Baselode Energy CEO James Sykes
Baselode Energy (TSXV:FIND,OTCQB:BSENF) intersected uranium in one of the shallowest intersections in the history of the Athabasca Basin. Baselode Energy CEO James Sykes is confident that the ACKIO high-grade uranium discovery has the potential for open-pit mining.
“From all the signs that we have seen, it has a lot of the characteristics that are required for open-pit mining within the Athabasca,” Sykes said. “About 25 percent of the number of deposit clusters that have been discovered in the Athabasca today have gone into production. The rest have not gone into production. There is a big misnomer regarding Athabasca deposits. A lot of people think all you need is to have these high grades. And that’s what Athabasca is known for.”
He further explained, “As far as depth from the surface goes, the bulk of what we’re seeing is anywhere between 75 to 150 meters in depth. But we are seeing this newer zone discovery anywhere from 25 and 75 meters depth looks to be rather continuous. We’d like to believe that we are not advancing a deposit, but we’re advancing what will hopefully become the Athabasca’s next uranium mine.”
In May of this year, Baselode intersected its best drill hole to date, which is at 25 meters from the surface. The company considers this one of the shallowest uranium intersections in the history of the Athabasca Basin.
“We’ve got mineralization as shallow as 25 meters depth. So as you’re digging down to the bulk of what we’re seeing, you’d have value within the rocks as you are opening up your pit. And that’s quite a lucrative scenario that hasn’t really been seen in the basin in many decades.”
Baselode Energy will keep drilling within a timeframe that would fit perfectly within the current uranium cycle, according to Sykes. “We’re just into the next uranium cycle. The supply side of things is really imbalanced right now, as there is no production. Our goal is to really advance this, and having a near-surface deposit allows us to move forward at a quicker pace. We hope we can fit within that same timeframe. We’d like to know if we’ve got a viable resource and we’d like that to hit the market within this current uranium cycle.”
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