Azincourt Energy Provides Update FOR East Preston Uranium Project, Athabasca Basin, Saskatchewan
AZINCOURT ENERGY PROVIDES UPDATE FOR EAST PRESTON
URANIUM PROJECT, ATHABASCA BASIN, SASKATCHEWAN
• Road Completed, Camp Build Nearing Completion
• Drill & Crew Mobilization Underway
• Drilling to Commence This Weekend
Vancouver B.C., January 26, 2023 - AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”) (TSX.V: AAZ, OTCQB: AZURF), is pleased to provide an update on mobilization for
the East Preston winter program in the Athabasca Basin, Saskatchewan, Canada (the “East Preston
Project”).
The Company is conducting an extensive drill program for the winter of 2023, as last reported in a
news release dated December 13 th, 2022. Terralogic Exploration Inc. (“TerraLogic”) will facilitate
and execute 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. The program will consist of up to 5,000 meters of drilling in 20+ 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).
C&C Road Maintenance will maintain the winter access road under the supervision of TerraLogic.
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. Opening of the winter road to access
the property and campsite is complete, with camp construction well underway. Discovery Mining
Services is providing the camp and will support the camp operations . One drill has arrived and is
mobilizing to camp along the winter road, with drilling anticipated to commence on the weekend. A
second drill rig is expected on site next week. The drill rigs and crews are provided by QB Diamond
Drilling Ltd. The program is expected to be complete by the end of March.
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 str ucturally 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.
The first drill holes will be placed on the south end of the G -Zone, to follow up alteration and cross
structures intersected in Holes EP0030 and EP0037. When the second trill rig arrives on site, it will
commence drilling on the K and H Zones where a significant alteration package has been identified.
“We are excited to return to the property and continue drilling 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. “The next step is finding the extents of this system and identifying
where within that system the alteration fluids are focusing and where we need to chase the increasing
intensity. We need to focus in on the most responsive areas, and confirm what these anomalous areas
have to offer,” continued Mr. Perkins.
Community Engagement
Azincourt 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
Clearwater River Dene Nation (“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 m embers of the
CRDN 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: Road access to the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 3: 2022 Drill Holes and Target areas at the East Preston Uranium Project
Non-Brokered Private Placement
The Company is also pleased to announce that it will conduct a non-brokered private placement of up to
8,333,333 units (the “ Offering”) of the Company (each, a “ Unit”) at a price of $0.06 per Unit, to
purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed
issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions. Each
Unit will be comprised of one common share of the Company (a “Share”) and one-half of one common
share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to
purchase one- additional Share at a price of $0.10 per half share for a period of 24 months from closing
of the Offering.
There is an offering document related to the Offering that can be accessed under the Company’s profile
at www.sedar.com and on the Company’s website at: www.azincourtenergy.com. Prospective investors
should read this offering document before making an investment decision.
The proceeds of the Offering will be used to adva nce its primary business objective of continuing
exploration and development of the East Preston Project and for general working capital purposes.
The securities issued pursuant to the Offering will not be subject to any statutory hold period in
accordance with applicable Canadian securities legislation. No finders’ fees or commissions are payable
in connection with the Offering. Completion of the Offering remains subject to the approval of the TSX
Venture Exchange.
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 we stern
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 conduc tive 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 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 , while pursuing an option agreement on the Hatchet Lake uranium project, both
located in the Athabasca Basin, Saskatchewan, Canada.
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 ma terially 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
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com