BEEP.V · 2022-05-31 12:00:00

Baselode Intersects Best Drill Hole To Date, 25 Metres From Surface AK22-051 intersected 2,320 cps over 30.1 m starting at 27.0 m drill hole depth, ranks as the best drill hole on the project, and includes six separate intervals of >10,000 cps*

Exploration Programs

Baselode Intersects Best Drill Hole To Date, 25 Metres From

Surface

AK22-051 intersected 2,320 cps over

30.1 m

starting at

27.0 m

drill hole depth, ranks as the best drill hole on the

project, and includes six separate intervals of >10,000 cps*

AK22-047 intersected 5,229 cps over

7.35 m

140.65 m

, ranks as second-best drill hole on the project, and includes

eight separate intervals of >10,000 cps

TORONTO

May 31, 2022

/CNW/ - 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

27.0 m

(new best individual continuous radioactivity intersection at ACKIO to date) which

includes

9,068 cps

over 0.6

at 34.1

, maximum 10,000

cps

over 0.5

5,961 cps

over 0.5

at 37.6

, maximum 7,500

cps

over 0.3

7,615 cps

over 0.7

at 41.85

, maximum 10,000

cps

over 0.15

6,232 cps

over 1.2

at 45.05

, maximum 12,000

cps

over 0.1

6,193 cps

over 1.6

at 48.15

, maximum 13,000

cps

over 0.2

AK22-047

: 5,229 cps over

7.35 m

140.65 m

(new 2

best individual continuous radioactivity intersection) which includes

9,307 cps

over 3.6

at 141.45

, maximum 25,000

cps

over 0.1

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 U

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:

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.

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

"Continuous elevated radioactivity" means drill core length with no greater than 2.0 m

of consecutive drill hole length measuring less than 300

cps

All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.

"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."

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.

SOURCE

Baselode Energy Corp.

View original content:

http://www.newswire.ca/en/releases/archive/May2022/31/c4279.html

%SEDAR: 00044947E

For further information:

Baselode Energy Corp., FIND on the TSXV, [email protected], www.baselode.com; James Sykes,

CEO, President and Director, [email protected], 306-221-8717

CO: Baselode Energy Corp.

CNW 06:00e 31-MAY-22

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