Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce that a field crew has started groundwork exploration on the Catharsis high-grade uranium exploration project ("Catharsis" or the "Project"). The Company received its exploration permits from Saskatchewan's Ministry of Environment (see News Release dated May 25, 2021) and remains engaged in good faith discussions with local Indigenous communities and northern stakeholders.

"This is an exciting time for the Company kicking-off our first ground-based exploration program.  The groundwork exploration is critical to advance the Project in preparation for our planned diamond drill campaign. We're also very happy to report that the majority of our logistical support and economic benefits have been sourced to Indigenous and northern Saskatchewan businesses.  We've been proactively engaged towards mutually-beneficial working relationships with the local Indigenous communities and stakeholders for the past few months, communicating our manner of planning and operations with respect to the possible impacts on their traditional Rights, lands, and resources, while also identifying areas for economic benefits," said James Sykes, CEO and President of Baselode. 

"We're excited to have this opportunity to explore Catharsis for the first time on the ground.  Our review of the historical work in the Project area has highlighted numerous favourable characteristics analogous with Athabasca uranium deposits, such as a high-grade uranium occurrence at surface hosted within sheared metasediments.  Our recently completed airborne gravity and magnetic survey have also provided us with additional exploration target areas requiring ground reconnaissance.  We expect to learn a lot from the  planned groundwork with the intent of vectoring us towards new uranium discoveries," said Cameron MacKay, the Company's Projects Manager.

Planned Groundwork

The planned groundwork on Catharsis includes prospecting, mapping and outcrop/boulder sampling.  The field crew will spend three to four weeks onsite and will be prioritizing two main trends:

1. A favourable northeast-oriented trend in the north part of the Project, which hosts a high-grade uranium occurrence at surface within sheared metasediments, coincident with overlapping gravity lows, magnetic breaks, jogs and offsets; and
2. A highly prospective northeast-oriented, uranium-fertile, conductive corridor in the southeast part of the Project that is on trend with numerous high-grade uranium showings discovered at surface and intersected within drillholes outside of the Project boundary.

Initial surface geology results will be released at the end of the groundwork exploration program, and geochemical assay results will be released when results become available and reviewed.  

Follow-Up Exploration   

Immediate follow-up exploration plans for Catharsis include; i) an airborne VTEM survey required to further refine structural targets for diamond drilling, anticipated to start in the next 1 to 2 weeks, and ii) 2,500 metres of reconnaissance diamond drilling within defined priority target areas, anticipated to begin in late Q3. 

The Company also announces that in accordance with its stock option plan, it has granted a total of 3,000,050 incentive options to officers, directors and consultants of the Company, at an option exercise price of 0.56 cents per share, exercisable for a period of five years from the date of issue.

About Baselode Energy Corp.

Baselode currently controls 100% of approximately 171,000 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., Projects Manager 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.