Baselode Hits Major Uranium Intersections in Ackio Project

“The results from holes AK24-118 and AK24-119 are highly encouraging,” stated James Sykes, Baselode’s CEO and president, in a recent announcement. “These findings not only bolster our confidence in Ackio but also highlight our continued success, as we achieve remarkable grades and widths more than three years after discovering this site.”

On Thursday morning in Toronto, Baselode shares increased by C$0.01, reaching C$0.13. This rise places the company’s market valuation at C$17.3 million. Over the past year, the stock has fluctuated between C$0.10 and C$0.61.

The latest drilling results are part of a comprehensive 12,000-meter drill program at Ackio, where valuable mineralization appears at depths starting from just 25 meters. Ackio encompasses nine targets, also known as pods, situated within Baselode’s Hook project, which is located 40 kilometers southeast from the McArthur River mine and 60 kilometers northeast from the Key Lake uranium mill. These properties are co-owned by Cameco (TSX: CCO; NYSE: CCJ) and Orano, with Cameco holding a 70% share.

The Hook project lies within the Wollaston domain’s basement rocks, a region known for containing some of the highest-grade uranium deposits in the world.

Exciting Advancements in Drill Results

Hole AK24-119 focused on the northern edge of Pod 6 and encountered mineralization that was nearly double the grade and thickness compared to hole AK22-039, which was drilled 25 meters deeper in November 2022.

Another significant finding came from hole AK24-117, which returned 7.5 meters of mineralization grading 0.07% U₃O₈ at a depth of 128.5 meters. This hole aimed to assess the mid-lower section of Pod 6 and was drilled just 15 meters updip from AK22-020, which was completed in August 2022.

Results from an additional 40 drill holes at Ackio and Hook are still pending, indicating that further developments could be on the horizon.