• AK22-051 intersected 2,320 cps over 30.1 m starting at 27.0 m drill hole depth, ranks as the best drill hole on the project, and includes six separate intervals of >10,000 cps*
   
• AK22-047 intersected 5,229 cps over 7.35 m at 140.65 m, ranks as second-best drill hole on the project, and includes eight separate intervals of >10,000 cps

Toronto, Ontario – May 31, 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 (the “Basin”), northern Saskatchewan (see Figure 1 and Table 1).

“We continue to hit mineralization at the overburden contact; within 25 m from surface. The mineralization from AK22-051 is the shallowest being drilled in the Basin.  This rarity of near-surface mineralization with high levels of radioactivity sets Baselode apart from our peers as there’s no other recent discovery this close to surface.  Near-surface mineralization has been a key characteristic required for numerous Basin deposits going into production as open pit mines. Holes AK22-051 and AK22-047 are substantially the two best drill holes on ACKIO to date in terms of continuously elevated radioactivity. They also have the highest average levels of radioactivity, and each includes multiple discrete intersections with greater than 10,000 cps. We’re excited to see ACKIO grow with near-surface mineralization, including consistently higher levels of radioactivity. AK22-051 remains open in all directions and AK22-047 remains open to the east,” said James Sykes, CEO, President and Director of Baselode. 

Highlights include;

• AK22-051: 2,320 cps over 30.1 m at 27.0 m (new best individual continuous radioactivity intersection at ACKIO to date) which includes
  • 9,068 cps over 0.6 m at 34.1 m, maximum 10,000 cps over 0.5 m
  • 5,961 cps over 0.5 m at 37.6 m, maximum 7,500 cps over 0.3 m
  • 7,615 cps over 0.7 m at 41.85 m, maximum 10,000 cps over 0.15 m
  • 6,232 cps over 1.2 m at 45.05 m, maximum 12,000 cps over 0.1 m
  • 6,193 cps over 1.6 m at 48.15 m, maximum 13,000 cps over 0.2 m
     
• AK22-047: 5,229 cps over 7.35 m at 140.65 m (new 2^nd best individual continuous radioactivity intersection) which includes
  • 9,307 cps over 3.6 m at 141.45 m, maximum 25,000 cps over 0.1 m
     

Drill hole AK22-051 was the first drill hole off the drill pad. Follow-up drill holes will test this near surface mineralization's east and west thickness. Follow-up drilling east of AK22-047 is also planned.

Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 47 drill holes (AK22-005 to AK22-051) for 13,921.35 m (see Figure 1). Twenty-five of forty-seven drill holes have intersected continuously 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 (AK22-042 to AK22-051) are provided in Table 1. 

Samples from these reported eleven drill holes have been submitted to the Saskatchewan Research Council’s 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” are 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 AK22-042 to AK22-051

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.