Baselode Reports Shallow Uranium Results from Summer 2024 Drill Program

• 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

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."

• Five drill holes outlined an open massive hydrothermal clay alteration system measuring at least 200 m x 100 m, resembling alteration found in Athabasca high-grade uranium deposits
 
• Radioactivity within the clay alteration system increases with depth and remains open
 
• Drill hole HK24-010 intersected 13.4 metres of continuous radioactivity within a 200 m wide alteration system
 
• New defined target areas are within 6 km of near-surface ACKIO uranium prospect
 

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide results and findings from the exploration and discovery portion of the drill program on Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan.

"These results represent an important discovery on our Hook project. While we've already made a discovery at Hook with ACKIO, this is only a small part of the broader Hook land package. The potential on the property is substantial as Hook is an extensive project, and our discovery at ACKIO, combined with our neighbour Atha Energy's discovery in their Gemini Mineralized Zone, highlights that the region has all the geological features needed to host significant uranium deposits. More importantly, we can clearly demonstrate that this area is fertile with uranium mineralization. Large-scale alteration systems are key indicators when it comes to uranium, which tends to occur in smaller deposits relative to other minerals. We're pleased to have uncovered such a large system, exhibiting all the hallmark features needed for a new high-grade Athabasca uranium discovery," commented James Sykes, CEO, President, and Director of Baselode.

Watch this video for a detailed analysis of the two follow-up target areas and a comparison of Hook alteration systems to seven Athabasca high-grade uranium deposits that have combined over 700 million pounds of uranium.

The first alteration system the Company highlights is in the HK24-016 area, measuring more than 250 metres wide by 400 metres deep, with a core of massive clay and bleached alteration styles that measure 100 metres wide by at least 200 metres deep. These core alteration styles are important as they are the same style associated with at least three basement-hosted Athabasca high-grade uranium deposits.

The second alteration system identified in the HK24-010 area is significant due to its similarly large scale, intersecting 13 meters of continuous anomalous radioactivity within pegmatite along the margin of the fluid pathway. While assays are pending, the Company is well-funded and eager to proceed with follow-up drill plans for these high-priority exploration targets.

Hook Exploration Drill Hole Highlights

HK24-016 area

Drill holes HK24-016, HK24-017, and HK24-021 to HK24-023 were collared 5.5 kilometres southwest of ACKIO (Figure 2, Figure 3). HK24-016 intersected 140 metres of massive hydrothermal clay and bleaching alteration (the "clay alteration") within a broader 370 m thick alteration corridor (Figure 4). The drill hole intersected anomalous radioactivity associated with fracture-controlled remobilized hematite alteration within the clay alteration (Figure 5).

Both HK24-017 and HK24-021 targeted the clay alteration up-dip and down-dip, with each intersecting 30 and 145 metres of clay alteration, respectively. HK24-022 was collared 100 metres southeast of HK24-016 and intersected 60 metres of clay alteration, and HK24-023 was collared 50 metres northeast and intersected 110 metres of clay alteration. Initial observations suggests follow-up drilling is required beneath HK24-021 and to the north of HK24-023.

The clay alteration encountered within these Hook drill holes (Figure 6) share numerous similarities to massive hydrothermal clay alteration systems observed in Athabasca basement-hosted, high-grade uranium systems, such as Cameco's Millennium and Eagle Point deposits, Uranium Energy Corp's Roughrider deposits, and Denison Mines' Gryphon deposit.

The upper outer halo of the clay alteration is further identified with unique limonite liesegang banding and fracture-controlled alteration, including a distinct quartz stockwork. These are also similar outer halo alteration styles that have been observed within large-scale Athabasca uranium deposits.

HK24-010 area

Drill holes HK24-009 and HK24-010 were collared 6 kilometres northeast of ACKIO (see Figure 2, Figure 7). Details of these drill holes were initially released on July 17, 2024. HK24-010 has returned the best radioactive intersection outside of Baselode's near-surface ACKIO uranium prospect with 13.2 metres of continuous anomalous radioactivity starting at 186 metres beneath the surface hosted within a pegmatite along the western margin of a 200 m-wide, structurally-controlled, hematite and bleached alteration system. The area remains open in all directions.

Drill hole samples have been sent to Saskatchewan Research Council for uranium and multi-element analysis. Results will be released after being received and reviewed by the Company.

NOTES:

1. cps* = "counts-per-second", as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer ("RS-125"). 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 defines groupings of RS-125 as i) background radioactivity (50 to 200 cps), ii) above-background radioactivity (200 to 300 cps), and iii) anomalous radioactivity (300 to 1,000 cps).
 
3. "Radioactivity (>300 cps)" in Table 1 is defined as 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.
 

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."

For further information, please contact:

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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_001full.jpg 

FIGURE 2 - Drill holes (HK24-009 to HK24-023) location map

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https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_002full.jpg

FIGURE 3 - HK24-016 target area drill holes (HK24-016, HK24-017, and HK24-021 to HK24-023) location map

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https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_005full.jpg 

FIGURE 4 - Cross-section interpretation of large hydrothermal fluid system with core massive clay and bleaching alteration (blue)

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FIGURE 5 - Fracture-controlled, hydrothermal remobilized anomalous radioactivity, HK24-016

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https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_007full.jpg

FIGURE 6 - Massive clay and bleaching alteration system, HK24-021. NOTE: clay has been gouged with carbon scribe to demonstrate drill core softness

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https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_008full.jpg

FIGURE 7 - HK24-010 target area drill holes (HK24-009 and HK24-010) location map

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https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_020full.jpg

MOVIE 1 - Clay alteration and bleaching identified within drill hole HK24-021

• Eighteen drill holes encountered anomalous radioactivity starting at depths of less than 100 metres from surface, with nine of these starting within 50 metres
 
• Highlight drill hole AK24-137 intersected four separate zones of radioactivity with greater than 5,000 counts per second ("cps")
 
• Seven drill holes intersected radioactivity with greater than 5,000 cps
 
• Thirteen drill holes reported composite intervals of anomalous radioactivity between 11 and 42 metres in thickness, spanning five distinct areas
 

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide radioactivity drilling results from the ACKIO uranium prospect ("ACKIO") in the Athabasca Basin area of northern Saskatchewan (Figure 1, Table 1).

"ACKIO continues to demonstrate significant growth, with broad intersections of anomalous radioactivity, including zones of high radioactivity across multiple Pods. Overall, this has been a successful drill program, expanding the footprint of known near-surface mineralization around Pods 1 and 7, intersecting new zones of higher radioactivity in Pods 6 and 7, and improving our confidence in the continuity of mineralization at ACKIO as a whole," commented James Sykes, CEO, President, and Director of Baselode.

• Intersected over 30 metres of continuous radioactivity within a massive hydrothermal alteration system
• New zone discovered on the second drill hole of Hook's regional exploration program, 6 km from ACKIO discovery
• Demonstrates the fertility of the uranium corridor along Baselode's Hook Project

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the discovery of a new uranium prospect on the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).

"We're very excited about this new discovery on Hook, on the second hole of our regional exploration program. HK24-010 intersected over 30 metres of continuous radioactivity at approximately 173 metres vertical depth. This new discovery is hosted within a massive alteration corridor similar in scale to what we have observed at our ACKIO zone 6 km to the southwest. We believe the alteration corridor has mobilized uranium from the host rocks and deposited it within a redox front, similar to what we interpret for HK24-010. We intend to follow-up drilling in this area in the coming weeks after completing exploration drilling in a logistically efficient order on other targets with stronger geophysical anomalisms. Hook's regional exploration aim was to discover new zones of uranium mineralization and we're well on our way with this new prospect," commented James Sykes, CEO, President, and Director of Baselode.

• 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
 

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.