• High levels of radioactivity and multiple intersections of >10,000 cps in AK23-102 within 2,271 cps* over 16.0 m starting at 120 metres from surface
   
• ACKIO growth: AK23-102 extends mineralization in Pod 7 by 50 metres (~50% strike length growth) with mineralization open along strike
   
• Near Surface: Eight of nine holes with radioactivity starting within 100 m from surface

Toronto, Ontario – August 8, 2023 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to provide an update 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 to 3 and Table 1).

“We are impressed with these results that extend ACKIO’s near-surface mineralization along with higher levels of radioactivity. Pod 7 has grown along strike and at depth with higher radioactivity.  In particular, hole AK23-102 has some of the highest radioactivity encountered at ACKIO, and mineralization remains open along strike,” said James Sykes, CEO, President and Director of Baselode.

ACKIO Drill Program Update

24 drill holes (AK23-081 to AK23-104) in 4,875 metres (“m”) have been completed at ACKIO to date (Figure 1, Table 1). The Program continues to drill but has now shifted to near-ACKIO reconnaissance exploration drilling while ACKIO is remodeled with new results.

Four of the reported drill holes (AK23-096, AK23-098, AK23-099, and AK23-102) have over 15 m of composite radioactivity occurring within Pods 1 and 7. In particular, drill holes AK23-098, AK23-099 and AK23-102 have expanded mineralization modeled previously in Pod 7 by at least 50 m to the north and at depth (Figure 2).

Eight of nine reported drill holes (excluding AK23-100) all had mineralization starting shallower than 100 m from surface, with three drill holes intersecting mineraliztion shallower than 50 m from surface (AK23-096, AK23-098, and AK23-104).  Mineralization in AK23-098 starts immediately at the overburden base, expanding the near-surface mineralization footprint in Pod 1.

High levels of radioactivity (>5,000 cps*) were reported in drill holes AK23-096, AK23-099, and AK23-102 confirming multiple lenses of higher concentrations of uranium mineralization are present within multiple Pods at ACKIO (Figure 3).  Drill hole AK23-102 expanded high levels of radioactivity by 50 m to the north of Pod 7 and remains open along strike (Figures 1 and 2).

ACKIO/Hook 2023 Summer Drill Program Details

The ACKIO delineation and expansion part of the Program focuses on the shallowest and/or the highest-grade uranium intersections defined in last years 22,500 metre drill campaign. Drill collars have been planned to optimize the allocated metres by intersecting multiple zones of mineralization from the same setups and limiting drill holes to specific stopping depths.

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.  

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.

Figures 1 – 3 Surface Projections and Cross Sections

Table 1 – Drill Collar Details and Radioactivity Results

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.