TORONTO, Aug. 28, 2020 /CNW/ – Baselode Energy Corp. (“Baselode” or the “Company“) (TSXV: FIND) is pleased to announce that it has expanded its land position at its Shadow uranium property (“Shadow“) in the Athabasca Basin area (“Athabasca“) of Saskatchewan, Canada. Shadow now covers 46,000 hectares (460 km2) and encompasses a larger area along the Virgin River Shear Zone (“VRSZ“).
The Shadow property was expanded based on the preliminary results of the Company’s heliborne mobile magnetotellurics survey (“Mobile MT“) as announced on August 10, 2020. The Mobile MT survey completed 2,600 line-kilometre covering the entirety of the Shadow property. The preliminary results from the Mobile MT survey delineated an abundance of structures on and adjacent to the Shadow property. Shadow’s expanded property boundary now encompasses more structures along the VRSZ, maximizing the Company’s discovery potential.
Baselode expects to receive full results and interpretations from the Mobile MT survey in the coming weeks.
Mr. James Sykes, CEO and President of Baselode, commented: “We are excited with the preliminary results from our Mobile MT survey which outlined an extensive structural network which shares geophysical similarities with other high-grade uranium deposits, such as NexGen’s Arrow and Cameco’s mined-out Key Lake deposits. This additional land staking on Shadow now covers a structural corridor of interest and further secures our foothold along the VRSZ. We are eagerly anticipating the final results from the Mobile MT survey in order to define follow-up diamond drill exploration targets”.
Map of Shadow Property Expansion
Baselode’s Shadow property exhibits favourable characteristics for potential basement-hosted uranium mineralization. The VRSZ is one of the largest structural trends observed in Northern Saskatchewan and hosts other uranium deposits, most notably Cameco’s Centennial uranium deposit.
Baselode Energy Corporate Presentation
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., who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.”
About Baselode Energy
Baseload is a uranium exploration company less than 29 million shares outstanding only 9.8 million shares in the float. Baselode is focused on discovering a uranium orebody in the Athabasca basin in Saskatchewan, Canada.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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 filings by the Company with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedar.com.
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.
SOURCE Baselode Energy Corp.
For further information: Baselode Energy Corp., FIND on the TSXV, James Sykes, President and CEO, [email protected], 306-221-8717, www.baselode.com