FIND Baselode Energy Corp

• AK22-040: 0.19% U₃O₈ over 22.5 m starting at 81.4 m true vertical depth
  
• AK22-066: 37.5 m of composite mineralization includes
• • 0.14% U₃O₈ over 24.0 m starting at 107.1 m true vertical depth
    
• AK22-018: 34.8 m of composite mineralization includes
• • 0.43% U₃O₈ over 2.65 m starting at 142.4 m true vertical depth
  • 0.11% U₃O₈ over 12.45 m starting at 188.9 m true vertical depth
    
• AK22-075: 35.5 m of composite mineralization includes
• • 0.12% U₃O₈ over 10.0 m starting at 105.9 m true vertical depth
  • 0.15% U₃O₈ over 5.5 m starting at 129.5 m true vertical depth
  • 0.23% U₃O₈ over 5.5 m starting at 139.8 m true vertical depth
  • 0.12% U₃O₈ over 12.0 m starting at 152.6 m true vertical depth

TORONTO, Nov. 10, 2022 /CNW/ - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the final geochemical assay results from a 22,500 metre diamond drill program (the "Program") completed between February and August on the ACKIO high-grade* uranium discovery ("ACKIO"), Hook project, Athabasca Basin area (the "Athabasca"), northern Saskatchewan (see Table 1 and Figure 1).

"These final drill results continue to expand the scope of ACKIO. The results from drill hole AK22-066 indicate that we likely clipped the margin of another large mineralized zone to the west, similar to the results from AK22-063 (59.85 m of composite mineralization starting at 40.3 m true vertical depth, see news release dated September 12, 2022). This will be a drill priority target for early 2023.  ACKIO's broad intersections have grades equal to or better than other uranium mining jurisdictions. ACKIO is near-surface, high-grade uranium mineralization with open pit mining potential in proximity to infrastructure and multiple licensed uranium mills," said James Sykes, CEO, President and Director of Baselode.

Drill hole highlights from this news release include;

• AK22-014: 0.27% U₃O₈ over 3.5 m at 156.85 m (135.8 m true vertical depth) includes 0.55% U₃O₈ over 0.5 m at 158.3 m and 0.51% U₃O₈ over 0.5 m at 159.3
• AK22-015: 0.13% U₃O₈ over 7.35 m at 176.9 m (153.2 m true vertical depth)
• AK22-018: 34.8 m of composite mineralization including
• • 0.43% U₃O₈ over 2.65 m at 164.45 m (142.4 m true vertical depth) includes 0.76% U₃O₈ over 0.6 m at 165.0 m
  • 0.10% U₃O₈ over 9.05 m at 200.55 m (173.7 m true vertical depth) includes 0.70% U₃O₈ over 0.4 m at 201.0 m
  • 0.11% U₃O₈ over 12.45 m at 218.1 m (188.9 m true vertical depth)
• AK22-019: 0.13% U₃O₈ over 12.45 m at 229.25 m (162.1 m true vertical depth) includes 1.05% U₃O₈ over 0.5 m at 239.7 m
• AK22-039: 30.1 m of composite mineralization including
• • 0.12% U₃O₈ over 9.0 m at 40.8 m (37.0 m true vertical depth)
  • 0.14% U₃O₈ over 16.5 m at 156.45 m (141.8 m true vertical depth) includes 0.55% U₃O₈ over 1.0 m at 167.45 m
• AK22-040: 0.19% U₃O₈ over 22.5 m at 115.15 m (81.4 m true vertical depth) includes 0.72% U₃O₈ over 0.5 m at 128.15 m
• AK22-041: 0.14% U₃O₈ over 4.0 m at 117.8 m (106.8 m true vertical depth) includes 0.78% U₃O₈ over 0.5 m at 118.3 m
• AK22-064: 0.15% U₃O₈ over 7.5 m at 115.05 m (104.3 m true vertical depth)
• AK22-066: 37.5 m of composite mineralization including
• • 0.14% U₃O₈ over 24.0 m at 107.5 m (107.1 m true vertical depth) includes 0.55% U₃O₈ over 0.5 m at 127.5 m and 0.64% U₃O₈ over 0.5 m at 129.0 m
• AK22-075: 35.5 m of composite mineralization including
• • 0.12% U₃O₈ over 10.0 m at 107.5 m (105.9 m true vertical depth) includes 0.73% U₃O₈ over 0.5 m at 116.0 m
  • 0.15% U₃O₈ over 5.5 m at 131.5 m (129.5 m true vertical depth)
  • 0.23% U₃O₈ over 5.5 m at 142.0 m (139.8 m true vertical depth) includes 0.61% U₃O₈ over 1.0 m at 145.5 m
  • 0.12% U₃O₈ over 12.0 m at 155.0 m (152.6 m true vertical depth) includes 0.58% U₃O₈ over 0.5 m at 166.0 m

Baselode started the Program on February 9, 2022 (see Company News Release) and completed the Program on August 2, 2022, with 78 drill holes (AK22-005 to AK22-080, and HK22-007), including one abandoned drill hole (AK22-048), for a total of 22,485.85 m (see Figure 1). Fifty of seventy-six drill holes at ACKIO intersected uranium mineralization. A complete list of drill hole collar information, hand-held scintillometer radioactivity composite measurements, and U₃O₈ composite assay results for the nineteen drill holes reported in this news release are provided in Table 1. 

Geochemical U₃O₈ assay results from drill holes AK22-012 to AK22-019, AK22-039 to AK22-041, AK22-064, AK22-066 and AK22-075 to AK22-080 were provided by Saskatchewan Research Council's Geoanalytical Laboratory ("SRC") in Saskatoon, Saskatchewan. The assay methodology includes SRCs "U₃O₈ Wt% Assay" analysis package where an aliquot of sample pulp is digested in a concentration of HCL:HNO₃. The digested volume is then made up with deionized water for analysis by ICP-OES. All of the uranium assay results from the Program have been reported, concluding with this news release.

The Company is preparing a presentation to provide more context to the full set of uranium assay results reported herein and from previous news releases.

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FIGURE 1 – Plan map of the ACKIO mineralized surface expressions

TABLE 1 – Drill collar details, composite radioactivity and U₃O₈ assay results, drill holes AK22-012 to AK22-019, AK22-039 to AK22-041, AK22-064, AK22-066, and AK22-075 to AK22-08

Mineralization starts as shallow as 28 m beneath the surface and down to approximately 300 m depth with the bulk of mineralization occurring in the upper 190 m. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 5 separate zones, and remains open to the west, south, and along the Athabasca sandstone unconformity to the north, east and south.

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. The Program was helicopter-supported to lessen any ground-induced environmental impacts within the project area.

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 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.

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.