Baselode Energy Corp. (FIND:TSX.V; BSENF:OTCQB) newly released positive chemical assays from the high-grade ACKIO discovery at its Hook project in Saskatchewan's Athabasca basin are noteworthy for a couple of reasons, reported Research Capital Corp. analyst Adam Schatzker in an August 22, 2022 research note.
The assays are for 21 holes drilled primarily in the deposit's eastern and deeper portion, targeting the sandstone unconformity there.
First, the results show the presence of uranium "over decent widths with grades that should be economic using open-pit mining," noted Schatzker.
"We believe that Baselode has achieved its goal of identifying a shallow uranium deposit with economic potential," he added.
Second, the chemical assays correlate strongly with the high scintillometer counts "for the higher-grade intervals (correlation of 0.88 and R-squared of 0.896 using a logarithmic fit)," wrote Schatzker. This indicates the scintillometer is providing good data for exploration.
"We think that this relationship will be useful in assessing future counts per second results," Schatzker commented.
The 2022 ACKIO results are a good start for Baselode at Hook, Schatzker wrote, but the company needs to delineate more mineralization there.
"The knowledge gleaned from the 2022 program should go a long way to understanding the geology and how to find additional zones within the large Hook property," he added.
Research Capital has a Speculative Buy rating but no price target on Baselode Energy. Its share price today is around CA$0.70
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