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Baselode Intersects Best Drill Hole To Date, 25 Metres From Surface

Press Release

May 31, 2022

Toronto, Ontario – May 31, 2022 – Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) (“Baselode” or the “Company”) is pleased to provide an update on the ongoing 20,000 metre diamond drilling program (the “Program”) on the ACKIO high-grade uranium discovery (“ACKIO”), Hook project (“Hook”), Athabasca Basin area (the “Basin”), northern Saskatchewan (see Figure 1 and Table 1).

“We continue to hit mineralization at the overburden contact; within 25 m from surface. The mineralization from AK22-051 is the shallowest being drilled in the Basin.  This rarity of near-surface mineralization with high levels of radioactivity sets Baselode apart from our peers as there’s no other recent discovery this close to surface.  Near-surface mineralization has been a key characteristic required for numerous Basin deposits going into production as open pit mines. Holes AK22-051 and AK22-047 are substantially the two best drill holes on ACKIO to date in terms of continuously elevated radioactivity. They also have the highest average levels of radioactivity, and each includes multiple discrete intersections with greater than 10,000 cps. We’re excited to see ACKIO grow with near-surface mineralization, including consistently higher levels of radioactivity. AK22-051 remains open in all directions and AK22-047 remains open to the east,” said James Sykes, CEO, President and Director of Baselode.

Highlights include;

  • AK22-051: 2,320 cps over 30.1 m at 27.0 m (new best individual continuous radioactivity intersection at ACKIO to date) which includes
    • 9,068 cps over 0.6 m at 34.1 m, maximum 10,000 cps over 0.5 m
    • 5,961 cps over 0.5 m at 37.6 m, maximum 7,500 cps over 0.3 m
    • 7,615 cps over 0.7 m at 41.85 m, maximum 10,000 cps over 0.15 m
    • 6,232 cps over 1.2 m at 45.05 m, maximum 12,000 cps over 0.1 m
    • 6,193 cps over 1.6 m at 48.15 m, maximum 13,000 cps over 0.2 m
  • AK22-047: 5,229 cps over 7.35 m at 140.65 m (new 2nd best individual continuous radioactivity intersection) which includes
    • 9,307 cps over 3.6 m at 141.45 m, maximum 25,000 cps over 0.1 m

Drill hole AK22-051 was the first drill hole off the drill pad. Follow-up drill holes will test this near surface mineralization’s east and west thickness. Follow-up drilling east of AK22-047 is also planned.

Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 47 drill holes (AK22-005 to AK22-051) for 13,921.35 m (see Figure 1). Twenty-five of forty-seven drill holes have intersected continuously elevated radioactivity. A complete list of drill hole collar information and hand-held scintillometer radioactivity composite measurements for the drill holes reported in this news release (AK22-042 to AK22-051) are provided in Table 1.

Samples from these reported eleven drill holes have been submitted to the Saskatchewan Research Council’s Geoanalytical Laboratory in Saskatoon, Saskatchewan, for whole-rock, multi-element and U3O8 analysis. Baselode will continue to provide Program updates 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 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:

  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 for 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 125 cps.
  3. “Continuous elevated radioactivity” means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
  4. All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.
  5. “best radioactive intersections” are determined by multiplying the average radioactivity with the reported intersection widths for each drill hole that Baselode has reported on to date.

FIGURE 1 – Plan map of the ACKIO mineralized surface expression

TABLE 1 – Drill collar details and continuous composite elevated radioactivity results from drill holes AK22-042 to AK22-051

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.”

For further information, please contact:

Baselode Energy Corp.

FIND on the TSXV

[email protected]

www.baselode.com

James Sykes, CEO, President and Director

[email protected]

306-221-8717

IBF4

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