Battery Metals

  • Alteration zone tracked over 800 meters in the K-Zone
  • Extensive hydrothermal hematite alteration over 100m thick in hole EP-035

Azincourt Energy Corp. ("Azincourt" or the "Company") (TSX.V: AAZ, OTCQB: AZURF) is pleased to provide an update on the ongoing 2022 exploration program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.

Drilling at the East Preston Project commenced on January 24 th , and to date, 3,208 meters has been completed in 13 drill holes. Despite a period of extreme cold weather and its associated problems, two drill rigs are operational on the project. Ten drill holes are complete, one was abandoned, and two are in progress on the G- and K- Zones. Initial progress was reported in a previous press release dated February 14 th , 2022.

Drilling continues on the northeast trending G-Zone (Figure 3) where eight holes have been completed and one hole is in progress. Extensive alteration and evidence of east-west cross-cutting structures have been intersected along the southern portion of the zone. EP0030 shows the best alteration on the G-Zone, with an extensive interval of hydrothermal hematite alteration and significant evidence for a steep east-west fault cross-cutting the main northeast trending structure and graphitic lithologies. Additional drilling will be undertaken to evaluate the significance of this alteration and associated cross cutting structure.

On the north-south trending K-Zone (Figure 2), two holes have been completed and one is in progress, with one hole lost in a sand filled fault zone at the north end of the zone. Drilling on the K-Zone has intersected extensive hydrothermal hematite alteration in all holes, indicating this alteration zone is at least 800 meters long. Drill hole EP0035 intersected an extensive zone of hydrothermal hematite more than 100 meters thick. Within this zone localized elevated radioactivity identified from both hand-held scintillometers and a downhole gamma probe was also encountered. Analysis of samples from this zone will be sent to the lab to evaluate the significance of the elevated radioactivity in this area. Additional drilling is underway to evaluate the significance of this alteration zone and to follow-up the elevated radioactivity identified.

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. The identification of strong alteration zones is an important and meaningful step in locating key areas along the conductor trends where more attention is required.

As a consequence of the promising developments many holes have been drilled considerably deeper (to get through alteration and structure intersected) than initially planned and additional holes are being drilled to follow up key results. This means that while the planned overall meterage is expected to be achieved, fewer total holes may be completed and not all zones targeted for this program may be evaluated.

"We are very excited by the results coming in so far" said VP, Exploration, Trevor Perkins. "Both the G- and K-Zones are responding incredibly well, and the team is very excited by what they are seeing in the core. The results show that there is still a good deal of work to be completed in these areas and I can't wait to see what the follow-up drilling reveals," continued Mr. Perkins.

"Finding this broad zone of strong alteration is a significant development," said president and CEO, Alex Klenman. "Alteration features are a crucial guide to locating uranium mineralization. Given what we know about alteration zones and their relationship to some very well-known discoveries, finding this at East Preston is certainly an encouraging development. We will continue to focus on the K-Zone for the time being to get a better idea of the extent of the alteration and the type and level of mineralization present," continued Mr. Klenman.

The first shipment of core samples from the current drill program is scheduled to be delivered later this week to the SRC Geoanalytical Lab in Saskatoon. The Company expects to receive full suite assay results in early April. Results will be reported once received, reviewed, and verified.

About the Winter 2021-2022 Drill Program

TerraLogic Exploration Inc. is executing the winter 2022 diamond drilling 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 6,000m of drilling in 30-35 drill holes. Drilling is focused on the A-G and K-H-Q trends, after having commenced in the G-Zone where the 2021 drill program ended. The program continues to evaluate the G-Zone and the K-H-Q trend (Figure 2).

East Preston Targets

The primary target area for the 2022 program continues to be 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) (Figures 1 and 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 2021 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors.

The 2019-2021 drilling programs on the A-G Trend confirmed that geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Anomalous radioactivity has been demonstrated to exist within these structurally disrupted conductor zones. The 2022 drilling program will target similar structurally disrupted zones prioritized on the presence and strength of corresponding electromagnetic, magnetic and gravity geophysical anomalies.

Permitting and Community Engagement

Permits are in place to complete all the planned work through the winter of 2022. 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. 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. Several members of the Clearwater River Dene Nation are directly employed on site or provide support and services to keep the camp and program running.

Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
https://www.globenewswire.com/NewsRoom/AttachmentNg/4f63bd5d-c106-46ba-b325-55e098237ecd

Figure 2: 2022 Drill progress and Target areas at the East Preston Uranium Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/c863bda2-7df0-4b95-a578-5e49c75316d0

Figure 3: Project Location – Western Athabasca Basin, Saskatchewan, Canada
https://www.globenewswire.com/NewsRoom/AttachmentNg/cda88075-9a0e-4430-a34d-2d27ae2785c8

About East Preston

Azincourt controls a majority >70% 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 prospectivity 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).

Debt Settlement Revision

The Company also announces that it has revised the terms of the agreement with an arms-length creditor, announced on January 13, 2022, in which the Company proposed to settle outstanding indebtedness totaling $250,000. The Company will now settle the indebtedness through the issuance of 4,166,666 common shares at a deemed price of $0.06 per share. The indebtedness relates to professional services rendered to the Company. The shares issued in connection with the settlement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

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



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Azincourt Energy: Entering Their Largest Drill Program to Date, CEO Clip Video

Azincourt Energy: Entering Their Largest Drill Program to Date, CEO Clip Video

Azincourt Energy Corp. (TSXV: AAZ) (OTCQB: AZURF Alex Klenman, CEO & President, speaks about the company's East Preston Project and its significant potential.

Azincourt Energy Corp.(TSXV: AAZ) (OTCQB: AZURF)

https://azincourtenergy.com/

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InvestmentPitch Media Video Discusses Azincourt Energy's 2021 Winter Exploration Program on its East Preston Uranium Project in Western Athabasca Basin - Video Available on Investmentpitch.com

Azincourt Energy (TSXV: AAZ) (OTC Pink: AZURF) (FSE: A0U2) has mobilized a drill rig and crew to begin the 2021 winter exploration program on its East Preston uranium project. The company recently completed the acquisition of a 70% interest in the 25,000+ hectare East Preston uranium project located in the western Athabasca basin in Saskatchewan, Canada. The project, one of the largest tenure land positions in the Patterson Lake region, is strategically located near NexGen Energy's high-grade Arrow deposit, Fission Uranium's Triple R deposit and the AREVACamecoPurepoint joint venture.

For more information, please view the InvestmentPitch Media "video" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Azincourt" in the search box.

Azincourt previously had an option to acquire its 70% interest through an agreement with Skyharbour Resources Ltd. and Dixie Gold Inc. with both companies now holding 15%. To earn its majority interest, Azincourt completed $2.5 million in staged exploration expenditures and paid a total of $1 million in cash payments over the previous four years.

Multiple prospective conductive, low magnetic signature corridors have been discovered on the property.

These distinct corridors have a total strike length of more than 25 kilometers, 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 2021 exploration program will be a minimum of 10 to 12 diamond drill holes, totalling 2,000 to 2,500 meters and is expected to begin this weekend, with drilling starting in the AB-Zone and continuing southwest along the G-Zone. Drilling in the A zone suggests this structural corridor hosts significant graphitic packages within strongly sheared and faulted host lithologies, indicating an environment conducive to fluid movement and uranium deposition.

The program is based on a compilation of results from the 2019 and 2020 drill programs, 2018 through 2020 ground-based EM and gravity surveys, and property wide VTEM and magnetic surveys. The 2020 HLEM survey completed in December indicates multiple prospective conductors and structural complexity along the eastern edge of this corridor.

Alex Klenman, President and CEO, stated: "Naturally, we're eager to get the drill program underway. The most exciting part of what we do is drilling. We're only 12 holes into East Preston, and to date the data generated is suggesting we're getting closer to a potential discovery. The data is strong, and it is reflected through multiple exploration activities that essentially stack on top of one another. This coincidental layering creates very strong targets. We have dozens of targets to test, we're really only scratching the surface."

Azincourt is also developing the Escalera Group which consists of three concessions covering a combined area of 7,400 hectares of prospective exploration targets for uranium and lithium in the Puno district of southeastern Peru.

For more information, please visit the company's website www.AzincourtEnergy.com, contact Alex Klenman, President & CEO, at 604-638-8063 or email info@AzincourtEnergy.com.

About InvestmentPitch Media

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Azincourt Energy Announces First Tranche Closing of $887,500 and Additional Flow Through Private Placement

Azincourt Energy Corp. (TSXV: AAZ) ("Azincourt" or the "Company"), is pleased to announce that it has closed on $887,500 being the first tranche of a non-brokered private placement of units (each a "Unit") to raise gross proceeds of up to $1,500,000 and, due to strong market interest, it has elected to conduct an additional offering of flow through units (each, a "FT Unit") for gross proceeds of $100,000 (the "Offering").

Each Unit and FT Unit is comprised of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share for 5 years at a price of $0.07 per common share.

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Azincourt Energy Closes Fully-Subscribed Flow-Through Offering

 Azincourt Energy Corp. (TSXV: AAZ) ("Azincourt" or the "Company") is pleased to announce that it has completed the offering of 30,000,000 flow-through units (each, an "FT Unit") by way of non-brokered private placement at a price of $0.05 per FT Unit for gross proceeds of $1,500,000. Each "FT Unit" is comprised of one common share and one common share purchase warrant (each, a "Warrant") exercisable to acquire an additional common share at a price of $0.07 until January 19, 2026. The placement was fully-subscribed and included participation from a significant institutional investor.

The gross proceeds from the placement will be used to fund Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) which shall qualify as "flow-through mining expenditures", for the purposes of the Income Tax Act (Canada). It is anticipated that expenditures will largely be focused on continuation of the Company's ongoing diamond drilling program at the East Preston Uranium Project, located in the western Athabasca basin, Saskatchewan, Canada.

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Azincourt Energy Announces Grant of Incentive Stock Options

Azincourt Energy Corp. (TSXV: AAZ) (OTC: AZURF) ("Azincourt" or the "Company") announces it has granted an aggregate of 7,250,000 incentive stock options to directors, officers and consultants of the Company, subject to TSX Venture Exchange acceptance. Each option is exercisable to purchase one common share of the Company until January 5, 2026 at a price of C$0.05 per common share in accordance with the terms of the Company's stock option plan.

About Azincourt Energy Corp.

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Purepoint Uranium Group Inc. Announces Adoption of Omnibus Incentive Plan

Purepoint Uranium Group Inc. Announces Adoption of Omnibus Incentive Plan

Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") is pleased to announce that its proposed adoption of a new omnibus equity incentive compensation plan (the "Omnibus Plan") was approved by the Company's shareholders at its annual and special meeting of shareholders held on June 29, 2022 (the "Meeting"). The Omnibus Plan replaced the Company's existing stock option plan and includes a 10% "rolling" option plan permitting a maximum of 10% of the issued and outstanding common shares of the Company as at the date of any option grant to be reserved for option grants and a fixed plan permitting 36,888,943 common shares of the Company to be reserved for grant of restricted share units and performance share units. Please refer to the Company's management information circular dated May 13, 2022 which is available under the Company's profile at www.sedar.com for a copy and summary of the Omnibus Plan.

About Purepoint

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CanAlaska Commences Airborne Survey at Geikie Project in Athabasca Basin

CanAlaska Commences Airborne Survey at Geikie Project in Athabasca Basin

Airborne Magnetics and Radiometrics to Confirm Existing Targets and Generate New Targets, Preparing for Planned Summer Ground Prospecting Program

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced a high-resolution helicopter-borne aeromagnetics and radiometrics survey on it's Geikie project in the Athabasca Basin (Figure 1). The survey consists of 3,731 line-km's of airborne surveying at 100 m line-spacing across the Geikie project to identify magnetic and radiometric anomalies for future targeted ground prospecting and drilling.

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FORTUNE BAY INTERSECTS ELEVATED RADIOACTIVITY IN MAIDEN DRILL PROGRAM AT THE STRIKE URANIUM PROJECT

FORTUNE BAY INTERSECTS ELEVATED RADIOACTIVITY IN MAIDEN DRILL PROGRAM AT THE STRIKE URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drill results for its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2). A total of nine drill holes were completed comprising 2,064 metres. Results included shallow intersections of elevated radioactivity, between 35 and 95 metres below surface, within favorable geological settings for high-grade, basement hosted deposits typical of the Athabasca Basin.

Highlights:

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ValOre Metals

ValOre Reports Encouraging Trench Results from Tróia Target, Pedra Branca

ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today announced trench channel sample assay results from the Tróia target ("Tróia") at ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil.

"Our geological team continues to deliver at the Pedra Branca palladium-platinum project. Tróia joins Ipueiras and Galante East in our pipeline of drill-ready targets," stated ValOre's V.P. of Exploration, Colin Smith. "The trench results at the Tróia target confirm the presence of in-situ PGE mineralization intercepted in previously reported Trado ® auger drilling and rock sampling and demonstrate potential continuity of the target chromite-bearing ultramafic rocks over 600 m along trend. Mineralization and the target ultramafic intrusion remain fully open at depth and warrant follow-up core or RC drilling."

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Purepoint Uranium Initiates Program at 100% Owned Carson Lake Project

Purepoint Uranium Initiates Program at 100% Owned Carson Lake Project

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the commencement of an airborne gravitymagnetic survey over their 100% owned Carson Lake Uranium Project which lies on the north-eastern edge of the Athabasca Basin, Saskatchewan, Canada.

The Carson Lake project covers the northeast extension of a major conductive trend that is also present on Purepoint's Red Willow project. The current airborne gravity survey results will help further define north-south trending structures and geologic contacts interpreted from prior magnetic survey results. Interpreted structures that crosscut the conductive trend are considered prospective exploration target areas as structural complexity may have developed and trapped uranium-rich fluids.

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CanAlaska Commences Airborne Survey at Key Extension Project in Athabasca Basin

CanAlaska Commences Airborne Survey at Key Extension Project in Athabasca Basin

Airborne Magnetics and Radiometrics to Confirm Targeting Near Large Gravity Anomalies

Summer Ground Prospecting and Drill Program Now Permitted

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