TORONTO, June 10, 2020 /CNW/ - Power Ore Inc.
("Power Ore" or the "Company") (PORE: TSX.V) is pleased to announce
that the Rider Transaction as announced on May 1, 2020 has closed. As part of the closing,
Rider has changed its name to Baselode Energy Corp. ("Baselode")
(FIND: TSX.V). Additionally Baselode has completed its qualifying
transaction with the acquisition of the Mann Mine from Power Ore
and closed on a $700,000 financing to
achieve its full listing on the TSX Venture Exchange. Post
financing, Power Ore now owns 62% of Baselode's common shares.
As of today, Baselode begins trading on the TSX Venture under
the symbol 'FIND'.
Additionally, James Sykes has
been appointed as the CEO of Baselode. Mr. Sykes is a renowned
uranium exploration geologist who has been involved in the
discovery of over 550 million pounds of uranium in the Athabasca Basin. Most notably, Mr. Sykes was
integral in the discovery of NexGen Energy's (NXE: TSX) Arrow
deposit. Mr. Sykes holds a Bachelor of Science in Geology and Earth
Science from Dalhousie University, and
has been involved in uranium exploration for over 10 years
specifically focusing on Saskatchewan's Athabasca Basin.
"Power Ore is pleased to be the largest shareholder in Baselode.
More so, our broader group is pleased to support and finance
James Sykes, who we believe is one
of the preeminent uranium geologists focused in the Athabasca Basin. Baselode has a clear
objective which is to discover a basement-hosted, high-grade and
near surface uranium orebody," said Stephen
Stewart, Power Ore's CEO and Baselode's Chairman.
Baselode is Focused on Discovering High-grade Uranium
Deposits in the Athabasca
Basin
Baselode will be focused on discovering high-grade,
basement-hosted, near surface uranium deposits in Saskatchewan's Athabasca Basin. The Athabasca
Basin hosts the world's highest-grade Uranium deposits, with
average grades in the basin showing ~3.9% U3O8 compared to the rest
of the world average of ~0.15% U3O8. The Athabasca
Basin accounts for 15% of global uranium production. Baselode
will release details on its assets, exploration plans and timelines
in the coming days.
For more information of Baselode please see
www.baselode.com as well as:
Click here to view Baselode Energy Webinar:
Green Energy, White Lies
Baselode's Corporate Presentation
For information and updates on Power Ore, please
visit: www.powerore.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Power Ore is a trade name of PowerOre Inc. PowerOre
Inc. assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward looking-statements
unless and until required by securities laws applicable to PowerOre
Inc. Additional information identifying risks and uncertainties is
contained in filings by PowerOre Inc. with Canadian securities
regulators, which filings are available under PowerOre Inc. profile
at www.sedar.com.
SOURCE Power Ore
