Baselode Energy (TSXV: FIND) announced Wednesday that it intersected a wide zone of elevated radioactivity in the first drill program on its Hook Uranium project, located in the Athabasca Basin area, northern Saskatchewan.
The company said that drill hole HK21-07 was the first drilled in the Ackio target area on Hook. Baselode said the result is a new discovery.
Baseload was up 15% to 69 cents a share as 1:30 p.m. ET.
"The widespread basement alteration we've intersected in HK21-07 reflects a large hydrothermal fluid system that could be fertile for high-grade uranium mineralization which is demonstrated with radioactivity >10,000 cps in the Ackio area. We're also excited to have intersected Athabasca sandstones outside the previously known basin margin. This provides us with exploration targets for discovering unconformity-style mineralization just 50 metres below surface at Ackio," said Cameron MacKay, Baselode's Projects Manager.