• Road Completed, Camp Build Nearing Completion

• Drill & Crew Mobilization Underway

• Drilling to Commence This Weekend

AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTCQB: AZURF), is pleased to provide an update on mobilization for the East Preston winter program in the Athabasca Basin, Saskatchewan, Canada (the “East Preston Project”).

The Company is conducting an extensive drill program for the winter of 2023, as last reported in a news release dated December 13th, 2022. Terralogic Exploration Inc. (“TerraLogic”) will facilitate and execute the program under the guidance and supervision of Azincourt’s Vice President, Exploration, Trevor Perkins, P. Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic. The program will consist of up to 5,000 meters of drilling in 20+ diamond drill holes. The priority will be to continue to evaluate the alteration zones and elevated uranium identified in the winter of 2022 with a focus on the G, K and H Zones (Figure 3).  

C&C Road Maintenance will maintain the winter access road under the supervision of TerraLogic. The 73 km road allows access from Provincial Highway 955 along a portion of the Cree Lake Road then to the Snoop Lake camp site on the East Preston Project. Opening of the winter road to access the property and campsite is complete, with camp construction well underway. Discovery Mining Services is providing the camp and will support the camp operations. One drill has arrived and is mobilizing to camp along the winter road, with drilling anticipated to commence on the weekend. A second drill rig is expected on site next week. The drill rigs and crews are provided by QB Diamond Drilling Ltd. The program is expected to be complete by the end of March.

The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend) (Figure 2). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2022 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors.

Drilling has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.

The first drill holes will be placed on the south end of the G-Zone, to follow up alteration and cross structures intersected in Holes EP0030 and EP0037. When the second trill rig arrives on site, it will commence drilling on the K and H Zones where a significant alteration package has been identified.

“We are excited to return to the property and continue drilling where our 2022 program left off. The previous program has shown that we have a significant alteration system present on the property,” said VP, Exploration, Trevor Perkins. “The next step is finding the extent of this system and identifying where within that system the alteration fluids are focusing and where we need to chase the increasing intensity. We need to focus in on the most responsive areas, and confirm what these anomalous areas have to offer,” continued Mr. Perkins.

Community Engagement

Azincourt continues to be engaged in regular meetings with the Clearwater River Dene Nation and other rights holders to ensure that concerns of the local communities are addressed with regards to the East Preston project. Azincourt looks forward to a continued close working relationship with Clearwater River Dene Nation (“CRDN”) and other rights holders to ensure that any potential impacts and concerns are addressed and that the communities can benefit from activities in the area through support of local business, employment opportunities, and sponsorship of select community programs and initiatives. Local businesses are engaged to provide services and supplies and members of the CRDN and surrounding communities have been directly employed on site or to provide support and services to keep the camp and programs running.

Figure 1: East Preston Project Location – Western Athabasca Basin, Saskatchewan, Canada

Figure 2: Road access to the East Preston Uranium Project, Western Athabasca Basin Saskatchewan

Figure 3: 2022 Drill Holes and Target areas at the East Preston Uranium Project

Non-Brokered Private Placement

The Company is also pleased to announce that it will conduct a non-brokered private placement of up to 8,333,333 units (the “Offering”) of the Company (each, a “Unit”) at a price of $0.06 per Unit, to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions. Each Unit will be comprised of one common share of the Company (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.10 per half share for a period of 24 months from closing of the Offering.

There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at: www.azincourtenergy.com. Prospective investors should read this offering document before making an investment decision.

The proceeds of the Offering will be used to advance its primary business objective of continuing exploration and development of the East Preston Project and for general working capital purposes.

The securities issued pursuant to the Offering will not be subject to any statutory hold period in accordance with applicable Canadian securities legislation. No finders’ fees or commissions are payable in connection with the Offering. Completion of the Offering remains subject to the approval of the TSX Venture Exchange.

About East Preston

Azincourt controls a majority 78.4% interest in the 25,000+ hectare East Preston Project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.

The East Preston Project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectively targets because of the structural complexity.

The targets are basement-hosted unconformity related uranium deposits similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover – therefore they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).

Qualified Person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.

About Azincourt Energy Corp.

Azincourt is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project, while pursuing an option agreement on the Hatchet Lake uranium project, both located in the Athabasca Basin, Saskatchewan, Canada.

ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.

“Alex Klenman”
Alex Klenman, President & CEO

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes “forward-looking statements”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt.  Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.  Such forward-looking information represents management’s best judgment based on information currently available.  No forward-looking statement can be guaranteed, and actual future results may vary materially.

For further information please contact:

Alex Klenman, President & CEO
Tel: 604-638-8063
info@azincourtenergy.com

Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com