Baselode Energy (TSXV: FIND) is expanding its current drill program rather significantly. The uranium-focused firm this morning announced that the Saskatchewan Ministry of Environment has provided drill permits for a further 50,000 metres of exploration.
Exploration is currently taking place at the Hook Project, found in the Athabasca Basin region in the north of the province. Here, the company is currently focused on drilling out the ACKIO uranium discovery, with the drill program initially beginning as a 10,000 metre program, which was then expanded.
The program has been expanded to at minimum 20,000 metres of drilling in aggregate, which will see the company drill throughout the summer. Dependent upon the success seen by the company under the program, they can now increase the program up to a total of 60,000 metres. However, the company was not firm on whether they would use the full 60,000 metres that they are now permitted to drill.
Found 30 kilometres south of established infrastructure, the current drill program is helicopter-supported, enabling the company to drill the property through the spring thaw as well as the summer months. The expanded drill program is said to be fully funded, supported by the firms current cash position of roughly $20 million.
Baselode Energy last traded at $0.84 on the TSX Venture.
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