Azincourt Energy Completes the 2023 Drill Program at the East Preston Uranium Project

3,066 m completed in 13 drill holes
Dravite clay alteration identified in K and H-Zones
Over 600 samples sent for analysis

AZINCOURT ENERGY CORP. ("Azincourt" or the "Company") (TSX.V: AAZ, OTCQB: AZURF) is pleased to announce that the 2023 exploration program has been completed at the East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada.

Drilling for the 2023 program at the East Preston Project commenced on February 2 ^nd and was complete on March 8 ^th . In total 3,066 metres has been completed in 13 drill holes. After some initial startup delays due to extreme weather variations, two drill rigs were able to complete 12 drill holes and one abandoned due to drilling difficulties. Drilling was focused on the G, K, H, and Q zones with prior progress reported in a news release dated February 28 ^th , 2023. Demobilization of the drill equipment is complete, and the teardown of the camp is underway. Decommissioning of the road is expected to be complete by the first week in April.

Winter 2023 Diamond Drilling Program

The winter 2023 drill program was executed by TerraLogic Exploration Inc. 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 Exploration. Field activities were supervised by Laura Tennent, B.Sc., Geologist and Project Manager with TerraLogic Exploration. Increased program costs associated with road construction, fuel, supplies, and weather led to an overall reduction in planned meterage and the Joint Venture partners increasing the program budget to facilitate getting as much information as possible this field season. The priority of the drill program was to continue to evaluate the alteration zones and elevated uranium identified in the winter of 2022 with a focus on the G, K, H and Q Zones (Figure 3).

Drilling on the northeast trending G-Zone (Figure 3) consisted of three holes to follow up 2022 results. Extensive hydrothermal alteration and evidence of east-west cross-cutting structures have been intersected along the southern portion of the zone. The alteration zone is highlighted with intervals of hydrothermal hematite alteration and extensive evidence for a steep east-west fault cross-cutting the main northeast trending structure and graphitic lithologies. Elevated radioactivity was intersected in EP0045 and EP0047.

On the north end of the K-Zone (Figure 3), three holes were completed. Drilling has intersected extensive structure and hydrothermal alteration, increasing the length of this alteration zone by 300 meters to 1500 meters long. Extensive clay alteration within the structural zone is an indication of upgraded prospectivity and vectoring towards potential mineralization. Samples of clay alteration were analyzed by Short Wavelength Infrared Reflectance (SWIR, sometimes referred to as "PIMA") to confirm the clay species. All three holes contained illite and kaolinite clay species, with EP0049 also having dravite identified within the structural zone.

Illite and kaolinite are both indicators of hydrothermal alteration typically found within alteration halos of unconformity uranium deposits. Dravite is a boron-rich clay which is typically found within a larger clay package in close proximity to uranium mineralization in the system. Both illite and dravite have been identified as being significant vectors for the recent Patterson Lake North discovery by F3 Uranium approximately 60 km to the northwest of the East Preston project.

The H-Zone covers a change in orientation of the structural and conductive trend from north south to southwest trending (Figure 3). Five holes have been completed on the north section of the H Zone. Drilling intersected an intense graphitic fault zone with hydrothermal alteration. The Illite clay alteration halo identified in the K-Zone extends south into the H Zone as far as EP0053. Hole EP0053 intersected elevated radioactivity and both kaolinite and dravite are also present within the illite alteration package. Dravite was also identified in hole EP0052.

One drill hole was completed on the Q-Zone. Weak structures with hematite alteration were identified with a notable lack of a graphitic package. Additional drilling will be warranted to confirm the source of the conductor; however, this area will be a lower priority moving forward.

A total of 687 samples were collected throughout the program and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. Results are expected to start arriving in May.

The company considers the drilling results to date to be significant, as major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily the result of drill testing of strong alteration zones related to conductor features. Identifying and upgrading the strong alteration zones is a significant step forward in identifying the key areas along the conductor trends where more attention is required.

"The alteration we are seeing in the K and H Zones is very encouraging" said VP, Exploration, Trevor Perkins. "This and previous programs have shown that we have a significant alteration system present on the property. Finding the extents of this system and identifying where within that system the alteration fluids are focusing remains a top priority. The identification of dravite and illite clays emphasizes that we are on the right track and getting very close," continued Mr. Perkins.

"We're very pleased with the results of this year's program so far," said president and CEO, Alex Klenman. "Intersecting dravite and other clays, after the discovery of hematite alteration last winter, matches the very exploration model we're following. This is what we wanted to see and needed to see. This is a very positive development and we're excited to see the lab results.

"As for meters drilled, which ended up being less than what we set out to achieve, we entered this drill program with a budget for 5000 meters or more. Unfortunately, inflationary costs are now impacting every aspect of field work. Everything was more expensive this year compared to previous drill programs. Budget wise we were on par with last winter's program, however the increase in costs across the board ultimately reduced the overall meterage. Nevertheless, we're happy with the progress we're making and very eager to get more holes in the ground, particularly in and around the newly discovered clay alteration zones. We're looking into potential summer work and will update stakeholders accordingly as we progress the initiative," continued Mr. Klenman.

East Preston Targets

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.

Community Engagement

Azincourt Energy 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 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 Clearwater River Dene Nation 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: 2023 Target areas and Drill Hole Locations at the East Preston Uranium Project

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 Energy 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 in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.

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

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/89ea4063-78dc-483b-aff4-40aa5675301e

https://www.globenewswire.com/NewsRoom/AttachmentNg/533225bf-54c4-4cb8-bf7b-cdee0b4ac629

News Provided by GlobeNewswire via QuoteMedia

Skyharbour Resources TSXV:SYH Energy Investing

SYH:CA

Forum Drilling Update, Aberdeen Uranium Project, Nunavut

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce its 2024 drilling program at the 100% owned Aberdeen Uranium Project has concluded after thirty diamond drill holes were completed between late June and late September for a total of 6,962 metres. The program covered 5 of the more than 20 identified gravity targets on the 95,000-hectare property including the two existing discoveries at Tatiggaq and Qavvik. The Aberdeen Project is located adjacent to Orano's Kiggavik deposit which hosts 133 million pounds of uranium grading at 0.54% U3O8*. Assays are currently being processed at the SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan with results expected mid to late October due to a backlog at the facility. Further to its news release dated August 20, 2024, Forum continues to intersect uranium mineralization and intense alteration within favourable structural and lithological corridors for unconformity-style uranium deposits in an emerging uranium district comparable to the prolific Athabasca Basin (Figure 1).

News Provided by Newsfile via QuoteMedia

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Baselode Defines the Significance of Massive Clay Alteration System Identified on Hook Uranium Project

Five drill holes outlined an open massive hydrothermal clay alteration system measuring at least 200 m x 100 m, resembling alteration found in Athabasca high-grade uranium deposits
Radioactivity within the clay alteration system increases with depth and remains open
Drill hole HK24-010 intersected 13.4 metres of continuous radioactivity within a 200 m wide alteration system
New defined target areas are within 6 km of near-surface ACKIO uranium prospect

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide results and findings from the exploration and discovery portion of the drill program on Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan.

"These results represent an important discovery on our Hook project. While we've already made a discovery at Hook with ACKIO, this is only a small part of the broader Hook land package. The potential on the property is substantial as Hook is an extensive project, and our discovery at ACKIO, combined with our neighbour Atha Energy's discovery in their Gemini Mineralized Zone, highlights that the region has all the geological features needed to host significant uranium deposits. More importantly, we can clearly demonstrate that this area is fertile with uranium mineralization. Large-scale alteration systems are key indicators when it comes to uranium, which tends to occur in smaller deposits relative to other minerals. We're pleased to have uncovered such a large system, exhibiting all the hallmark features needed for a new high-grade Athabasca uranium discovery," commented James Sykes, CEO, President, and Director of Baselode.

Watch this video for a detailed analysis of the two follow-up target areas and a comparison of Hook alteration systems to seven Athabasca high-grade uranium deposits that have combined over 700 million pounds of uranium.

The first alteration system the Company highlights is in the HK24-016 area, measuring more than 250 metres wide by 400 metres deep, with a core of massive clay and bleached alteration styles that measure 100 metres wide by at least 200 metres deep. These core alteration styles are important as they are the same style associated with at least three basement-hosted Athabasca high-grade uranium deposits.

The second alteration system identified in the HK24-010 area is significant due to its similarly large scale, intersecting 13 meters of continuous anomalous radioactivity within pegmatite along the margin of the fluid pathway. While assays are pending, the Company is well-funded and eager to proceed with follow-up drill plans for these high-priority exploration targets.

Hook Exploration Drill Hole Highlights

HK24-016 area

Drill holes HK24-016, HK24-017, and HK24-021 to HK24-023 were collared 5.5 kilometres southwest of ACKIO (Figure 2, Figure 3). HK24-016 intersected 140 metres of massive hydrothermal clay and bleaching alteration (the "clay alteration") within a broader 370 m thick alteration corridor (Figure 4). The drill hole intersected anomalous radioactivity associated with fracture-controlled remobilized hematite alteration within the clay alteration (Figure 5).

Both HK24-017 and HK24-021 targeted the clay alteration up-dip and down-dip, with each intersecting 30 and 145 metres of clay alteration, respectively. HK24-022 was collared 100 metres southeast of HK24-016 and intersected 60 metres of clay alteration, and HK24-023 was collared 50 metres northeast and intersected 110 metres of clay alteration. Initial observations suggests follow-up drilling is required beneath HK24-021 and to the north of HK24-023.

The clay alteration encountered within these Hook drill holes (Figure 6) share numerous similarities to massive hydrothermal clay alteration systems observed in Athabasca basement-hosted, high-grade uranium systems, such as Cameco's Millennium and Eagle Point deposits, Uranium Energy Corp's Roughrider deposits, and Denison Mines' Gryphon deposit.

The upper outer halo of the clay alteration is further identified with unique limonite liesegang banding and fracture-controlled alteration, including a distinct quartz stockwork. These are also similar outer halo alteration styles that have been observed within large-scale Athabasca uranium deposits.

HK24-010 area

Drill holes HK24-009 and HK24-010 were collared 6 kilometres northeast of ACKIO (see Figure 2, Figure 7). Details of these drill holes were initially released on July 17, 2024. HK24-010 has returned the best radioactive intersection outside of Baselode's near-surface ACKIO uranium prospect with 13.2 metres of continuous anomalous radioactivity starting at 186 metres beneath the surface hosted within a pegmatite along the western margin of a 200 m-wide, structurally-controlled, hematite and bleached alteration system. The area remains open in all directions.

Drill hole samples have been sent to Saskatchewan Research Council for uranium and multi-element analysis. Results will be released after being received and reviewed by the Company.

NOTES:

cps* = "counts-per-second", as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer ("RS-125"). The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
The Company defines groupings of RS-125 as i) background radioactivity (50 to 200 cps), ii) above-background radioactivity (200 to 300 cps), and iii) anomalous radioactivity (300 to 1,000 cps).
"Radioactivity (>300 cps)" in Table 1 is defined as drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
All reported drill hole depths and lengths do not represent true thicknesses.

About Baselode Energy Corp.

Baselode controls 100% of approximately 238,930 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

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

QP Statement

The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

For further information, please contact:

James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com

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

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

FIGURE 1 - Baselode projects location map. ACKIO uranium prospect identified with yellow circle.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_001full.jpg

FIGURE 2 - Drill holes (HK24-009 to HK24-023) location map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_002full.jpg

FIGURE 3 - HK24-016 target area drill holes (HK24-016, HK24-017, and HK24-021 to HK24-023) location map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_005full.jpg

FIGURE 4 - Cross-section interpretation of large hydrothermal fluid system with core massive clay and bleaching alteration (blue)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_006full.jpg

FIGURE 5 - Fracture-controlled, hydrothermal remobilized anomalous radioactivity, HK24-016

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_007full.jpg

FIGURE 6 - Massive clay and bleaching alteration system, HK24-021. NOTE: clay has been gouged with carbon scribe to demonstrate drill core softness

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_008full.jpg

FIGURE 7 - HK24-010 target area drill holes (HK24-009 and HK24-010) location map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/224182_480ec88df46cda96_020full.jpg

MOVIE 1 - Clay alteration and bleaching identified within drill hole HK24-021

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Effective Date/ Date Effective :	le 3 OCT 2024
Symbol/ Symbole :	TCEC
New CUSIP/ Nouveau CUSIP :	88100M 10 5
New ISIN/ Nouveau ISIN :	CA 88100M 10 5 9
Old/Vieux CUSIP & ISIN :	88825J106/CA88825J1066

Drill Hole ID	Drill Hole Depth (Feet)	From (Feet)	To (Feet)	Grade (% eU ₃ O ₈ )	Thickness (Feet)	Grade Thickness
SPUR ZONE
SR24_031	350	295.0	303.0	0.079	8.0	0.632
SR24_035	350	264.5	269.0	0.120	4.5	0.540
SR24_038	330	292.0	298.5	0.091	6.5	0.592
SR24_039	350	271.0	278.0	0.048	7.0	0.336
SR24_040	340	257.5	262.5	0.117	5.0	0.585
SR24_045	350	240.5	245.0	0.079	4.5	0.356

SADDLE ZONE
SD24_088	310	218.0	224.0	0.109	6.0	0.654
SD24_090	370	289.0	294.0	0.190	5.0	0.950
SD24_093	310	224.5	229.0	0.266	4.5	1.197
SD24_094	330	253.0	256.5	0.127	3.5	0.445
SD24_095	400	337.0	344.0	0.233	7.0	1.631
SD24_100	350	287.5	300.5	0.089	13.0	1.157

Azincourt Energy Completes the 2023 Drill Program at the East Preston Uranium Project

Skyharbour Resources Investor Kit

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Overview

Company Highlights

Flagship Projects

The Moore Project

Russell Lake Uranium Project

Secondary Projects

Falcon Uranium Project

South Falcon East Uranium

East Preston

Preston

Hook Lake

Yurchison Lake

Mann Lake

Management Team

Jordan Trimble, B.Sc., CFA – President and CEO

Jim Pettit – Chairman of the Board

David Cates - Director

Joseph Gallucci - Director

Amanda Chow - Director

Serdar Donmez - Vice-president of Exploration

Dave Billard – Head Consulting Geologist

Christine McKechnie – Senior Project Geologist

Sean Cross – Project Geologist

Dylan Drummond – Project Geologist

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