Baselode Energy Corp (TSX-V:FIND, OTCQB:BSENF) has announced new uranium assays from four drill holes of the 7,512-metre diamond drilling program completed within the ACKIO uranium prospect on its Hook project in Saskatchewan, which included 0.67% uranium oxide over 2.1 meters (m) at 32m true vertical depth.
The uranium explorer said additional shallow mineralization of 0.23% uranium oxide was revealed over 13m at 44m true vertical depth, including a high-grade intersection of 1.82% uranium over 1m.
Noting that two of the four drill holes hit mineralization starting within 40m of surface, Baselode said drill hole AK23-112 confirms Pod 7 as ACKIO's second zone of near-surface uranium mineralization.
“Analysis of these results may suggest we have overlooked the potential for other lenses and structures to be mineralized up to the base of the overburden,” Baselode president and CEO James Syke commented in a statement.
“Our primary aim is to delineate the expansive scope of the ACKIO uranium system. While the near-surface mineralization remains under-explored, the system remains largely untested at depth. The potential for an extensive and robust uranium mineralized system within ACKIO is very exciting.”
During the program, 36 drill holes were completed, including 30 drill holes for 6,193m at ACKIO, five holes for 1,145m at Mirror, and one hole for 174m on a regional exploration target.
Baselode said assays are pending from the 11 remaining drill holes, including those with the highest radioactivity results.
The company's shares rose 2.2% to C$0.47 by midday in Toronto.
Baselode Energy controls 100% of about 264,172 hectares in the Athabasca Basin area in northern Saskatchewan. The company discovered the ACKIO near-surface, high-grade uranium deposit in September 2021.
~Updated with share price movement~
Contact the author at stephen.gunnion@proactiveinvestors.com