Toronto, Ontario – August 10, 2020 – Baselode Energy Corp. (“Baselode” or the “Company“) (FIND:TSXV) is pleased to announce that it has engaged Expert Geophysics Ltd. to complete a 2,600 line-kilometre mobile magnetotellurics (‘Mobile MT’) heli-borne survey. This survey will cover the entirety of Baselode’s Shadow property of over 420 square kilometres in the Athabasca Basin region. The survey is expected to begin August 10, 2020.

Why is Baselode using Mobile MT?

Mobile MT is a cutting-edge geophysical technology which allows for the identification of geologic structures, alteration halos, contrasting lithologies and even certain types of mineralization from near surface to deeper than 1 km from surface.

Baselode is using Mobile MT to identify deep and shallow structures related to the Virgin River Shear Zone (“VRSZ”), one of the most prominent structural corridors in northern Saskatchewan. The VRSZ is the boundary between two tectonic domains and its hydrothermal ‘plumbing’ system can run deep.  These deep-rooted structural systems allow for significant fluid migration which can lead to the formation of high-grade uranium deposits. 

Four uranium deposits north of the Shadow property have previously been discovered along a 250-km strike extension of the VRSZ, proving the VRSZ is a fertile structural corridor for uranium mineralization.  The Shadow property straddles the VRSZ over a 60 km-long strike length that has never been explored for any mineral commodity. 

What is Mobile MT?

Stationary Magnetotellurics (MT) is a long-established electromagnetic geophysical method which provides accurate sub-surface data for reliable geological interpretations.  MT measures the earths’ subsurface electrical conductivity using the natural geomagnetic and geoelectric field variations in the earth.  MT utilizes the electrical fields generated by lightning discharges from thunderstorms that propagate through the sub-surface. MT is akin to conventional resistivity and electromagnetic surveys but incorporates magnetic fields to further help determine electrical heterogeneities between the earth and the audio frequencies. This technology has proven superior for identifying geological features of interest rather than conventional electromagnetic methods. 

Magnetotellurics has successfully mapped graphitic conductors and alteration plumes related to mineralization at the McArthur River (Cameco) and Shea Creek (Orano/UEX) uranium deposits. 

Mobile MT remains at the forefront of emerging exploration geophysical technologies. The “mobile” aspect of magnetotellurics, with data acquisition being possible with helicopter support, is a development which is proving to be a significant evolutionary shift in airborne geophysical methodologies.

Next Steps are Survey Results

Preliminary results will be made available on an on-going basis. Anomalous areas identified by the preliminary survey results will be followed-up via on-ground exploration, mapping and sample collection to delineate high-quality drill target areas.

About the Shadow Property

Shadow encompasses ~42,000 hectares along the basement rocks of the Virgin River Shear Zone south of the Athabasca Basin. Shadow exhibits similar structural and geophysical features recognized in other Athabasca high-grade uranium deposits, including a major, deep-rooted, structural corridor along a preferred regional orientation. At the confluence of the main structure and cross-cutting structures is where the rocks tend to break open to create dilation zones, which could promote uranium-rich fluids to migrate to these locations (i.e., traps). Shadow’s upcoming exploration programs will target these areas.   

View Mobile MT Survey Flight Lines on Shadow Property

Map of Baselode’s Shadow Property

Regional Map of Baselode’s Properties

QP Statement

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director of Baselode Energy Corp., who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.” 

About Baselode Energy

Baselode currently controls 100% rights to surface exploration on 71,821 hectares in the Athabasca Basin area, northern Saskatchewan, Canada. Baselode is a uranium exploration company with less than 29 million shares outstanding and only 9.8 million shares in the float.

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 complimented by the Company’s preferred use of innovative and well-understood geophysical methods to map deep structural controls in order to identify shallow targets for diamond-drilling.

For further information, please contact:

Baselode Energy Corp.

FIND on the TSXV

James Sykes, CEO and President

jsykes@uraniumgeologist.com

306-221-8717

www.baselode.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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 filings by the Company 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.