Toronto-based Power Ore invested in Baselode, or Rider as it was then known, in May 2020 and now owns 62% of the company.
Baselode acquired the Mann silver-cobalt mine from Power Ore in an all-share deal worth around C$1.25 million. It also closed a C$700,000 financing to complete the transaction to list its shares.
READ: Power Ore investee Rider Capital changes name to Baselode Energy, announces $700,000 financing
The newly-listed company will focus on discovering high-grade uranium deposits in the major mining area known as the Athabasca Basin of Saskatchewan.
Renowned uranium exploration geologist James Sykes will take the reins at Baselode as its CEO. Sykes spearheaded the discovery of one of the Athabasca’s major deposits, the Arrow project now owned by NexGen Energy (TSE:NSE).
"Power Ore is pleased to be the largest shareholder in Baselode,” Power Ore’s CEO Stephen Stewart said in a statement.
“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,” he added.
Power Ore’s flagship Opemiska Copper Mining Complex project located in Quebec and is expected to be a high-grade, open-pit resource with access to infrastructure in place.
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