Baselode Reports High Levels of Radioactivity Over Wide Intercepts at ACKIO Uranium Project

• Over 30 metres of continuous radioactivity, such as 907 cps over 34 m, including 9,173 cps over 0.4 m
• AK24-118 and AK24-119 returned the widest radioactivity levels in Pod 6
• All three drill holes with over 20 metres of cumulative thickness of radioactivity
• The second drill for regional exploration targets has now mobilized to site

Toronto, July 2, 2024 - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce radioactivity results from the first three diamond drill holes within the ACKIO ("ACKIO") uranium prospect of the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).

"AK24-119's results rank as one of the top 10 best drill hole radioactivity intersections at ACKIO, making this a unique drill hole. Previous drill hole AK22-035 intersected 0.54% U₃O₈ over 7.3 m (see Baselode News Release dated September 12, 2022) in Pod 6, and we are seeing similar levels of radioactivity within AK24-118 and AK24-119 but over broader widths within the same Pod, suggesting mineralization remains open in this area. ACKIO has continued to deliver encouraging results since the discovery in 2021, and we expect more promising results to follow.

We are equally excited to start the regional exploration phase of our drill program across the Hook project. Our technical team has done an incredible job of prioritizing prospective target areas along a 25 km-long uranium fertile structural corridor that hosts ACKIO and other uranium showings. We eagerly anticipate results from our exploration efforts in hopes of a new uranium discovery," commented James Sykes, CEO, President, and Director of Baselode.

Drill Hole Details

Drill holes AK24-117 to AK24-119 were collared to define the extent of mineralization in Pod 6 of ACKIO. See Figure 2 for drill hole locations and Table 1 for drill collar details and scintillometer results.

AK24-117 intersected three lenses of continuous radioactivity with greater than 6 m drill hole widths between 117.25 and 151.6 m, ranking this drill hole as the second thickest sequence of radioactivity in Pod 6 area after AK24-119.

AK24-118 intersected an average radioactivity result (1,115 cps*) similar to that of AK22-035's uranium intersection mentioned above but with almost twice the width (13.3 m).

AK24-119 intersected continuous radioactivity with 907 cps over 34 m, including a zone of higher radioactivity measuring 2,328 cps over 6.6 m from 142.35 m making this the broadest intersection with the highest average radioactivity in Pod 6.

ACKIO Program Details

Up to 12,000 metres of drilling is planned at ACKIO, subject to drill results, targeting

1. the southeast zone, where geophysical survey results suggest the alteration and structural system trend east/southeast-west/northwest,
2. unconformity-style mineralization along the Athabasca sandstone structural contact to the southeast, and;
3. the depth of mineralized structures based on geochemical trends and alteration pathways.

The first diamond drill has completed initial definition drilling at ACKIO and has now moved onto targeting the depth potential of the mineralized structures.

Hook Program Details

A second drill has been mobilized to Hook and will be drilling shortly. The regional Hook exploration drill program is planned for up to 4,000 metres with 15 to 20 drill holes targeting 5 to 7 different areas. The target areas were generated from combinations of multiple geophysical data sets including recent results from ground gravity and ANT geophysical surveys. Once the drill has completed Hook exploration drilling, it will join the ACKIO program to complete drilling there.

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.

About Baselode Energy Corp.

Baselode controls 100% of approximately 272,804 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."

For further information, please contact:

James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com

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 yellow circle.

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FIGURE 2 - ACKIO Drill Hole Locations

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TABLE 1 - Drill Hole Collar Details and Scintillometer Results

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