Energy

Azincourt Energy Corp. ("Azincourt" or the "Company") (TSX.V: AAZ, OTC: AZURF) is pleased to provide an update on preparations for the 2021 winter exploration program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.

Road preparation and placement of bridges to allow access to the primary drill sites at the Company's East Preston property is underway. The 2021 exploration program is anticipated to cost approximately $1M to 1.4M and consist of a 10 - 12 hole, 2000-to-2500 meter diamond drill program. Drilling is anticipated to commence the third week of February.

Based on the 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 conductive corridor from the A-Zone through to the G-Zone (Figures 1 and 2) has been identified as the focus for the 2021 drilling program.

The 2020 HLEM survey completed in December indicates multiple prospective conductors and structural complexity along the eastern edge of this corridor. 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.   Drilling will start in the AB-Zone and continue southwest along the G-Zone.

TerraLogic Exploration and Bryson Drilling have been contracted to execute the drill program, which is being conducted under the guidance and supervision of Azincourt's Exploration Manager, Trevor Perkins, P.Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic Exploration.

"There is no shortage of drill ready targets on the East Preston Project. It will be exciting to continue to drill these targets and focus in on the most responsive areas within the identified structural corridors," said Exploration Manager, Trevor Perkins.

Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
https://www.globenewswire.com/NewsRoom/AttachmentNg/c54c478d-f370-47a5-9a73-bfa3ec6051bc

"We are pleased to continue our exploration drilling at East Preston," said Alex Klenman, President and CEO. "There have only been a dozen holes drilled so far, it's still early on in the exploration drill phase. The project contains dozens of high quality, priority targets, and we believe the data generated so far suggests each round of drilling we conduct is getting us closer to discovery. We are on the right path, at a large enough, suitably located land package, situated among large cap uranium companies. There are no doubts that East Preston presents a compelling exploration proposition," continued Mr. Klenman.

Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/4916228a-7ced-4f9a-8fb6-bd7f3d1d52e4

Figure 3: Project Location – Western Athabasca Basin, Saskatchewan, Canada (please note the adjacent Orano project also includes Dixie Gold Inc.)
https://www.globenewswire.com/NewsRoom/AttachmentNg/aae97859-b138-4190-a777-4c19fe83104f

About East Preston

Azincourt is currently earning towards 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 Inc. 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).

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., Exploration Manager 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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