Baselode Energy Corp. provided an update of the diamond drilling program (the "Program") on the ACKIO high-grade uranium zone ("ACKIO") as part of the larger Program for the Hook project ("Hook" or the "Project"). A total of 15 drill holes (AK23-081 to AK23-095) in 3,214 metres ("m") have been completed at ACKIO.

The Program continues to drill. Drill holes AK23-082, AK23-084, AK23-088, AK23-092, and AK23-095 all had over 20 m of composite radioactivity, indicating mineralization is broad and occurs in multiple lenses. In particular, the lower intersection within AK23-095 has greatly expanded mineralization modeled previously in Pod 7. Drill holes AK23-090, AK23-091, and AK23-095 all had mineralization starting shallower than 100 m from surface, with mineralization in AK23-095 starting immediately at the overburden base, confirming the presence of near-surface mineralization.

High levels of radioactivity (>5,000 cps) were reported in drill holes AK23-088, AK23-092, and AK23-095 confirming multiple lenses of higher concentrations of uranium mineralization are present at ACKIO. 10,000 metres of diamond drilling are planned and budgeted for the ACKIO/Hook 2023 summer program. The breakdown includes 7,500 metres allocated to delineation and expansion diamond drilling on ACKIO, and 2,500 metres partitioned in three to five areas for reconnaissance exploration to discover the next uranium zone on Hook.

The ACKIO delineation and expansion part of the Program will first focus on the shallowest and/or the highest-grade uranium intersections defined in last years successful 22,500 metre drill campaign. Drill collars have been planned to optimize the allocated metres by intersecting multiple zones of mineralization from the same setups, and by limiting drill holes to specific stopping depths. The drill program is anticipated to be complete by October.

The company remains fully-funded to complete the program.