East Preston Uranium Project Access Revealed as Near Completion

Azincourt Energy Corp updated shareholders and others on the making of the winter road for the forthcoming 2022 exploration program at the East Preston uranium project, situated in the western Athabasca Basin, Saskatchewan, Canada.

Accurate Industries is in the making of the winter access road under the supervision of TerraLogic Exploration Inc. and will remain the same. The 73 km road enables entry from Provincial Highway 955 ahead of a portion of the Cree Lake Road and then to the scheduled Snoop Lake campsite situated on the East Preston Project. Successful opening of the road has been done beyond the Mirror River, measuring around 55 km along the route to camp.

The opening of the 73 km winter road to enter the property and campsite is about to be completed, having significant camp equipment and materials anticipated on-site by the end of December 2021. The construction of the camp is expected to commence and get done by early next week.

Discovery Mining Services will construct and assist the camp operations. Drilling is expected to start subsequently with two diamond drill rigs offered by Full Force Drilling Ltd., across the months of January and February and into early March.

We are very happy to see the excellent progress being made on the road access. The cold weather and advanced road preparation are allowing a good base to be packed and frozen which provides excellent access to the camp for the duration of the winter program. A good base will also allow the road to better withstand warming in the spring before beginning to break up.

Trevor Perkins, VP, Exploration, Azincourt Energy Corp.

Winter 2022 Diamond Drilling Program

TerraLogicExploration Inc. will ease and perform a scheduled diamond drilling program under the supervision and guidance of Azincourt’s Vice President, Exploration, Trevor Perkins, P.Geo, and Jarrod Brown, MSc, P.Geo, Chief Geologist and Project Manager with TerraLogic Exploration.

The program will comprise a least of 6,000 m of drilling in 30 to 35 drill holes. Drilling will concentrate on the A-G and K-Q trends, starting in the G Zone where the 2021 drill program came to an end. The program will remain to assess the G zone to the south and further move to assess the K-Q trend. The program might be altered if results warrant.

East Preston Targets

The main target area for the 2022 program remains to be the conductive corridors from the A-Zone via the G-Zone (A-G Trend) and the K-Zone through to the Q-Zone (K-Q Trend). The choice of these trends depends on a compilation of outcomes ranging from the 2018 through 2020 ground-based EM and gravity surveys, the 2019 through 2021 drill programs, and property-wide VTEM and magnetic surveys.

The 2020 HLEM survey shows several structural complexities and prospective conductors ahead of these corridors.

The 2019–2021 drilling programs on the A-G Trend verified that geophysical conductors include structurally disrupted zones that are known to be host to gatherings of carbonates, sulfides, and graphite. Anomalous radioactivity has been illustrated to prevail inside such structurally disrupted conductor zones.

The 2022 drilling program will target alike structurally disrupted zones prioritized on the existence and strength of corresponding magnetic, electromagnetic, and gravity geophysical anomalies.

Permitting and Community Engagement

Permits are in a position to complete all the scheduled work through the winter of 2022. Azincourt Energy remains to be occupied in regular meetings with the Clearwater River Dene Nation and other rights holders to guarantee that concerns of the local communities are addressed.

Azincourt expects to keep a continued close working partnership with CRDN and other rights holders to guarantee that any possible impacts and concerns are fulfilled and that the communities could benefit from activities in the area via the assistance of employment opportunities, local business, and sponsorship of select community programs and initiatives.

Option Grant

Furthermore, the Company declares it has granted a total of 15,000,000 incentive stock options to officers, directors, and consultants of the Company, liable to TSX Venture Exchange acceptance. Every option is exercisable to buy one common share of the Company until December 24^th, 2026, for C$0.07 per common share as per concerning the stock option plan of the Company.

About East Preston

Azincourt rules a bulk 70+% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Dixie Gold and Skyharbour Resources (TSX.V: SYH). On the property, three prospective conductive, low magnetic signature corridors have been found.

The three distinct corridors consist of a total strike length of over 25 km, each having multiple EM conductor trends identified. Ground prospecting and sampling work finished to date have determined outcrop, soil, biogeochemical, and radon anomalies. These are known to be the main pathfinder elements for discrepancy uranium deposit discovery.

The East Preston Project comprises multiple long linear conductors with flexural variations in orientation and offsets breaks in the proximity of interpreted fault lineaments–that is, classic targets for basement-hosted unconformity uranium deposits. These are not only the simple basement conductors; they are upgraded or improved prospectivity targets due to the structural complexity.

The targets are known to be basement-hosted unconformity-related uranium deposits like NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is situated next to the southern edge of the western Athabasca Basin, where targets are in a near-surface environment without Athabasca sandstone cover.

Thus, they are comparatively shallow targets but can have a great depth extent when identified. The project ground is situated along with a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).