tatiggaq and Qavvik uranium discoveries. Tatiggaq is a basement-hosted prospect defined over a 300-metre strike length, comprising multiple steeply dipping, ENE-trending mineralized lenses located at depths between 80 and 180 metres. Notable intercepts include 2.25% U3O8 over 11.1 metres1, highlighting a high-grade core within the system. To date, only 500 metres of a 1,500-metre-long anomaly has been drill tested. Qavvik is a similarly styled, basement-hosted prospect characterized by steeply dipping, ENE-trending mineralized lenses across a 100 x 100 metre area, from surface down to 400 metres depth. Both zones require further detailed drilling to determine the full extent of mineralization.
In addition to these discoveries, the Aberdeen Project hosts over 50 high-priority exploration targets, many of which exhibit strong alteration and anomalous geochemistry from limited historical drilling — or remain entirely untested.
Qualified Person Statement
For Baselode Energy Corp: The technical information contained in this news release has been reviewed and approved by Charles ?Beaudry, P.Geo and géo., Director of Baselode Energy Corp, a Qualified ?Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." ?
For Forum Energy Metals Corp: The technical information contained in this news release has been reviewed and approved by Rebecca Hunter, P.Geo, President & CEO of Forum Energy Metals Corp., a Qualified ?Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." ?
For further information: https://www.forumenergymetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF BASELODE ENERGY CORP.
"James Sykes"
James Sykes
CEO, President, & Director
Email: jsykes@oregroup.ca
Phone: 416-644-1567
ON BEHALF OF THE BOARD OF DIRECTORS OF FORUM ENERGY METALS CORP.
"Rebecca Hunter"
Rebecca Hunter, PhD. P. Geo.
President & CEO
hunter@forumenergymetals.com
Phone: 604-630-1585
Cautionary Statement
Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to Baselode's and Forum's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes Baselode's and Forum's expectations as of the date of this news release. Forward-looking statements in this news release include, but are not limited to statements with respect to the anticipated timing for the meeting of Forum shareholders and closing of the Arrangement, the anticipated consideration to be issued by Baselode and received by Forum shareholders, and the satisfaction of closing conditions including: (i) required Forum shareholder approval; (ii) necessary court approval in connection with the Arrangement; (iii) certain termination rights available to the Parties under the Agreement; (iv) obtaining the necessary approvals from the TSX-V; and (v) other closing conditions as set forth in the Arrangement Agreement.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions; adverse industry events; inability to realize anticipated synergies; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; income tax and regulatory matters; the ability of Baselode and Forum to implement their business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive.
Baselode and Forum caution that the foregoing list of material factors is not exhaustive. When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Baselode and Forum have assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF BASELODE AND FORUM AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE BASELODE AND FORUM MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
1 Refer to Forum News Release dated September 12, 2023, titled "Forum intersects 2.25% over 11.1 metres on the Thelon Basin Uranium Project"
https://finance.yahoo.com/news/baselode-energy-forum-energy-metals-144000847.html
Oleblue
1年前
Baselode Reports Shallow Uranium Results From Summer 2024 Drill Program
Six drill holes expand shallow uranium mineralization footprint in Pod 1 (i.e., within 50 metres from surface), eleven drill holes confirmed uranium starting within 100 metres from surface in three Pods
Shallow uranium mineralization updip of Pod 7 remains largely untested and requires further follow-up drilling
Toronto, Ontario – May 20, 2025 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) ("Baselode" or the "Company") is pleased to release uranium ("U3O8") assay results from all 28 drill holes of the 2024 drill program on the ACKIO prospect area ("ACKIO") in the Athabasca Basin (“Basin”) area of northern Saskatchewan (Figure 1).
"We’re especially encouraged with 6 drill holes intersecting uranium within 50 m from surface and 11 drill holes within 100 m from surface. These shallow mineralization results continue to demonstrate ACKIO’s unique advantage in the Basin area with easily accessible, near-surface uranium. Last year’s summer drill program successfully defined more shallow uranium mineralization to the north and south of our shallowest uranium zone, Pod 1. Uranium at the overburden-bedrock contact still remains open to the south and north.
Drilling at Pods 6 and 7 intersected higher average uranium grades over greater widths than previously intersected, suggesting there’s a zoned lower-grade to higher-grade uranium concentrations within those Pods. In addition, Pod 7 still requires a detailed investigation of uranium potential at the overburden-bedrock contact, which has not been tested to the same degree as Pod 1. We believe some of the higher-grade zones within Pod 7 extend up to the overburden-bedrock contact and have yet to be drill tested," commented James Sykes, CEO, President, and Director of Baselode.
Figure 1 - Baselode projects location map. ACKIO uranium prospect identified with red triangle
Figure 2 – ACKIO area diamond drill hole collar locations and drill traces
TABLE 1 – Uranium assay results for drill holes AK24-117 to AK24-144 at the ACKIO discovery
Pod 1 Summary (Figure 2, Table 1)
Six drill holes (AK24-134 to AK24-137, and AK24-143 & AK24-144) intersected uranium mineralization within 50 m from surface. AK24-137 intersected 0.38% U3O8 over 9.15 m at 37.35 m drill hole depth (3.5 grade*thickness, “GT”), confirming Pod 1’s uranium footprint at the overburden-bedrock contact to the south. Drill holes AK24-143 and AK24-144 successfully confirmed shallow uranium at Pod 1 to the north with 0.12% U3O8 over 11.8 m at 65.2 m drill hole depth (1.4 GT) and 0.12% U3O8 over 9.0 m at 51.5 m drill hole depth (1.1 GT), respectively.
Pod 6 Summary
As previously reported (October 3, 2024), drill hole AK24-118 intersected 8.5 metres of 0.59% U3O8 (5.0 GT), and AK24-119 returned 21.0 metres of 0.28% U3O8 (5.8 GT), ranking as the two best intersections in Pod 6, ranking amongst the top 20 drill holes at ACKIO, and enhancing our understanding of uranium mineralization controls at ACKIO.
Pod 7 Summary
Drill holes AK24-135B and AK24-138 intersected the second and third best individual uranium intersections in Pod 7 with 0.18% U3O8 over 28.0 m at 98.0 m depth (5.0 GT), and 0.19% U3O8 over 23.0 m at 81.5 m depth (4.3 GT), respectively.
In addition, two other drill holes (AK24-137 and AK24-139) rank amongst the top 10 drill intersections in Pod 7 with 2.5 GT each, and drill holes AK24-135B, AK24-137 and AK24-138 rank amongst the top 20 drill holes at ACKIO due to their combined intersections of Pod 1 and Pod 7.
Drill holes AK24-134 to AK24-139 have increased our confidence and understanding of uranium mineralization controls at Pod 7, as the system seems to be comprised of a higher-grade core with a lower-grade uranium envelope.
Pod 8 & Pod 9 Summaries
Drill hole AK24-133 intersected the second best results in Pod 8 with 0.09% U3O8 over 11.5 m at 130.5 m depth (1.0 GT).
The results from Pod 8 and Pod 9 exploration drill holes have required the company to re-consider the overall structural architecture of these specific parts of ACKIO as the uranium mineralization system was not as predictibable as it is in other Pods.
Exploration results
Drill holes AK24-120 to AK24-127 and AK24-129 to AK24-130 were designed to test for depth extension, strike extensions, and unconformity-style of uranium mineralization. Although none of the drill holes intersected any new zones of uranium mineralization, they all share geochemical anomalous lead (Pb) isotope ratios, boron (B), and uranium (U), including a predominant Mg-chlorite-rich clay type.
NOTES:
All reported lengths and depths, aside from “metres from surface” are drill hole measurements and do not represent true thicknesses, which have yet to be determined.
About Baselode Energy Corp.
Baselode controls 100% of approximately 241,409 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, comprised of at least 9 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 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."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
www.baselode.com
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.sedarplus.ca.
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.
https://mailchi.mp/42d28371a339/baselode-reports-shallow-uranium-results-from-summer-2024-drill-program?e=96ae2580db
Oleblue
2年前
Baselode Discovers New Zone of Radioactivity Six Kilometres Northeast of ACKIO
Intersected over 30 metres of continuous radioactivity within a massive hydrothermal alteration system
New zone discovered on the second drill hole of Hook’s regional exploration program, 6 km from ACKIO discovery
Demonstrates the fertility of the uranium corridor along Baselode’s Hook Project
Toronto, Ontario – July 17, 2024 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to announce the discovery of a new uranium prospect on the Hook project (“Hook”) in the Athabasca Basin area of northern Saskatchewan (Figure 1).
“We’re very excited about this new discovery on Hook, on the second hole of our regional exploration program. HK24-010 intersected over 30 metres of continuous radioactivity at approximately 173 metres vertical depth. This new discovery is hosted within a massive alteration corridor similar in scale to what we have observed at our ACKIO zone 6 km to the southwest. We believe the alteration corridor has mobilized uranium from the host rocks and deposited it within a redox front, similar to what we interpret for HK24-010. We intend to follow-up drilling in this area in the coming weeks after completing exploration drilling in a logistically efficient order on other targets with stronger geophysical anomalisms. Hook’s regional exploration aim was to discover new zones of uranium mineralization and we’re well on our way with this new prospect,” commented James Sykes, CEO, President, and Director of Baselode.
Drill Hole Details
Drill holes HK24-009 and HK24-010 were collared 6 km northeast of ACKIO (see Figure 2). The drill holes targeted a coincident gravity low, magnetic low, and conductive response within the area of an interpreted north-south oriented Tabbernor fault. See Figure 3 for a cross-section interpretation, including a comparison to ACKIO.
HK24-009 intersected 130 m of structurally-controlled massive hydrothermal alteration including alternating hematite and white clay within orthogneiss starting immediately at the top of bedrock. Gamma probe radioactivity averaged 20 counts-per-second (“cps”) within the altered rocks, 34 cps and 69 cps within two different fresh rock types, including a small zone of anomalous radioactivity measuring 177 cps over 4.3 m.
HK24-010 intersected over 230 m of structurally-controlled massive hydrothermal alteration similar to HK24-009 (Figures 4 and 5). Gamma probe radioactivity averaged 23 cps within the altered rocks down to 200.8 m, followed by an average of 275 cps over 33.7 m, including 473 cps over 6.8 m, associated with structurally-controlled hydrothermal hematite and minor redox alteration hosted within the basal 2.5 m of metasedimentary rocks and pegmatite for the remainder (Figure 5). The fresh rocks at the end of the drill hole averaged 60 cps.
Drill hole samples have been sent to Saskatchewan Research Council for uranium and multi-element analysis. Results will be released after being received and reviewed by the Company.
NOTES:
cps = “counts-per-second”, as measured with a down hole 2GHF triple gamma probe. The reader is cautioned that Baselode uses gamma probe readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that gamma probe results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
The Company considers all 2GHF triple gamma probe readings greater than 100 cps to be considered anomalous radioactivity, with background radioactivity measuring between 20 to 70 cps.
“Continuous anomalous radioactivity” means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 100 cps.
All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.
FIGURE 1 – Baselode projects location map. ACKIO uranium prospect identified with yellow circle
FIGURE 2 – HK24-009 and HK24-010 drill hole location
FIGURE 3 –HK24-009 and HK24-010 with ACKIO Ln 775N cross-sections for scale of altered structural zone
FIGURE 4 –HK24-010 Alteration and Structure 1
FIGURE 5 –HK24-010 Elevated Radioactivity and Oxidation In Metasediments and Pegmatite
About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 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, comprised of at least 9 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 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.”
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
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.sedarplus.ca.
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.
https://mailchi.mp/4f9c719cc414/baselode-discovers-new-zone-of-radioactivity-six-kilometres-northeast-of-ackio?e=96ae2580db
Oleblue
2年前
Baselode Reports High Levels of Radioactivity Over Wide Intercepts at ACKIO Uranium Project
Over 30 metres of continuous radioactivity, such as 907 cps over 34 m, including 9,173 cps over 0.4 m
AK24-118 and AK24-119 returned the widest radioactivity levels in Pod 6
All three drill holes with over 20 metres of cumulative thickness of radioactivity
The second drill for regional exploration targets has now mobilized to site
Toronto, Ontario – July 2, 2024 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to announce radioactivity results from the first three diamond drill holes within the ACKIO (“ACKIO”) uranium prospect of the Hook project (“Hook”) in the Athabasca Basin area of northern Saskatchewan (Figure 1).
“AK24-119’s results rank as one of the top 10 best drill hole radioactivity intersections at ACKIO, making this a unique drill hole. Previous drill hole AK22-035 intersected 0.54% U3O8 over 7.3 m (see Baselode News Release dated September 12, 2022) in Pod 6, and we are seeing similar levels of radioactivity within AK24-118 and AK24-119 but over broader widths within the same Pod, suggesting mineralization remains open in this area. ACKIO has continued to deliver encouraging results since the discovery in 2021, and we expect more promising results to follow.
We are equally excited to start the regional exploration phase of our drill program across the Hook project. Our technical team has done an incredible job of prioritizing prospective target areas along a 25 km-long uranium fertile structural corridor that hosts ACKIO and other uranium showings. We eagerly anticipate results from our exploration efforts in hopes of a new uranium discovery,” commented James Sykes, CEO, President, and Director of Baselode.
Drill Hole Details
Drill holes AK24-117 to AK24-119 were collared to define the extent of mineralization in Pod 6 of ACKIO. See Figure 2 for drill hole locations and Table 1 for drill collar details and scintillometer results.
AK24-117 intersected three lenses of continuous radioactivity with greater than 6 m drill hole widths between 117.25 and 151.6 m, ranking this drill hole as the second thickest sequence of radioactivity in Pod 6 area after AK24-119.
AK24-118 intersected an average radioactivity result (1,115 cps*) similar to that of AK22-035’s uranium intersection mentioned above but with almost twice the width (13.3 m).
AK24-119 intersected continuous radioactivity with 907 cps over 34 m, including a zone of higher radioactivity measuring 2,328 cps over 6.6 m from 142.35 m making this the broadest intersection with the highest average radioactivity in Pod 6.
FIGURE 1 – Baselode projects location map. ACKIO uranium prospect identified with yellow circle.
FIGURE 2 – ACKIO Drill Hole Locations
TABLE 1 – Drill Hole Collar Details and Scintillometer Results
ACKIO Program Details
Up to 12,000 metres of drilling is planned at ACKIO, subject to drill results, targeting
the southeast zone, where geophysical survey results suggest the alteration and structural system trend east/southeast-west/northwest,
unconformity-style mineralization along the Athabasca sandstone structural contact to the southeast, and;
the depth of mineralized structures based on geochemical trends and alteration pathways.
The first diamond drill has completed initial definition drilling at ACKIO and has now moved onto targeting the depth potential of the mineralized structures.
Hook Program Details
A second drill has been mobilized to Hook and will be drilling shortly. The regional Hook exploration drill program is planned for up to 4,000 metres with 15 to 20 drill holes targeting 5 to 7 different areas. The target areas were generated from combinations of multiple geophysical data sets including recent results from ground gravity and ANT geophysical surveys. Once the drill has completed Hook exploration drilling, it will join the ACKIO program to complete drilling there.
NOTES:
cps* = “counts-per-second”, as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer. The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
The Company considers all RS-125 readings greater than 300 cps to be considered elevated radioactivity, with background radioactivity measuring between 50 to 125 cps.
“Continuous elevated radioactivity” means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.
About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 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, comprised of at least 9 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 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.”
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
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.sedarplus.ca.
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.
https://mailchi.mp/20a02c543787/baselode-reports-high-levels-of-radioactivity-over-wide-intercepts-at-ackio-uranium-project?e=96ae2580db
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Oleblue
2年前
Baselode Now Drilling at ACKIO Uranium Prospect
Up to 16,000 metre project-wide drill program, the second largest drill program on Hook project
The second drill is anticipated to start in two weeks
Toronto, Ontario – June 17, 2024 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to announce diamond drilling has started on the ACKIO (“ACKIO”) uranium prospect within the Hook project (“Hook”) in the Athabasca Basin area of northern Saskatchewan (Figure 1).
“We are excited to be finally be back at our flagship Hook project, where we will be looking to expand upon our near-surface uranium discovery ACKIO. Additional drilling on ACKIO offers excellent prospects for expanding the known zones and making new discoveries along strike and depth.
Additionally, we will be exploring Hook beyond the ACKIO zone. Hook is such a fertile uranium corridor that we’ve shown hosts high-grade uranium fluids, and we will test numerous high-priority exploration targets that could support our understanding of Hook,” commented James Sykes, CEO, President, and Director of Baselode.
ACKIO Program Details
Up to 12,000 metres of drilling is planned at ACKIO (Figure 2), subject to drill results, targeting
the southeast zone, where geophysical survey results suggest the alteration and structural system trend east/southeast-west/northwest,
unconformity-style mineralization along the Athabasca sandstone structural contact to the southeast, and;
the depth of mineralized structures based on geochemical trends and alteration pathways.
Hook Program Details
The regional Hook exploration drill program is planned for up to 4,000 metres with 15 to 20 drill holes targeting 5 to 7 different areas. The target areas were generated from combinations of recent results from ground gravity and ANT geophysical surveys (Figure 3). The program is scheduled to start near the end of June. Once the drill has completed Hook exploration drilling, it will join the ACKIO program to complete drilling there.
Catharsis Drill Results
“The results from drill holes CT24-09 to CT24-13 and CT24-17 identify 5 km of uranium fertility and potential between target areas D and G (Figure 4). Five of the six drill holes intersected above normal uranium concentrations (3-5x background) identified within 5 to 25 metre-thick zones of structurally-controlled, hydrothermal redox-style alterations (i.e., mixture of redox, hematite, clay, desilicification/re-silicification, chlorite alteration styles). These characteristics indicate uranium-bearing fluids were mobile along the D/G corridor. These are some of the most encouraging exploration results I’ve encountered in my 18-year Athabasca uranium career. They remind me of uranium discoveries I’ve been part of and other basement-hosted uranium discoveries, where results like these were only 10’s of metres away from high-grade uranium deposits. We are cashed-up and highly motivated to advance Catharsis with ground-based geophysics followed by additional diamond drilling," stated James Sykes, CEO, President, and Director of Baselode.
Drilling at the Bear project focused on coincident EM and gravity anomalies. The most promising results were encountered in Target Area 1 (Figure 5) where broad zones of encouraging hydrothermal alteration, were encountered in all drillholes that tested this area. Lab analysis results are still pending.
FIGURE 1 – Baselode projects location map. ACKIO uranium prospect identified with yellow circle.
FIGURE 2 – ACKIO compilation map
FIGURE 3 – Hook project compilation map
FIGURE 4 – Catharsis project compilation map
FIGURE 5 – Bear project compilation map
About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 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, comprised of at least 9 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 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.”
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
https://mailchi.mp/be322baee59a/baselode-now-drilling-at-ackio-uranium-prospect?e=96ae2580db
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