• Mineralization confirmed with 0.67% U₃O₈ over 2.1 m at 32 m true vertical depth
   
• Additional shallow mineralization of 0.23% U₃O₈ over 13.0 m at 44 m true vertical depth which includes high-grade intersection of 1.82% U₃O₈ over 1.0 m
   
• 2 of 4 drill holes with mineralization starting within 40 metres of surface
   
• Assays pending from 11 remaining drill holes, including those with the highest radioactivity results

Toronto, Ontario – November 20, 2023 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to announce new uranium (“U₃O₈”) assays from 4 drill holes from the 7,512 metre diamond drilling program (the “Program”) completed within the ACKIO uranium prospect (“ACKIO”) on the Hook project (“Hook” or the “Project”). Baselode has assays from 11 drill holes to be released, including those with the highest radioactivity results.  

“Drill hole AK23-112 confirms Pod 7 as ACKIO's second zone of near-surface uranium mineralization. After the overburden, AK23-112 immediately penetrated mineralized bedrock, returning a significant concentration of 0.67% U₃O₈ over 2.1 meters at a true vertical depth of 32.0 meters. The same drill hole cut a broad mineralized intercept (0.23% U₃O₈ over 13.0 m at 44 m true vertical depth) with high-grade uranium (1.82% U₃O₈ over 1.0 m) within 20 m of the upper intersection.  Analysis of these results may suggest we have overlooked the potential for other lenses and sructures to be mineralized up to the base of the overburden. Our primary aim is to delineate the expansive scope of the ACKIO uranium system. While the near-surface mineralization remains under-explored, the system remains largely untested at depth. The potential for an extensive and robust uranium mineralized system within ACKIO is very exciting," stated James Sykes, CEO, President, and Director of Baselode.

FIGURE 1 – Surface projections of modelled ACKIO uranium mineralization, drill hole collar locations and traces for AK23-111 to AK23-113, AK23-116

TABLE 1 – Drill collar details, continuous composite elevated radioactivity results, and uranium assay results (U₃O₈) from drill holes AK23-111 to AK23-113, AK23-116

ACKIO Drill Program Details

36 drill holes for 7,512 metres (“m”) were completed during the Program. ACKIO consisted of 30 drill holes for 6,193 m, Mirror consisted of 5 drill holes for 1,145 m, and 1 drill hole for 174 m was completed on a regional exploration target.

Drill holes AK23-111 to AK23-113 were drilled specifically to target uranium mineralization at the overburden contact outside of modeled areas. The results from holes AK23-111 and AK23-112 suggest Pod 7 could have a minimum 25 m wide uranium mineralized envelope at the overburden contact.

Drill hole AK23-116 confirmed the presence and continuity of narrow mineralization over discrete widely spaced intervals between the main body’s of Pods 1 and 7.

Geochemical U₃O₈ assay results from drill holes AK23-111 to AK23-113, and AK23-116 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 eleven drill holes will be released after being compiled, thoroughly quality checked, and interpreted 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 >1.00% U₃O₈.

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, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.

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.sedarplus.ca

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.