Baselode Energy (TSXV: FIND; US-OTC: BSENF) shares rose 8.3% in morning trading after the company released high-grade uranium results from two new drill holes at its Ackio prospect in northern Saskatchewan.
Hole AK24-118 cut 8.5 metres grading 0.59% uranium oxide (U3O8) from 153 metres depth, including 1.5 metres of 1.25% U3O8, the company reported Thursday. Hole AK24-119 cut 21 metres grading 0.28% U3O8 from 141 metres depth, including 1.5 metres grading 1.55% U3O8. Both holes were drilled at Ackio’s easterly Pod 6 target.
“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,” James Sykes, Baselode CEO and president said in a release. “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.”
Baselode shares gained 1¢ to 13¢ apiece on Thursday morning in Toronto, valuing the company at $17.3 million. Its shares traded in a 52-week range of 10¢ to 61¢.
The results are part of a 12,000-metre drill program at Ackio, where mineralization starts at 25 metres depth. Ackio is made of up nine targets, or pods, inside Baselode’s Hook project, 40 km southeast of the McArthur River mine and 60 km northeast of the Key Lake uranium mill, jointly owned by Cameco (TSX: CCO; NYSE: CCJ) and Orano in a 70-30 split. Hook is hosted within the basement rocks of the Wollaston domain, which hosts some of the highest-grade uranium deposits in the world.
Increasingly higher grades
Hole AK24-119 was drilled to test the northern extent of Pod 6 and cut twice the grade and more thickness than AK22-039, which was 25 metres downdip of AK24-119 and was drilled in November 2022.
A third noteworthy hole, AK24-117, returned 7.5 metres grading 0.07% U3O8 from 128.5 metres depth. It was drilled to test the mid-lower reaches of Pod 6, 15 metres updip of hole AK22-020, drilled in August 2022.
Assays are pending from another 40 drill holes at Ackio and Hook.
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