Azincourt Energy Updates Fall and Winter Drill Programs, The Canadian Business Journal

VANCOUVER BC, OCTOBER 20, 2022 (GLOBE NEWSWIRE) — Agincourt Energy Co., Ltd. (“Azancourt” or “our company”) (TSX.V: AAZ, OTCQB: AZURF)is pleased to provide an update on the upcoming drill program at its uranium exploration project in the Athabasca Basin, Saskatchewan, Canada.

East Preston Project

Preparations for the winter program are well underway at the East Preston Project. The company has entered the consultation phase of the permitting process and will continue to work with Clearwater River Dean Nation (CRDN) and the local community to maximize local business and employment opportunities.

The main target areas for the East Preston project are the conductive corridors from A zone to G zone (AG trend) and K zone to H and Q zones (KHQ trend) (Figure 2). These trend selections are based on ground-based EM and gravity surveys from 2018 to 2020, his VTEM and magnetic surveys throughout the facility, and a compilation of drill program results from 2019 to 2022. Complexity along these corridors.

Drilling confirmed that the identified geophysical conductors contain structurally disrupted zones that are hosts for graphite, sulfide, and carbonate accumulations. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.

As reported in a news release dated 28 July, the company is planning a major training program for the winter of 2022-2023, with road and camp preparations beginning in December.^th, 2022. The program will consist of drilling approximately 6,000 meters in over 20 diamond drill holes and will begin in January. The priority is to continue the assessment of the identified alteration zones and elevated uranium in the winter of 2022.

Azincourt Energy continues to engage in regular meetings with the Clearwater River Dene Nation and other rightsholders to ensure that community concerns are addressed regarding the East Preston project. Azincourt looks forward to continued close collaboration with CRDN and other rights holders to address potential impacts and concerns, and to support local businesses, employment opportunities and select community sponsorships. Enable communities to benefit from local activities. programs and initiatives. Several members of the Clearwater River Dene Nation are directly employed on-site or provide support and services to maintain the camps and programs.

Hatchet Lake Project

The Hatchet Lake project is a recent addition to the Azincourt portfolio (see news release dated November 10, 2021). Hatchett Lake lies just outside the northeast margin of the Athabasca Basin, along the unexplored northeast extension of the Western Wollaston Domain (WWD) within the Wollaston-Mujatic Transition Zone (WMTZ). This highly promising structural corridor contains most of the known high-grade uranium deposits and all of Canada’s operating uranium mines.

Training programs at Hatchet Lake will begin once permits have been obtained and a community consultation process has been completed. Azincourt Energy is working to ensure all activities are implemented with the understanding and cooperation of the affected communities. The company has been in contact with the Yatine Neh Land Resources Authority, which represents the Hatchet Lake Indigenous Peoples, and hopes that additional discussions will be held with them and other rights holders to ensure that community concerns are addressed. I hope. Azincourt looks forward to working closely with the Hatchet Lake community.

Our proposed program, which was announced in the news release dated July 28^th, 2022, will consist of ground reconnaissance to confirm targets, ground geophysics (horizontal loop electromagnetic HLEM) to confirm the location of conductors, and a helicopter-supported diamond drill program. The drilling program will consist of eight to ten diamond drill holes up to 1,500 meters.

letter of intent

Azincourt is also pleased to report that it has signed a letter of intent with an undisclosed party dated September 15, 2022 to evaluate exploration-stage uranium projects in North Saskatchewan. Her LOI grants the company exclusive rights to evaluate projects and offer acquisitions for 60 days from the date of signing. More information will be provided once the property is finalized.

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

Figure 2: 2022 drill holes and target areas at the East Preston Uranium Project

Figure 3: Hatchet Lake Project Location – Eastern Athabasca Basin, Saskatchewan, Canada

Figure 4: Hatchet Lake Target Area

About East Preston

Azincourt manages a majority 72.8% 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. Within the premises, he discovered three corridors that appeared to be electrically conductive and low-magnetic vestiges. Three separate corridors have a total track length of over 25 km, each with multiple EM conductor trends identified. Ground exploration and sampling work completed to date has identified outcrops, soils, biogeochemistry, and radon anomalies. These are important pathfinder elements for the discovery of incompatible uranium deposits.

The East Preston project has multiple long linear conductors with bends in direction and broken offsets near interpreted fault lines. This is a classic target for subterranean incompatible uranium deposits. These are not simple underground conductors. Due to the complexity of their construction, these are clearly upgraded/enhanced future targets.

The target is an underground, non-compliance-related uranium deposit similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, and the target is in a near-surface environment not covered by Athabasca Sandstone. The target is therefore a relatively shallow target, but can have a very deep range when spotted. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centenary Deposit (Virgin River-Dufferin Lake trend).

About Hatchet Lake

Azincourt entered into an option agreement with ValOre Metals Corp. on November 9, 2021 for an up to 75% interest in the Hatchet Lake property. A previous study of the property identified multiple shallow, non-conformity-related subsurface uranium targets. Previous research includes diamond drilling, geophysics, boulders, soils, lake sediments, and biogeochemical sampling. The project includes a substantial historical exploration data set, including identified uranium anomalies and exhibits to help guide exploration programs. Past operators include Gulf Minerals, Saskatchewan Mining and Development Corp, Hathor Exploration Ltd. and Rio Tinto.

Two priority zones for the property have now been identified. Upper Munson Zone and Southwest Scrims Zone. Geochemical anomalies highlight various uranium host rocks consistent with identified conductive geophysical targets. Rock samples returned analytical results up to 2.43% U3O8 (Valore Metals presentation).

The target is an underground misfit-related uranium deposit similar to Cameco’s Eagle Point Mine.

qualified person

The technical information in this news release was prepared in accordance with Canadian regulatory requirements as set forth in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy. it was done. , and qualified personnel as defined by National Instrument 43-101.

About Agincourt Energy

Azincourt Energy is a Canadian-based resources 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 currently operates at the joint venture East Preston Uranium Project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group’s Uranium-Lithium Project in the Picotani Plateau in southeastern Peru.

On behalf of the Board of Directors of AZINCOURT ENERGY CORP.

“Alex Klenman”
Alex Klenman, President and CEO

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

This press release contains “forward-looking statements”. It involves many assumptions, risks and uncertainties, many of which are beyond Azincourt’s control. Investors are cautioned that such statements are not guarantees of future performance and actual results or developments may differ materially from those projected by forward-looking statements. . Such forward-looking information represents management’s best judgment based on currently available information. Forward-looking statements cannot be guaranteed and actual future results may differ materially.

For more information, please contact:

Alex Klenman, President and CEO
Phone: 604-638-8063
[email protected]

Agincourt Energy Co., Ltd.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com

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