Baselode Intersects Best Drill Hole To Date With 0.90% U3O8 Over 31.0 Metres Starting at 69.3 m True Vertical Depth

• The reported intersection includes 1.86% U₃O₈ over 12.5 m at 79.7 m true vertical depth which includes the Project's highest individual assay of 5.61% U₃O₈

TORONTO, Sept. 20, 2022 - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the geochemical assay results from drill hole AK22-069 of 0.90% U₃O₈ over 31.0 m starting at 69.3 m true vertical depth which includes 1.86% U₃O₈ over 12.5 m at 79.7 m true vertical depth. AK22-069 is the latest and best hole to date from 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).

"Drill hole AK22-069 has delivered the best overall uranium assay results we've received on ACKIO to date, including the highest individual assay result returning 5.61% U₃O₈ over 0.5 m. Hole -069 was drilled down-dip of holes AK22-051 (0.50% U₃O₈ over 28.9 m) and AK22-052 (0.58% U₃O₈ over 27.6 m) which both intersected uranium mineralization at the overburden-basement contact, i.e., as shallow as possible at ACKIO. The reported intercept from hole -069 has exceeded the results from both of those drill holes and confirms near-surface, high-grade mineralization is continuous and more concentrated at depth, and still within 100 m of surface. These results demonstrate the exciting potential at ACKIO for the possible development of a near-surface, high-grade uranium open pit mining scenario. We look forward to continuing drilling this zone with our next ACKIO drill program in 2023," said James Sykes, CEO, President and Director of Baselode.

Geochemical U₃O₈ assay results from drill hole AK22-069 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 eighteen drill holes will be released as they are received from SRC and after being compiled and thoroughly quality checked by the technical team.

The downhole gamma probe results confirm mineralization is continuous where core loss is present as noted in Table 1.

Click Here for Figure 1 Plan Map of Ackio and Table 1 Drill Collar Details

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.

Baselode Energy Corp.
FIND on the TSXV
info@baselode.com
www.baselode.com

SOURCE Baselode Energy Corp.