• Two drill holes intersect high-grade uranium: Both returned over 1% U₃O₈ across 1.5 metres

• Hole AK24-118 intersected 8.5 metres of 0.59% U₃O₈, while AK24-119 returned 21.0 metres of 0.28% U₃O₈, enhancing our understanding of uranium mineralization in Pod 6

• Baselode's ACKIO has a unique advantage that distinguishes it from its peers in the Athabasca Basin, given its shallow mineralization

Toronto, Ontario--(Newsfile Corp. - October 3, 2024) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide uranium ("U₃O₈") assay results from 3 of 43 drill holes of the 2024 drill program on the ACKIO prospect ("ACKIO") in the Athabasca Basin ("Basin") area of northern Saskatchewan.

"Baselode's ACKIO prospect stands out among its peers due to the shallow depth of its mineralization, especially compared to the much deeper deposits elsewhere in the Basin. We are highly encouraged by the results from holes AK24-118 and AK24-119, as they are the best intersections in Pod 6 and rank among the top 20 drill holes at ACKIO. These results strengthen our confidence in ACKIO. It's remarkable that, just over three years after discovering ACKIO, we're still achieving better-than-expected grades and widths," commented James Sykes, CEO, President, and Director of Baselode."

Drill Hole Details (Figure 2 and Table 1)
Drill hole AK24-119 was collared to test the northern extent of Pod 6, 25 m downdip of hole AK22- 039 (0.14% U₃O₈ over 16.5 m*). This drill hole intersected twice the grade and increased thickness with a maximum of 0.28% U₃O₈ over 21.0 m at 141.0 m depth, including high-grade uranium of 1.55% U₃O₈ over 1.5 m.

Drill hole AK24-118 was collared to test the downdip extent 25 m from AK22-035 which returned 0.54% U₃O₈ over 7.3 m**. This drill hole intersected similar but better results, with 0.59% U₃O₈ over 8.5 m at 153.0 m depth, including high-grade uranium of 1.25% U₃O₈ over 1.5 m.

The wider and higher-grade intersections from AK24-118 and AK24-119 help improve the overall uranium mineralization statistics of Pod 6.

Drill hole AK24-117 was collared to test the mid-lower extents of Pod 6, 15 m updip of hole AK22-020 which returned 0.08% U₃O₈ over 4.45 m and 0.13% U₃O₈ over 2.9 m***. This drill hole intersected similar results as AK22-020 with a maximum of 0.07% U₃O₈ over 7.5 m at 128.5 m, confirming Pod 6 to be pinching out in the down-dip direction.

Assay results from an additional 40 drill holes from the now completed ACKIO and Hook drill programs are pending, and will be released after quality review and approval.

NOTES:

1. "High-grade uranium" is defined by the Company as composite results with >1.00% U₃O₈ and no greater than 2.0 m continuous internal dilution (i.e., dilution is less than 1.00% U₃O₈).
2. All reported lengths and depths are drill hole measurements and do not represent true thicknesses or vertical depths from surface, which have yet to be determined.
   * Previously released results on November 10, 2022
   ** Previously released results on September 12, 2022.
   *** Previously released results on August 22, 2022.

About Baselode Energy Corp.
Baselode controls 100% of approximately 238,930 hectares for exploration in the Athabasca Basin area of 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."

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.

Figure 1 - Baselode projects location map. ACKIO uranium prospect identified with red triangle

Figure 2 - Diamond drill hole collar locations and drill traces

TABLE 1 - Uranium assay results for drill holes AK24-117 to AK24-119