Highlights:

• Three drill holes have now intersected elevated radioactivity within 45 m of vertical depth from surface
   
• Two holes returned some the strongest elevated radioactivity intersections on ACKIO
   
• AK22-040: 744 cps over 22.75 m at 115.05 m (new 2^nd best radioactivity intersection)
   
• AK22-023: 538 cps over 29.25 m at 129.95 m (new 4^th best radioactivity intersection)
   
• Change in drill azimuth direction has yielded a 100% intersection success

Toronto, Ontario – May 16, 2022 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide an update on the ongoing 20,000 metre diamond drilling program (the “Program”) on the ACKIO high-grade uranium discovery (“ACKIO”), Hook project (“Hook”), Athabasca Basin area, northern Saskatchewan (see Figure 1 and Table 1).

“ACKIO continues to impress us as we have now extended near-surface mineralization to an area measuring 50 m by 50 m. We’ve had two drill holes, AK22-037 and AK22-040, intersect the widest continuous zones of elevated radioactivity, measuring over 20 m drill hole thickness. These two drill holes have now ranked the 2^nd and 4^th best drill holes on ACKIO to date in terms of continuous radioactivity. Additionally, we’ve changed our drill hole direction from west azimuth (270) to east azimuth (090), targeting a structural model that we’ve recently conceived. Since then, we’ve had 100% intersection success with each drill hole hitting significant widths of radioactivity,” said James Sykes, CEO, President and Director of Baselode. 

“From the drilling we have completed to date, our model for is ACKIO a series of gently west-dipping, stacked, mineralized lenses. In many cases what we previously interpreted as the Upper and Lower zones is in fact connected as one mineralized zone. In other cases there are 3 to 4 stacked lenses on a section. Understanding how to connect the lenses from section to section will require more drilling as the lenses pinch and swell both along strike (N-S) and down-dip (E-W). The main takeaways from ACKIO are that we have continuity of mineralization along strike as we’ve hit significant widths of mineralization on every drill fence, and that we high levels of radioactivity at shallow depths ranging from 35 m to 150 m true vertical depths,” said Cameron MacKay, Vice-President, Exploration & Development.

Highlights include;

• AK22-040: 744 cps over 22.75 m at 115.05 m (new 2^nd best individual continuous radioactivity intersection at ACKIO to date)
   
• AK22-037: 538 cps over 29.25 m at 129.95 m (new 4^th best individual continuous radioactivity intersection) which includes
  • 3,623 cps over 0.25 m at 145.35 m
  • 3,000 cps over 0.45 m at 156.7 m
     
• AK22-038: 914 cps over 6.25 m at 35.85 m (previously reported on May 4, 2022, the shallowest radioactivity intersection at ACKIO) which includes
  • 2,057 cps over 1.75 m at 35.85 m
     
• Fracture-controlled mineralization with high levels of radioactivity returning 7,914 cps over 0.2 m at 225.5 m, which includes
  • Maximum of 18,600 cps over 0.05 m at 225.5 m
  • Reminiscent of mineralization distal to the high-grade core at NexGen Energy’s (TSX: NXE) Arrow uranium deposit
     
• AK22-039: 640 cps over 8.65 m at 40.95 m (2^nd shallowest intersection at ACKIO)
   
• AK22-041: 424 cps over 4.6 m at 47.45 m (3^rd shallowest intersection at ACKIO)
   
• The Upper zone strike length remains 375 metres and the Lower zone strike length remains 265 metres; both zones are open in all directions (see Figure 1).

The Company is preparing a video presentation to provide more details and interpretations regarding the results and details from this and previous news releases. The video is expected within the next week.

Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 37 drill holes (AK22-005 to AK22-041) for 11,153.75 m (see Figure 1). Twenty of thirty-seven drill holes have intersected continuous elevated radioactivity. A complete list of drill hole collar information and hand-held scintillometer radioactivity composite measurements for the drill holes reported in this news release (AK22-034 to AK22-041) are provided in Table 1.

Drill holes AK22-034 to AK22-041 were all drill testing a structural model which required a change in drilling azimuth from west (270) to east (090). The model required testing prior to continuing drilling along strike to the southeast of ACKIO. The change in the drill azimuth direction has had a 100% intersection success suggesting the structural model is accurate.

Successful drill testing of the structural model has changed the future drill plans. One drill will continue ACKIO exploration to the southeast drilling with an east-facing azimuth (090) while the other drill will continue to infill previously drilled fences with a similar east-facing azimuth (090). 

Samples from these reported eight drill holes have been submitted to the Saskatchewan Research Council’s (“SRC”) Geoanalytical Laboratory in Saskatoon, Saskatchewan, for whole-rock, multi-element and U₃O₈ analysis. Baselode will continue to provide Program updates on a bi-monthly to monthly schedule. Uranium assay results will be released as they are received after being compiled and thoroughly checked by the technical team.

The Program is helicopter-supported to lessen any ground-induced environmental impacts within the project area, and will allow the Company to continue the Program during Spring thaw. 

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. 

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 for 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 125 cps.
3. “Continuous elevated radioactivity” means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
4. All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.  
5. “best radioactive intersections” were determined by multiplying the average radioactivity with the reported intersection widths for each drill hole that Baselode has reported on to date.

Figure 1 – Plan map of the Ackio mineralized surface expression

Table 1 - Drill collar details and continuous composite elevated radioactivity results from drill holes AK22-034 to AK22-041

About Baselode Energy Corp.

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 is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of 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.