Baselode Continues to Intersect Shallow Uranium Mineralization; Reports Ten New Drill Holes with Elevated Radioactivity

• Elevated radioactivity intersected in 10 new drill holes at ACKIO, including;
• 1,687 cps over 26.9 m at 90.9 m in hole AK22-069
• 875 cps over 27.7 m at 106.2 m in hole AK22-066
• Nine drill holes intersected elevated radioactivity results within 100 m true vertical depth from surface
• Regional exploration drill target intersected pentlandite (nickel) within massive sulphides in hole HK22-007
• A total of 22,277.7 metres were completed in 76 drill holes at ACKIO high-grade uranium discovery

TORONTO, Aug. 2, 2022 - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the final sixteen drill hole results from the now-complete 2022 diamond drill program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project ("Hook"), Athabasca Basin area (the "Basin"), northern Saskatchewan (see Figure 1 and Table 1).

"Our success at ACKIO this year has exceeded our expectations. We've grown ACKIO very quickly with over 22,000 metres having been drilled since February. The final drill holes of the Program continued to intersect near-surface mineralization, expanding the footprint of known mineralization at shallow depths. The discovery of uranium mineralization just 25 metres below surface puts ACKIO into a rare category with near-surface open pit mined Athabasca uranium deposits. Our objective now is to incorporate all the data we have collected this year, including recently flown airborne geophysical surveys, to refine our geological models, to determine mineralized vectors at ACKIO, and to assess the required drill hole density for completing a mineral resource estimate for ACKIO. Once complete we plan to return to ACKIO with an aggressive drill campaign to discover more uranium mineralization," said James Sykes, CEO, President and Director of Baselode.

Drill hole highlights from this news release include;

• AK22-066: 875 cps over 27.7 m at 106.2 m which includes
• 2,222 cps over 2.9 m at 126.55 m and a maximum of 7,900 cps over 0.1 m

• AK22-068: 1,104 cps over 9.55 m at 78.25 m which includes
• 2,292 cps over 2.15 m at 79.65 m and a maximum of 8,000 cps over 0.15 m

• AK22-069: 1,687 cps over 26.9 m at 90.9 m which includes
• 2,614 cps over 0.45 m at 96.0 m and 3,100 cps over 11.3 m at 104.85 m with two maximums of 9,000 cps with each over 0.15 m

• AK22-075: multiple intercepts including,
• 928 cps over 10.0 m at 107.35 m which includes 4,588 cps over 0.6 m at 115.75 m and a maximum of 7,200 cps over 0.2 m
• 1,128 cps over 7.1 m at 131.6 m which includes 2,086 cps over 0.95 m at 131.8 m and a maximum of 5,800 cps over 0.2 m, and 5,800 cps over 0.25 m at 135.85 m
• 982 cps over 9.95 m at 142.05 m which includes 3,426 cps over 1.2 m at 145.35 m and a maximum of 8,000 cps over 0.15 m
• 869 cps over 11.65 m at 155.3 m which includes 4,400 cps over 0.2 m at 160.15 m, 3,774 cps over 0.3 m at 161.45 m, and 2,959 cps over 1.0 m at 165.8 m with a maximum of 5,000 cps over 0.1 m

• HK22-007: 7.0 m of variably disseminated (<1%), veined (1 to 15%), and massive (30 to 60%) sulphides including visible pentlandite, a nickel-bearing sulphide, between 25.45 m and 45.6 m drill hole depth hosted within a massive quartz vein.

Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 78 drill holes (AK22-005 to AK22-080, and HK22-007), including one abandoned drill hole, for 22,485.85 m (see Figure 1). Forty-three of seventy-six drill holes at ACKIO have intersected continuously elevated radioactivity. A complete list of drill hole collar information and hand-held scintillometer radioactivity composite measurements for the drill holes reported in this news release (AK22-066 to AK22-080, and HK22-007) are provided in Table 1.

Samples from these reported sixteen drill holes have been submitted to the Saskatchewan Research Council's Geoanalytical Laboratory in Saskatoon, Saskatchewan, for whole-rock, multi-element and U₃O₈ analysis. Uranium and other assay results will be released as they are received after being compiled and thoroughly checked by the technical team.

ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 5 separate zones, with mineralization starting as shallow as 25 m beneath the surface and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 200 m. ACKIO remains open to the west, south, and along the Athabasca sandstone unconformity to the east and south.

ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.'s (TSX: CCO) and Orano's McArthur River mine and Key Lake uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill. The Program was helicopter-supported to lessen any ground-induced environmental impacts within the project area.

On the Program's final hole and in-line with drill demobilization, Baselode tested a distinct geophysical target for sulphide mineralization 9 kilometres southeast of ACKIO on the Hook project. Given the visual observations of massive sulphides, including pentlandite, management will review and refine this new shallow nickel-sulphide target area for follow-up in a subsequent drill program. Assays are pending and will be released accordingly.

FIGURE 1 - Plan map of the ACKIO mineralized surface expressions

TABLE 1 - Drill collar details and continuous composite elevated radioactivity results from drill

Baselode controls 100% of approximately 227,000 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

Baselode's Athabasca 2.0 exploration thesis is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) 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. Baselode Energy Corp. 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 Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE Baselode Energy Corp.