Baselode Energy rises on near-surface mineralization at Hook project in Saskatchewan 

Shares of Baselode Energy (TSXV: FIND; US-OTC: BSENF) rose to their highest in May as the company reported elevated radioactivity in a near-surface interval in drill hole AK22-038 as part of the company’s ongoing 20,000-metre drill program on the Ackio uranium discovery at its Hook project, in northern Saskatchewan’s Athabasca Basin.

The drill hole reported a radioactivity of 914 counts per second, as measured with a handheld RS-125 Gamma-Ray spectrometer/scintillometer, over 6.3 metres at 35.9 metres depth. Scintillometer readings are a preliminary indication for the presence of radioactive materials.  

The company described the reading as one of the shallowest intersections in the history of the Athabasca Basin.  

“It’s very significant because it puts the whole Ackio discovery into the context of open pit mining type of scenario,” the company’s CEO, James Sykes, told The Northern Miner. “It provides the opportunity for similar shallow type of discoveries to be made all along the Ackio discovery which is conducive for open pit mining.”  

Located about 44 km away from the Key Lake uranium mill and 16 km west of the provincial highway 905, the Hook project covers 618.9 sq. km. Baselode announced a new near-surface, basement-hosted uranium discovery, Ackio, at the project in September 2021, as part of the company’s first exploration drill program. The project is situated about 70 km away from the Key Lake uranium mill.  

So far, the company has completed about 10,000 metres of drilling and aims to double that by the end of the year. Baselode, however, is fully funded to drill about 40,000 metres, its CEO said. “After we hit 20,000 metres, if we still got time to drill during the short summer season, we will maximize as many metres as possible. Our goal is to hit a one km strike line of mineralization if it exists,” Sykes said.  

Aside from the Hook project, the company also owns the Catharsis and Shadow projects. Catharsis covers 1,190.5 sq. km. and is located approximately 75 km southeast of the edge of the basin and the Key Lake uranium mill. Shadow covers 459.8 sq. km and is located about 30 km south of the basin along the Virgin River Shear zone.  

At press time in Toronto, Baselode Energy was trading at $1.02 per share, up 7¢ or 7.3%, within a 52-week trading range of 40¢ and $1.54. The company has 82.1 million common shares outstanding for a market cap of $83.8 million.