Baselode Reports Eighteen Drill Holes with Near-Surface Radioactivity on its ACKIO Uranium Prospect

• Eighteen drill holes encountered anomalous radioactivity starting at depths of less than 100 metres from surface, with nine of these starting within 50 metres
• Highlight drill hole AK24-137 intersected four separate zones of radioactivity with greater than 5,000 counts per second ("cps")
• Seven drill holes intersected radioactivity with greater than 5,000 cps
• Thirteen drill holes reported composite intervals of anomalous radioactivity between 11 and 42 metres in thickness, spanning five distinct areas

Toronto, September 16, 2024 - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide radioactivity drilling results from the ACKIO uranium prospect ("ACKIO") in the Athabasca Basin area of northern Saskatchewan (Figure 1, Table 1).

"ACKIO continues to demonstrate significant growth, with broad intersections of anomalous radioactivity, including zones of high radioactivity across multiple Pods. Overall, this has been a successful drill program, expanding the footprint of known near-surface mineralization around Pods 1 and 7, intersecting new zones of higher radioactivity in Pods 6 and 7, and improving our confidence in the continuity of mineralization at ACKIO as a whole," commented James Sykes, CEO, President, and Director of Baselode.

ACKIO Drill Hole Details (Figure 2)
Pod 1 (Figure 3)
Drill holes AK24-134 to AK24-137 were collared along the western margin of Pod 1 with the specific focus of intersecting mineralization in Pod 7. Drill holes AK24-134 and AK24-137 intersected near-surface anomalous radioactivity (i.e., greater than 300 cps) outside of the modeled extents of Pod 1, expanding the near-surface radioactive footprint of Pod 1 in the southwest. Radioactivity in these drill holes started at shallow depths, between 32 and 42 metres beneath the surface.

Drill holes AK24-143 and AK24-144 were collared to pierce the northern extents of Pod 1 while continuing to depth and investigating the northwest strike extension of Pod 7. These drill holes both intersected greater than 10 metres of continuous anomalous radioactivity, confirming the thickness of Pod 1 mineralization to the north., Both drill holes intersected anomalous radioactivity starting as shallow as 36 and 38 metres from surface, respectively.

Pod 6 (Figure 3)
Drill holes AK24-117 to AK24-119, previously released on July 2, 2024, intersected thick, continuous, and exceptional radioactivity results within the centre and near the modelled edges of Pod 6 mineralization. These results have increased the size of Pod 6 and will help improve our understanding of Pod 6, which until now had four drill holes from previous years defining its extents. Drill holes AK24-118 and AK24-119 have intersected the best radioactivity results from all Pod 6 drill holes. The main zones of mineralization were intersected between 124 and 141 metres beneath the surface.

Pod 7 (Figure 3)
Previous drilling in 2023 had doubled the width of the Pod 7 mineralization envelope. Drill holes AK24-134 to AK24-139 were designed to improve our understanding of the mineralization potential that exists at Pod 7. These drill holes intersected between 12 and 39 metres thick composite anomalous radioactivity, and all drill holes (excluding AK24-139) returned intervals with elevated radioactivity (i.e., greater than 5,000 cps), spanning a strike length of approximately 85 metres. In particular, AK24-137 intersected three separate zones of continuous anomalous radioactivity ranging from 1.5 to 13.3 metres thick, each of which intersected radioactivity levels ranging from 5,000 to 10,000 cps. The radioactivity results for AK24-135B, AK24-137 and AK24-138 rank them as the best for Pod 7. The start of radioactivity in these holes were intersected between 44 and 90 metres below the surface.

Pod 8
The mineralization extents of Pod 8 were defined with only three drill holes from previous years. Drill holes AK24-131 to AK24-133 were designed to improve our understanding of this Pod. AK24-133 successfully intersected 11 metres of anomalous radioactivity, confirming continuity of mineralization within the centre of Pod 8. Mineralization starts as shallow as 97 metres beneath the surface.

Pod 9
Similar to Pod 8, Pod 9 was defined with only three drill holes from previous years. Pod 9 is the deepest modeled Pod of mineralization at ACKIO. Drill holes AK24-140 to AK24-142 were not successful identifying mineralization in Pod 9, however, each drill hole identified previously unknown radioactivity at shallow depths, ranging from 66 to 89 metres beneath the surface, respectfully. The Company believes the shallow radioactivity from these drill holes is an extension of Pod 1 mineralization.

ACKIO Exploration Drill Hole Details
Exploration drilling within the immediate ACKIO area (i.e., within 200 m of ACKIO mineralization) was designed to test for additional mineralization; 1) at depth, 2) along strike to the northwest and southest, and 3) at the unconformity.

Depth Exploration
Drill holes AK24-120 to AK24-122 were designed to test the deeper structural controls of mineralization at ACKIO, targeting areas with a combination of uranium and alteration projected from previous years drill holes. Although each drill hole did not intersect anomalous radioactivity, it is noted that drill hole AK24-121 did intersect above-background levels of radioactivity and significantly thick hematite-clay hydrothermal alteration zones underneath ACKIO, suggesting the uranium-fertile hydrothermal fluid system remains open at depth.

Along Strike Exploration
Drill holes AK24-128, AK24-143 and AK24-144 were designed to test for mineralization continuity at depth in the northwest strike direction of Pod 7. Although the drill holes did not intersect their intended targets, they did define new occurrences of radioactivity starting at shallow depths ranging from 36 to 41 metres beneath the surface.

Drill holes AK24-123 and AK24-130 were designed to test for mineralization continuity in the southeast strike direction of ACKIO, following up results from previous years of drilling that suggested the mineralization and alteration system could be open in that direction. These drill holes did not intersect alteration systems of interest.

Unconformity Exploration
Drill holes AK24-124 to AK24-127 were designed to test for the potential of unconformity mineralization along structures penetrating the sandstone to the east of ACKIO. These drill holes are the eastern-most exploration drill holes in the ACKIO system to date. Although they did not intersect mineralization at the unconformity, AK24-127 did intersect anomalous radioactivity within the sandstone, 3.1 and 5.6 metres above the unconformity (i.e., between 52 and 55 metres beneath the surface). Further investigation is required to assess follow-up drilling potential of this drill target.

Drill hole AK24-129 was designed to test for unconformity mineralization potential with the immediate ACKIO area where previous drilling intersected mineralization 10 metres beneath the unconformity. Although the drill hole did not intersect mineralization within the sandstone or at the unconformity, it did intersect anomalous radioactivity in hydrothermal hematite and clay alteration 25 metres beneath the unconformity.

NOTES:

1. cps* = "counts-per-second", as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer ("RS-125"). The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
2. The Company defines RS-125 radioactivity results as i) background radioactivity (50 to 200 cps), ii) above-background radioactivity (200 to 300 cps), iii) anomalous radioactivity (300 to 1,000 cps), and iv) elevated radioactivity (>1,000 cps).
3. "Radioactivity (>300 cps)" in Table 1 is defined as drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
4. All reported lengths are drill hole lengths and do not represent true thicknesses which have yet to be determined. All reported "beneath surface" measurements are true vertical depths from surface.

About Baselode Energy Corp.
Baselode controls 100% of approximately 238,930 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.

Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside 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.

QP Statement
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.sedarplus.ca.

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.

Figure 1 - Baselode projects location map. ACKIO uranium prospect identified with yellow circle

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Figure 2 - Diamond drill hole collar locations and drill traces

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Figure 3 - Cross-section slice of 3D ACKIO uranium mineralization model

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TABLE 1 - ACKIO diamond drill hole radioactivity results

NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N
Elevation is recorded as "metres above sea level"
Az. = Azimuth, EOH = End of hole (measured in metres)
Composite radioactivity results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution
Composite radioactivity results for "Includes/And Includes" use 5,000 cps cut-off and do not contain greater than 2.0 m consecutive dilution
* - previously released results (July 2, 2024)
1 - includes 1.05 m lost core over interval length
2 - includes 0.9 m lost core over interval length
3 - includes 2.75 m lost core over interval length
4 - includes 4.2 m lost core over interval length

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