Azincourt Energy Provides Update on Drilling at the East Preston Uranium Project

•   Extensive clay alteration discovered in K-Zone

•   Over 1,500 meters drilled in 8 holes

Azincourt Energy Corp. ("Azincourt" or the "Company") (TSX.V: AAZ, OTCQB: AZURF) is pleased to provide an update on the 2023 exploration program at the East Preston winter program in the Athabasca Basin, Saskatchewan, Canada.

Drilling at the East Preston Project commenced on February 2 ^nd , and to date, 1,686 metres has been completed in 8 drill holes. After some initial startup delays due to extreme weather variations, two drill rigs are now operational on the project. Six drill holes are complete and two are in progress. Drills are currently turning on both the K and H Zones.

"We are excited to be continuing 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. "Finding the extents of this system and identifying where within that system the alteration fluids are focusing is very important. We need to focus in on the most responsive areas, and confirm what these anomalous areas have to offer," continued Mr. Perkins.

Winter 2023 Diamond Drilling Program

The Company is conducting an extensive drill program for the winter of 2023, as reported in news releases dated December 13 ^th , 2022 and January 26 ^th , 2023. Terralogic Exploration Inc. is executing 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 Exploration. The program is planned for approximately 3,000 meters of drilling in 12+ 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).

Drilling on the northeast trending G-Zone (Figure 3) was halted with three holes completed 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. Current results have not significantly improved the ranking of this area; however, the identified alteration is still considered significant. An evaluation of the structural data and geochemistry will be undertaken to aid in determining what additional follow-up and evaluation of the alteration zone in this area is warranted.

On the north end of the K-Zone (Figure 3), two holes have been 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. The decision to increase drilling in this area has been made and will be completed once pads have been prepared. Samples of intersected clay will be analyzed to confirm the clay species and significance with respect to the alteration model and potential proximity to mineralization.

The H-Zone covers a change in orientation of the structural and conductive trend from north south to southwest trending (Figure 3). One hole has been completed where the bend occurs additional drilling will continue to evaluate this bend. The first hole on the H-Zone has intersected an intense graphitic fault zone with hydrothermal alteration.

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.

Increased program costs associated with road construction, fuel, supplies, and weather have led to the Joint Venture partners increasing the program budget to facilitate getting as much information as possible this field season.

"We continue to be encouraged by the response we are seeing in the K and H Zones" said VP, Exploration, Trevor Perkins. "The extensive alteration we are encountering is very encouraging. As we continue to drill and intersect stronger clay alteration, this allows us to begin narrowing our focus on the most prospective areas on these trends" continued Mr. Perkins.

C&C Road Maintenance is maintaining the winter access road under the supervision of TerraLogic Exploration Inc. 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. Discovery Mining Services is providing and maintaining the camp at Snoop Lake and the drill rigs and crews are provided by QB Diamond Drilling Ltd. The program and demobilization is expected to be complete by the end of March.

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 Progress 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/b8cba4b2-7e83-42b3-a985-fcd32b6c3f07
https://www.globenewswire.com/NewsRoom/AttachmentNg/0bc95da6-789e-481a-b6db-052ffea2fe4d