• AK23-88: 0.32% over 16.5 m at 184 m drill hole depth, including 0.53% over 3.0 m and 0.75% over 1.5 m (best uranium intersection beneath 150 m depth)
   
• Mineralization remains open at depth
   
• Assays from 25 remaining drill holes on this program are pending

Toronto, Ontario – September 20, 2023 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to announce uranium (“U₃O₈”) assay results from 11 drill holes (AK23-81 to AK23-91) of the 7,500 m diamond drilling program (the “Program”) targeting the deepest parts of the ACKIO high-grade uranium system (“ACKIO”) on the Hook project (“Hook” or the “Project”). The assays reported herein are all from the deepest drilling at ACKIO. Baselode anticipates, based on previously released radioactivity results, to release even more encouraging results from shallower intersections with pending assay results from 25 drill holes remaining.

“The results from the deep targets in drill holes AK23-88 and AK23-82 clearly demonstrate mineralization remains strong and open at depth as we attempt to connect the near-surface mineralization with these new zones at depth. The assay results from hole AK23-88 rank it is a top-ten drill hole at ACKIO. In particular, AK23-88 intersected 4 individual high-grade uranium lenses, including 0.53% over 3.0 m and 0.75% over 1.5 m, while holes AK23-84 through AK23-88 demonstrate continuity of higher grades of mineralization at depth. ACKIO is a robust uranium system with shallow mineralization extending deep and remains open for additional discovery potential,” said James Sykes, CEO, President and Director of Baselode.

ACKIO Drill Program Details

36 drill holes over 7,512 metres (“m”) were completed. Within this, ACKIO consisted of 30 drill holes for 6,193 m, Mirror consisted of 5 drill holes for 1,145 m (AK23-105 to AK23-109), and 1 drill hole (HK23-008) for 174 m was completed on a regional exploration target (Figure 1, Table 1).

Drill holes AK23-90 and AK23-91 confirmed mineralization starting at 72 m and 82 m below surface, respectively, demonstrating shallow mineralization is prevalent in other Pods at ACKIO.

The remainder of the drill hole assay results were all intersected between 130 and 225 m beneath the surface, demonstrating uranium mineralization is prevalent at depth at ACKIO and is not restricted to shallow mineralization. Mineralization remains open at depth and provides a target for future drill programs.

Four of the reported drill holes (AK23-84 to AK23-88, excluding AK23-87) all intersected high-grade uranium mineralization (i.e., >0.50% U₃O₈) over a minimum width of 0.5 m core length. These results continue to demonstrate high-grade uranium occurs at depth ACKIO.

Three drill holes (AK23-82, AK23-86, AK23-88) all intersected continuous mineralization over 10 m core length, demonstrating thick mineralized zones at depth.

Geochemical U₃O₈ assay results from drill holes AK23-81 to AK23-91 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-five drill holes will be released after being compiled and thoroughly quality checked by the technical team.

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.

NOTES:

1. All reported drill hole lengths do not represent true thicknesses which have yet to be determined.
2. * “High-grade uranium mineralization” is defined by the Company as any result with >0.50% U₃O₈ over a minimum of 0.25 m drill hole interval.

About Baselode Energy Corp.

Baselode controls 100% of approximately 264,172 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

The Company discovered the ACKIO near-surface, high-grade uranium deposit in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 11 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 120 m. ACKIO remains open to the west, north, south, and along the Athabasca sandstone unconformity to the east and south.

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.

FIGURE 1 – Surface projections of modeled ACKIO uranium mineralization, drill hole collar locations and traces for AK23-81 to AK23-91

TABLE 1 – Drill collar details, continuous composite elevated radioactivity results, and uranium assay results (U₃O₈) from drill holes      AK23-81 to AK23-91

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.”

For further information, please contact:

Baselode Energy Corp.

FIND on the TSXV

info@baselode.com

www.baselode.com

James Sykes, CEO, President and Director

jsykes@oregroup.ca

306-221-8717

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