• Diamond drilling is underway at ACKIO targeting high-grade and shallow uranium mineralization

• Updates will be released accordingly

Toronto, Ontario--(Newsfile Corp. - June 5, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce that diamond drilling has commenced on the ACKIO high-grade uranium zone ("ACKIO") as part of a larger 10,000 m diamond drilling program (the "Program") for the Hook project ("Hook" or the "Project", see Figures 1 and 2).

"We're very excited to get back to Hook. With a successful financing behind us, we are well-positioned to advance ACKIO with definition and expansion drilling, while maintaining our vision to discover more mineralization with exploration drilling near ACKIO and Project-wide. This drill program will seek to discover additional mineralization along high-grade uranium trends within ACKIO, discover new zones within ACKIO's structural domain, and target new zones up to twelve kilometres south of ACKIO. 2022's drill results indicate potential for shallow, sandstone-unconformity mineralization at ACKIO within completely undrilled structural target areas. Sandstone-unconformity mineralization is typically higher-grades than basement-hosted mineralization, which is an exciting prospect for Baselode to target. Hook is highly prospective for numerous near-surface, basement-hosted, high-grade uranium discoveries, and we intend to test top-tier target areas with this current and future drill programs," said James Sykes, CEO, President and Director of Baselode.

The Company is preparing a presentation to provide more details regarding the Program's drill targets and plans.

ACKIO/Hook 2023 Summer Drill Program
10,000 metres of diamond drilling are planned for Hook this summer. The breakdown includes 7,500 metres allocated to delineation and expansion diamond drilling on ACKIO (Figure 1), and 2,500 metres partitioned in three to five areas for reconnaissance exploration to discover the next uranium zone on Hook (Figures 1 and 2). 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. With the recent closing of the financing, the company remains fully-funded to complete the program.

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
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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 - ACKIO Uranium Zone Expansion & Definition Drilling and Brownfield/SST Exploration Target Areas, Hook Project

Figure 2 - Wildcat Exploration Target Areas South of ACKIO Uranium Zone, Hook Project