Baselode Reports Seven Drill Holes With Uranium Mineralization Starting Within 50 Metres of Surface

• 17 drill holes with uranium mineralization:
• 10 confirm high-grade uranium mineralization* above 0.5% U₃O₈
• 7 intersected uranium mineralization between 25 and 50 metres below surface
• 4 intersected uranium mineralization between 50 and 100 metres below surface
• AK22-047: 1.67% U₃O₈ over 7.5 m at 99.3 m true vertical depth includes 2.45% U₃O₈ over 5.0 m
• AK22-052: 0.58% U₃O₈ over 27.6 m at 28.1 m true vertical depth includes 0.86% U₃O₈ over 7.9 m and 0.75% U₃O₈ over 7.65 m
• 25 of the 44 drill holes intersecting elevated radioactivity are now reported

TORONTO, Sept. 12, 2022 - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the geochemical assay results from an additional twenty-eight drill holes of the now-complete 22,500 metre diamond drill program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project, Athabasca Basin area (the "Athabasca"), northern Saskatchewan (see Table 1 and Figure 1).

"We are enthusiastic about confirming additional near-surface, high-grade uranium mineralization in several drill holes at ACKIO. Four of the reported drill holes (AK22-038, -051, -052, -058) have intersected uranium mineralization starting at the glacial overburden contact with bedrock. That's as shallow as possible at ACKIO and very encouraging. There hasn't been mineralization as shallow as these results reported in the Athabasca in the past few decades. The Athabasca is renowned for the world's highest uranium grades, commonly over 1% U₃O₈, and drill hole AK22-047 delivers 1.67% U₃O₈ over 7.5 m starting within 100 m of surface. Seven drill holes returned broad intersection widths ranging from 10 metres to 30 metres, and some with total assay composite drill hole widths up to 60 metres. These reported drill hole results reinforce that ACKIO has shallow, broad and high-grade uranium mineralization, characteristic of historic Athabasca -open pit mining operations. We believe ACKIO has significant upside potential, and we look forward to planning the next phase of diamond drilling to discover more shallow, high-grade uranium mineralization," said James Sykes, CEO, President and Director of Baselode.

The Company is preparing a video to provide more context to the results reported herein.

Drill hole highlights from this news release include;

• AK22-034: 0.41% U₃O₈ over 6.7 m at 170.65 m (170.0 m true vertical depth) includes
• 0.87% U₃O₈ over 2.1 m at 173.2 m
• AK22-035: 0.54% U₃O₈ over 7.3 m at 160.2 m (145.2 m true vertical depth) includes
• 0.66% U₃O₈ over 4.05 m at 162.95 m
• AK22-036: 0.16% U₃O₈ over 16.5 m at 133.0 m (94.0 m true vertical depth) includes
• 0.52% U₃O₈ over 0.5 m at 142.5 m
• AK22-037: 0.12% U₃O₈ over 15.0 m at 135.95 m (135.4 m true vertical depth)
• AK22-038: 0.22% U₃O₈ over 6.5 m at 35.85 m (35.7 m true vertical depth) includes
• 1.30% U₃O₈ over 0.5 m at 35.85 m
• AK22-047: 1.67% U₃O₈ over 7.5 m at 140.35 m (99.3 m true vertical depth) includes
• 2.45% U₃O₈ over 5.0 m at 140.85 m
• Highest individual assay of 4.72% U₃O₈ over 0.5 m
• AK22-051: 0.50% U₃O₈ over 28.9 m at 28.45 m (28.3 m true vertical depth) includes
• 1.88% U₃O₈ over 0.55 m at 31.15 m
• 0.79% U₃O₈ over 10.6 m at 41.85 m
• AK22-052: 0.58% U₃O₈ over 27.6 m at 30.95 m (28.1 m true vertical depth) includes
• 0.86% U₃O₈ over 7.9 m at 31.45 m
• 0.75% U₃O₈ over 7.65 m at 49.85 m
• AK22-053: 0.43% U₃O₈ over 18.9 m at 137.45 m (97.2 m true vertical depth) includes
• 0.64% U₃O₈ over 10.45 m at 139.45 m
• AK22-058: 0.19% U₃O₈ over 13.5 m at 35.65 m (32.3 m true vertical depth) includes
• 0.64% U₃O₈ over 0.5 m at 45.65 m
  and
• 0.16% U₃O₈ over 27.35 m at 53.65 m (48.6 m true vertical depth) includes
• 1.07% U₃O₈ over 0.3 m at 69.45 m
• 0.75% U₃O₈ over 1.0 m at 74.5 m
• 43.85 m of total composite mineralization
• AK22-063: 0.07% U₃O₈ over 31.0 m at 40.5 m (40.3 m true vertical depth)
  and
• 0.10% U₃O₈ over 19.5 m at 74.0 m (73.7 m true vertical depth) includes
• 0.54% U₃O₈ over 0.5 m at 87.5 m
• 59.85 m of total composite mineralization

Baselode started the Program on February 9, 2022 (see Company News Release) and completed the Program on August 2, 2022, with 78 drill holes (AK22-005 to AK22-080, and HK22-007), including one abandoned drill hole (AK22-048), for a total of 22,485.85 m (see Figure 1). Forty-four of seventy-six drill holes at ACKIO have intersected elevated radioactivity. A complete list of drill hole collar information, hand-held scintillometer radioactivity composite measurements, and U₃O₈ composite assay results for the twenty-eight drill holes reported in this news release (AK22-034 to AK22-038, and AK22-042 to AK22-063) are provided in Table 1.

Geochemical U₃O₈ assay results from these twenty-eight reported drill holes were provided by Saskatchewan Research Council's Geoanalytical Laboratory ("SRC") in Saskatoon, Saskatchewan. The assay methodology includes SRCs "U₃O₈ Wt% Assay" analysis package where an aliquot of sample pulp is digested in a concentration of HCL:HNO₃. The digested volume is then made up with deionized water for analysis by ICP-OES. Uranium assay results from the remaining twenty-nine drill holes will be released as they are received from SRC and after being compiled and thoroughly quality 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 28 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.

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 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.

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.