• 1,019 cps* over 35.75 m starting at 36 m beneath surface in AK23-095

• Five drill holes with greater than 20 metres of elevated radioactivity

• 15 drill holes (3,214 metres) completed to date

Toronto, Ontario--(Newsfile Corp. - July 13, 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") as part of the larger Program for the Hook project ("Hook" or the "Project") (see Figure 1 and Table 1).

"AK23-095 is our 4^th best drill hole by total radioactivity at ACKIO. We are confident this drill hole will help increase our understanding of Pods 1 and 7 in this area. The initial holes of this program focussed mostly on infill and definition drilling of Pods 4 and 5. AK23-095 was the first hole designed for delineation and expansion drilling of Pods 1, 2 and 7. Our best results to date have come from Pods 1 and 2, while Pod 7 is poorly defined and open to the north. AK23-095 delivered an exceptionally thick intersection measuring 28.45 metres of elevated radioactivity in Pod 7, indicating Pod 7 was not drill confined to the west and does remain open (see Figure 2). We expect this drill program to continue to deliver exceptional results as we grow ACKIO," said James Sykes, CEO, President and Director of Baselode.

ACKIO Drill Program Update
A total of 15 drill holes (AK23-081 to AK23-095) in 3,214 metres ("m") have been completed at ACKIO (Figure 1, Table 1). The Program continues to drill. Drill holes AK23-082, AK23-084, AK23-088, AK23-092, and AK23-095 all had over 20 m of composite radioactivity, indicating mineralization is broad and occurs in multiple lenses. In particular, the lower intersection within AK23-095 has greatly expanded mineralization modeled previously in Pod 7. Drill holes AK23-090, AK23-091, and AK23-095 all had mineralization starting shallower than 100 m from surface, with mineralization in AK23-095 starting immediately at the overburden base, confirming the presence of near-surface mineralization. High levels of radioactivity (>5,000 cps*) were reported in drill holes AK23-088, AK23-092, and AK23-095 confirming multiple lenses of higher concentrations of uranium mineralization are present at ACKIO.

ACKIO/Hook 2023 Summer Drill Program Details
10,000 metres of diamond drilling are planned and budgeted for the ACKIO/Hook 2023 summer program. The breakdown includes 7,500 metres allocated to delineation and expansion diamond drilling on ACKIO, and 2,500 metres partitioned in three to five areas for reconnaissance exploration to discover the next uranium zone on Hook. The ACKIO delineation and expansion part of the Program will first focus on the shallowest and/or the highest-grade uranium intersections defined in last years successful 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 by limiting drill holes to specific stopping depths. The drill program is anticipated to be complete by October. The company remains fully-funded to complete the program.

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, 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.

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
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.baselode.com

James Sykes, CEO, President and Director
This email address is being protected from spambots. You need JavaScript enabled to view it.
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.

FIGURE 1 - Surface projections of modeled ACKIO uranium mineralization

FIGURE 2 - Cross-Section with Drill Hole AK23-095

TABLE 1 – Drill collar details and continuous composite elevated radioactivity results from drill holes AK23-081 to AK23-095

NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N
Elevation is recorded as "metres above sea level"
Az. = Azimuth, EOH = End of hole (measured in metres)
Composite radioactivity results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution
1 - includes 1.25 m lost core over interval length
2 - includes 1.3 m lost core over interval length
3 - includes 0.9 m lost core over interval length