Baselode-Forum Partnership Advances Aberdeen Project with Major Drilling Campaign

• Major drilling campaign underway: 18-25 drill holes planned covering up to 7,000 meters across 10 high-priority target areas
• Priority targets identified: Loki and Bjorn areas selected for initial drilling based on elevated uranium levels and favourable geological indicators
• Encouraging preliminary results: Previous drilling at Loki target revealed uranium concentrations 30 times background levels with significant clay alteration
• Strategic partnership approach: Joint venture between Baselode Energy and Forum Energy Metals combines resources and expertise for large-scale exploration
• Comprehensive geological program: Ground magnetic surveys underway across multiple target areas to refine fault zone mapping and optimise drill placement

Baselode Energy Corp. (TSXV: FIND; OTCQB: BSENF) and Forum Energy Metals Corp. (TSXV: FMC; OTCQB: FDCFF) represent a strategic partnership focused on uranium exploration in Saskatchewan's prolific Athabasca Basin and Nunavut’s Thelon Basin. The collaboration brings together complementary expertise and resources to advance high-potential uranium projects.

James Sykes leads Baselode as President and CEO, bringing industry experience to the company's uranium-focused exploration strategy. Forum Energy Metals operates under the leadership of Rebecca Hunter, who serves as President, CEO and Director. Hunter is also associated with the upcoming Geiger Energy, indicating expanded involvement in the uranium sector. The partnership structure allows both companies to share exploration costs and technical expertise while maintaining their respective market positions.

Current Drilling Operations

Program Launch and Initial Targets

The Aberdeen Project drilling campaign officially commenced in July 2025, marking a significant milestone for the joint venture. The program targets up to 7,000 meters across 18-25 drill holes, representing a substantial investment in exploration activity. Initial drilling efforts focus on two priority areas: the Loki and Bjorn targets, which were selected based on encouraging preliminary results and geological indicators.

The Loki Grid emerges as the primary focus area, building on previous work that identified elevated uranium concentrations reaching 30 parts per million, approximately 30 times the background levels found in the Thelon sandstone formation. This target also displays strong clay alteration patterns, which often indicate nearby mineralization in uranium systems. 

Rebecca Hunter, President and CEO of Forum Energy Metals, expressed optimism about the initial target: 

"We are excited about this target because it has all the exploration building blocks for a possible new discovery."

Ground magnetic surveys are currently underway across six to ten target areas to better define fault zones within the drilling locations. These surveys provide additional geological data to optimize drill hole placement and improve the likelihood of intersecting mineralized zones. The exploration camp has been established and is operational for the current season, ensuring logistical support for the extended drilling program.

Geological Significance and Discovery Potential

Thelon Basin Context

The Aberdeen Project sits in Nunavut's Thelon Basin, a premier uranium jurisdiction distinct from Saskatchewan's better-known Athabasca Basin. As the regional geological map shows, this underexplored province offers comparable geology with significantly less drilling activity. Forum Energy Metals controls 95,519 hectares here, with Aberdeen already delivering two high-grade discoveries: Tatiggaq and Qavvik.

Figure 1. Regional geological map showing the Thelon Basin in Nunavut where the Aberdeen Project is located, distinct from the Athabasca Basin in Saskatchewan

Tatiggaq spans 300 metres of strike length with multiple mineralised lenses between 80 and 180 metres depth. The standout intercept of 2.25% U₃O₈ over 11.1 metres proves the high-grade potential, yet only 500 metres of a 1,500-metre anomaly has been tested. Qavvik shows similar basement-hosted characteristics across a 100 x 100 metre area extending to 400 metres depth.

Current drilling targets both sandstone covered and basement areas, with the Loki target showing uranium values 30 times background levels alongside substantial clay alteration. Aberdeen hosts over 50 additional high-priority targets, many showing strong alteration from limited historical work while others remain completely untested. This combination of proven mineralisation and extensive untested ground positions Aberdeen within an emerging uranium district that offers discovery potential comparable to the Athabasca Basin.

Exploration Strategy

The drilling program tests various geological environments within the project area. By targeting both sandstone covered and basement only areas, the program can evaluate different mineralisation styles and geological settings. Previous exploration work at the Loki target identified uranium concentrations significantly above background levels, along with associated alteration minerals.

The integration of geophysical data, including gravity surveys and ongoing magnetic work, helps define structural controls on mineralisation. Major fault systems identified through this work provide targets for drilling while also helping to understand the overall geological framework of the project area. This approach follows established exploration practices in similar uranium districts worldwide.

Investment Implications and Outlook

The partnership structure allows both companies to advance a large-scale exploration program while sharing costs and technical expertise. This approach can be particularly valuable for smaller exploration companies seeking to advance significant projects without bearing the full financial burden independently. However, any discoveries would be shared between the partners according to their agreement terms.

Key milestones for investors to monitor include initial drilling results from the Loki and Bjorn targets, completion of ground magnetic surveys, and any updates on the overall drilling program progress. The companies have indicated their belief that a high-grade uranium discovery would immediately benefit shareholders, though such outcomes remain speculative pending actual drilling results and geological confirmation.