Impact: Slightly Positive
Baselode Energy announced assays from the final six holes from its 36-hole (7,512m) drill program at the ACKIO zone of its Hook Lake uranium project in the Athabasca Basin. These six holes were drilled on previously untested targets called Sandstone and Mirror to the east of the ACKIO prospect. Four intersected anomalous uranium values with a highlight of 490 ppm over 1.9m at just 126.5m drilled depth (AK23-110). The mineralization occurs along contacts between different rock types and is open in all directions. 36 holes (7,512m) were completed during this project, including 30 DH (6,192m) at ACKIO (read notable) and 5 DH (1,145m) at Mirror and 1 DH (174m) on a regional exploration target. This is the last hole of the year, and like many end-of-year programs, it helps form the exploration approach for the following year, namely the targeting of not just fault zones but the contacts between differing rock types. These results confirm management’s expectation that the broader Hook project has more upside potential than what its existing mineralization is demonstrating. Major regional structures appear to be fertile and exploration in 2024 should focus on Mirror, Sandstone and other targets in the vicinity. ACKIO does show similarities to other basement-hosted targets in that they are structurally controlled, but unlike many, they are not conductive and are related to normal faulting across different lithological contacts. We anticipate 2024 drill programs to be announced shortly but do expect additional regional targets to be tested.
