• Two drill holes (AK23-112 and AK23-113) intersected elevated levels of radioactivity in Pod 7 at overburden-basement contact within 32 and 37 metres from surface, respectively
   
• Drill holes in “Mirror” exploration target intersected elevated radioactivity within massive alteration system
   
• Assays from this Drill Program are expected shortly

Toronto, Ontario – August 28, 2023 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to announce the completion of the diamond drilling program (the “Program”) on the ACKIO high-grade uranium zone (“ACKIO”) on the Hook project (“Hook” or the “Project”) (see Figures 1 and 2, Table 1).

“Several of our holes intercepted elevated levels of radioactivity, which will expand our mineralized footprint. We also achieved several milestones, including extending mineralization along strike and at depth, discovering more shallow mineralization including Pod 7 starting at the overburden-basement rocks contact similar to Pod 1, defining thicker zones of mineralization within previously modeled areas, and identifying a new trend of mineralization at the Mirror target which displays intense alteration over a 300 m width,” said James Sykes, CEO, President and Director of Baselode.

ACKIO Drill Program Update

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 (Figures 1 and 2, Table 1).

Drill holes AK23-112 to AK23-113 successfully identified mineralization at the overburden-basement contact in Pod 7, confirming a second zone of mineralization (after Pod 1) with mineralization as-shallow-as-possible in the ACKIO system.

Drill holes AK23-114 and AK23-115 tested the northern strike extent of mineralization in Pod 7. Results were strongest in AK23-114 suggesting Pod 7 could trend shallower than previously modelled and requires follow-up in the future.

Drill hole AK23-116 confirmed numerous discrete intervals of elevated radioactivity in the area between Pods 1 and 7. These intervals are not part of any currently modeled uranium Pods (Pods 1 through 11) and could help increase the overall volume of mineralization identified at ACKIO.

Seven of the reported drill holes (AK23-107, AK23-111 to AK23-116) all had mineralization starting shallower than 100 m from surface, with three drill holes intersecting mineraliztion shallower than 50 m from surface (AK23-111 to AK23-113).

High levels of radioactivity (>5,000 cps*) were reported in drill holes AK23-112 and AK23-116. The results from AK23-112 confirms strong uranium mineralization can be projected to the overburden-basement contact in Pod 7, and AK23-116 supports the potential for additional high-grade uranium mineralization occurring between Pods 1 and 7.

Drill holes AK23-105 to AK23-109 were all drilled in the Mirror target area.  Two of the reported drill holes (AK23-105 and AK23-107) intersected elevated radioactivity. All 5 drill holes defined an intense alteration corridor that measures over 300 m wide. Mirror remains open for exploration in all directions.

Drill hole AK23-110 targeted the thickest part of Athabasca sandstones with favourable pathfinder geochemistry defined from previous drilling (i.e,. AK22-005). Surprisingly, the drill hole did not intersect sandstone and went directly into basement rocks immediately following the overburden, suggesting a large structural offset within the sandstones. Many Athabasca sandstone uranium deposits are associated with large-scale faults. The sandstone target area remains open for exploration potential but requires further modelling to better define the structural controls of the area.

Exploration drill hole HK23-008 targeted geophysical anomalies along the ACKIO trend over 1 kilometer to the southeast. The drill hole intersected granite with no alteration or elevated radioactivity.

NOTES:

1. cps* = “counts-per-second”, as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer.  The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication of the presence of radioactive materials (uranium, thorium and/or potassium), and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured. 
2. The Company considers all RS-125 readings greater than 300 cps to be considered elevated radioactivity, with background radioactivity measuring between 50 to 100 cps.
3. “continuous composite elevated radioactivity” means the sum of drill core length with greater than or equal to 300 cps with a maximum 2.0 m of consecutive drill hole length measuring less than 300 cps as dilution.
4. All reported drill hole intervals are drill core lengths and do not represent true thicknesses which have yet to be determined.  

FIGURE 1 – Surface projections of modeled ACKIO uranium mineralization

FIGURE 2 – Location of exploration drill hole HK23-008 with respect to ACKIO

TABLE 1 – Drill collar details and continuous composite elevated radioactivity results from drill holes AK23-105 to AK23-116, HK23-008

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.

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.