Baselode Intersects Uranium 35.8 m Below Surface, One of the Shallowest Intersections in the History of the Athabasca Basin

• One of the shallowest uranium intersections in the history of the Athabasca Basin
• Supports the potential for open-pit mining on Baselode's ACKIO
• AK22-038: 914 cps over 6.25 m at 35.85 m, including 2,057 cps over 1.75 m

TORONTO, May 4, 2022 - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide an interim update regarding elevated radioactivity intersected near-surface in drill hole AK22-038 as part of the Company's on-going 20,000 m drill program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project ("Hook"), Athabasca Basin area (the "Basin"), northern Saskatchewan.

"This intersection is a game-changer for ACKIO as it opens up the prospect for open-pit mining. It also confirms our belief that mineralization occurs near-surface at ACKIO, and opens a new area for exploration to the west. This shallow intersection validates the possibility for unconformity style of mineralization and indicates that near-surface mineralization can occur throughout ACKIO. Other notable near-surface mineralization intersections include the Key Lake, Cluff Lake, Rabbit Lake, Collins Bay and Uranium City deposits, all of which have been mined with open-pit methodologies," said James Sykes, CEO, President and Director of Baselode.

Overburden was cased from surface (0.00 m) down to 35.85 m where radioactive basement rocks were immediately encountered (see Figure 2 for image of AK22-038 drill core). A significant zone of radioactivity continued for 6.25 m beyond the overburden contact. Three other minor zones of elevated radioactivity were also encountered down to 75.1 m depth. The drill hole has been drilled down to 168 m drill hole depth and is on-going. Hole AK22-038 was drilled with a -85 inclination so the depths of the intervals are near true vertical depths from surface. See Figure 1 and Table 1 for more details.

Baselode will provide an update for the remainder of this drill hole, and drill holes AK22-034 to AK22-037, next week. The Company will include this drill hole in a video presentation to provide more details and interpretations regarding the results and details from the past two news releases. The video is expected within the next two weeks.

The Program is helicopter-supported to lessen any ground-induced environmental impacts within the project area, and will allow the Company to continue the Program during Spring thaw.

ACKIO is located 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.

FIGURE 1 - Plan map of the ACKIO area

FIGURE 2 - Elevated radioactivity directly beneath overburden, drill hole AK22-038 (overburden/basement contact defined at red line)

TABLE 1 - Drill collar details and continuous composite elevated radioactivity results from drill hole AK22-038

About Baselode Energy Corp.

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.

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.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.