Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide an update of the on-going 10,000 metre diamond drilling program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project ("Hook"), Athabasca Basin area, northern Saskatchewan.

Highlights include;

• 25,000 counts-per-second ("cps") from drill hole AK22-11 at 217.1 m depth (see Figure 1) represents the highest indvidual radioactivity reading on the project to date
• New sub-parallel "Lower" zone of uranium mineralization discovered with two intervals of continuous elevated radioacitivity measuring 1,583 cps over 6.5 m at 201.0 m and 1,286 cps over 11.9 m at 215.75 m from drill hole AK22-11
• Uranium mineralization extends for over 150 m along strike and remains open along both strike directions (see Figure 2)
• Higher levels of radioactivity discovered in two drill holes to the north (AK22-08 and AK22-09) and one drill hole to the south (AK22-11) of the discovery drill fence which includes drill hole AK21-01 (0.13 wt% U₃O₈ over 15.5 m, see Table 1 and Table 2 for comparisons)
• Faulting, alteration, and above background radioactivity discovered in Athabasca sandstone east of ACKIO mineralization in drill hole AK22-05 is prospective for unconformity mineralization (see Figure 3)

"We're encouraged with the results from the winter drill holes to date, especially AK22-08, AK22-09, and AK22-11. The former two drill holes provide continuity to the northwest with the "Upper" mineralized zone that we discovered last year, and the latter drill hole has intersected a new "Lower" mineralized zone that exhibits the highest levels of radioactivity that we've seen on ACKIO to date. The Lower zone in AK22-11 is associated with a calc-silicate unit where we intersected 0.11 wt% U₃O₈ over 2.0 m in drill hole AK21-03 last year.  Mineralization and alteration are getting much broader and stronger as we continue exploring to the southeast. Our updated structural model suggests the ACKIO trend continues for another 1,000 m to the southeast, and that fold repetition of lithological units which host known mineralization should occur east of current drill limits. Drill hole AK22-05 intersected above average radioactivity associated with massive clay-hematite alteration as part of a basement fault wedge into the Athabasca sandstone, suggesting the eastern area has potential for unconformity mineralization. For now, we will continue our aggressive drill campaign with 50 metre step-out holes to the southeast and northwest, exploring for more high-grade uranium mineralization along the ACKIO trends. Targeting the eastern corridor for unconformity mineralization potential will become a priority in the weeks to come," said James Sykes, CEO, President and Director of Baselode. 

The Company is preparing a video presentation to provide more details and interpretations regarding the results from this news release. The video is expected in the coming days.

Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 7 drill holes (AK22-05 to AK22-11) for 2,185.6 m (see Figure 2). Three drill holes (AK22-08, AK22-09 and AK22-11) have intersected continuous elevated radioactivity.  Figure 3 is a schematic representation of the interpreted geology along the discovery drill fence which includes drill holes AK21-01 to AK22-06. A complete list of drill hole collar details and hand-held scintillometer radioactivity composite measurements are in Table 1.  Table 2 is provided for comparison of radioactivity and geochemical assay results from the 2021 drill holes with those from Table 1. 

Samples from these 7 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 release drill core radioactivity results as a prelude to uranium assay results 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 located 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:

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."

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.

FIGURE 1 – 25,000 cps measured from AK22-11 at 217.1 m depth

FIGURE 2 – Plan map of the ACKIO area including 2021 and current 2022 drill holes

FIGURE 3 – Geology schematic cross-section of drill holes AK21-01 to AK22-06 (view looking north)

TABLE 1 – Drill collar details and continuous composite elevated radioactivity results from drill holes AK22-05 to AK22-11

TABLE 2 – Drill collar details, continuous composite elevated radioactivity results and uranium (U₃O₈) assay results from drill holes AK21-01 to AK21-04