Forum-Baselode Announces Aberdeen Project Drilling Underway

Rhea-AI Summary

Baselode Energy (OTCQB:BSENF) and Forum Energy Metals have commenced drilling operations at their Aberdeen Project. The program includes 18-25 planned drill holes totaling up to 7,000 meters across 10 high-priority target areas. The initial focus will be on the Loki and Bjorn targets.

The Loki Grid has shown promising indicators with elevated uranium levels (30 ppm, 30x background) in the Thelon sandstone and strong clay alteration. The exploration strategy encompasses both sandstone-covered targets for traditional unconformity deposits and basement-only targets. Ground magnetic surveys are currently being conducted on 6-10 target areas to refine the main fault zones within the drill areas.

Toronto, Ontario--(Newsfile Corp. - July 10, 2025) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode") and Forum Energy Metals Corp. ("Forum", together with Baselode, the "Parties") (TSXV: FMC) (OTCQB: FDCFF) are pleased to announce that our drilling is underway on the Aberdeen Project (Figure 1).

Key Highlights

• Exploration Plan: 18-25 drill holes planned and up to 7,000 m
• Target Areas: 10 high-priority target areas, first targets tested will be Loki and Bjorn
• Loki Grid: Drilling will follow up on prospective gravity target with strong clay alteration and elevated uranium (up to 30 ppm - 30x background) in the Thelon sandstone

"Our drilling is underway on the Aberdeen Project and the first target is our Loki Grid. We are excited about this target because it has all the exploration building blocks for a possible new discovery." stated Rebecca Hunter, President, CEO and Director of Forum and upcoming Geiger Energy.

James Sykes, President and Chief Executive Officer of Baselode, stated: "We're very excited that drilling has begun at Aberdeen. The Loki target area has all of the characteristics we'd expect to find near a high-grade uranium deposit in the Athabasca Basin; elevated uranium in the sandstone and within 10 m of the basement unconformity, clay alteration, bleaching, desilicification and highly anomalous pathfinder elements in the sandstone. We believe an Athabasca-style unconformity high-grade uranium deposit discovery on the Project will immediately reward both Baselode and Forum shareholders."

Aberdeen Program Details

Up to 7,000 m in 18-25 drill holes is planned at Aberdeen (Figure 2), depending on results. Targets and target criteria are as follows:

1. Sandstone-covered targets (i.e. traditional unconformity targets) such as Loki, Bjorn, Mammoth, Thor, Squiggly River and Nymeria - Loki and Bjorn will be the first 2 areas tested. Drilling in 2024 at Loki contained uranium values 30x background and substantial clay alteration in the sandstone
2. Basement-only targets including Lobster, Tarzan, Willow, Apollo and Starbuck; three historical drill holes at Tarzan intersected significant clay alteration and elevated boron
3. Drill targets are selected and prioritized based on the presence of gravity low anomalies in concert with major ENE- and NE-trending faults, as well as any nearby drill or surface data that show prospective fault structures, clay or geochemical signatures

The 2025 program is focused on finding additional high-grade discoveries to build scale and enhance the discovery potential in the district. Ground magnetic surveys are underway on 6 to 10 of the target areas to help refine the main fault zones within the drill areas.

The exploration camp is in operation for the exploration season.

Figure 1: Project location map.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/258399_3a5e0de8b4e97b55_001full.jpg

Figure 2: Project map with 2025 target areas overlying residual gravity image.

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https://images.newsfilecorp.com/files/6412/258399_3a5e0de8b4e97b55_002full.jpg

About Baselode

Baselode controls 100% of approximately 231,378 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

Baselode 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 Baselode's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

About Forum

Forum Energy Metals is focused on the discovery of high-grade, unconformity-related uranium deposits in Canada's premier uranium jurisdictions: the Athabasca Basin in Saskatchewan and the Thelon Basin in Nunavut. The Company holds a significant land position with 153,838 hectares in Saskatchewan - primarily within the Athabasca Basin - and 95,519 hectares in Nunavut's Thelon Basin.

Forum's flagship asset is the Aberdeen Project in Nunavut, which hosts the high-grade Tatiggaq and Qavvik uranium discoveries. Tatiggaq is a basement-hosted prospect defined over a 300-metre strike length, comprising multiple steeply dipping, ENE-trending mineralized lenses located at depths between 80 and 180 metres. Notable intercepts include 2.25% U₃O₈ over 11.1 metres^[1], highlighting a high-grade core within the system. To date, only 500 metres of a 1,500-metre-long anomaly has been drill tested. Qavvik is a similarly styled, basement-hosted prospect characterized by steeply dipping, ENE-trending mineralized lenses across a 100 x 100 metre area, from surface down to 400 metres depth. Both zones require further detailed drilling to determine the full extent of mineralization.

In addition to these discoveries, the Aberdeen Project hosts over 50 high-priority exploration targets, many of which exhibit strong alteration and anomalous geochemistry from limited historical drilling - or remain entirely untested.

Qualified Person Statement

The technical information contained in this news release has been reviewed and approved by Rebecca Hunter, P.Geo, President & CEO of Forum Energy Metals Corp., a Qualified ‎Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." ‎

ON BEHALF OF THE BOARD OF DIRECTORS OF BASELODE ENERGY CORP. "James Sykes" James Sykes CEO, President, & Director Email: jsykes@oregroup.ca Phone: 416-644-1567

ON BEHALF OF THE BOARD OF DIRECTORS OF FORUM ENERGY METALS CORP. "Rebecca Hunter" Rebecca Hunter, PhD. P. Geo. President & CEO hunter@forumenergymetals.com Phone: 604-630-1585

Cautionary Statement

Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to Baselode's and Forum's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes Baselode's and Forum's expectations as of the date of this news release. Forward-looking statements in this news release include, but are not limited to statements with respect to the anticipated timing for the meeting of Forum shareholders and closing of the Arrangement, the anticipated consideration to be issued by Baselode and received by Forum shareholders, and the satisfaction of closing conditions including: (i) required Forum shareholder approval; (ii) necessary court approval in connection with the Arrangement; (iii) certain termination rights available to the Parties under the Agreement; (iv) obtaining the necessary approvals from the TSX-V; and (v) other closing conditions as set forth in the Arrangement Agreement.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions; adverse industry events; inability to realize anticipated synergies; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; income tax and regulatory matters; the ability of Baselode and Forum to implement their business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive.

Baselode and Forum caution that the foregoing list of material factors is not exhaustive. When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Baselode and Forum have assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF BASELODE AND FORUM AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE BASELODE AND FORUM MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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^[1] Refer to Forum News Release dated September 12, 2023, titled "Forum intersects 2.25% over 11.1 metres on the Thelon Basin Uranium Project"

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258399

FAQ

What is the scope of Baselode Energy's 2025 drilling program at Aberdeen Project?

The program includes 18-25 drill holes totaling up to 7,000 meters across 10 high-priority target areas, with initial focus on the Loki and Bjorn targets.

What promising indicators were found at the Loki Grid target?

The Loki Grid showed elevated uranium levels (30 ppm - 30x background) in the Thelon sandstone, along with strong clay alteration and prospective gravity targets.

How many target areas are identified in BSENF's Aberdeen Project?

The project has 10 high-priority target areas, including both sandstone-covered targets (Loki, Bjorn, Mammoth, Thor, Squiggly River, Nymeria) and basement-only targets (Lobster, Tarzan, Willow, Apollo, Starbuck).

What additional exploration activities are being conducted at Aberdeen Project?

Ground magnetic surveys are being conducted on 6 to 10 target areas to help refine the main fault zones within the drill areas, and an exploration camp is operational for the season.