Azincourt Energy Provides Update ON Drilling at the East Preston Uranium Project
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
Vancouver B.C., February 28, 2023 - 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 prog ram in the Athabasca Basin, Saskatchewan,
Canada.
Drilling at the East Preston Project commenced on F ebruary 2 nd , and to date, 1,686 meters has been
completed in 8 drill holes. After some initial sta rtup 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 presen t on the property” said VP, Exploration, Trevor
Perkins. “Finding the extents of this system and i dentifying 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,” continue d Mr. Perkins.
Winter 2023 Diamond Drilling Program
The Company is conducting an extensive drill progra m 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 A zincourt’s Vice President, Exploration, Trevor
Perkins, P.Geo, and Jarrod Brown, M.Sc., P.Geo, Chi ef 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 conti nue 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 g raphitic lithologies. Current results have not
significantly improved the ranking of this area; ho wever, the identified alteration is still considere d
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, in creasing the length of this alteration zone by 300
meters to 1500 meters long. Extensive clay alterat ion within the structural zone is an indication of
upgraded prospectivity and vectoring towards potent ial mineralization. The decision to increase
drilling in this area has been made and will be com pleted once pads have been prepared. Samples of
intersected clay will be analyzed to confirm the cl ay 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 forwa rd 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 budge t to facilitate getting as much information as
possible this field season.
“We continue to be encouraged by the response we ar e seeing in the K and H Zones” said VP,
Exploration, Trevor Perkins. “The extensive altera tion 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” cont inued Mr. Perkins.
C&C Road Maintenance is maintaining the winter acce ss 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 S noop 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 th rough 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, sulphid es, 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 forwa rd to a continued close working relationship with
CRDN and other rights holders to ensure that any po tential 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 supp lies and members of the Clearwater River Dene
Nation and surrounding communities have been direct ly employed on site or to provide support and
services to keep the camp and programs running.
Figure 1: East Preston Project Location – Western A thabasca 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 s imple basement conductors; they are clearly
upgraded/enhanced prospectively targets because of the structural complexity.
The targets are basement-hosted unconformity relate d uranium deposits similar to NexGen’s Arrow
deposit and Cameco’s Eagle Point mine. East Presto n 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 conducti ve 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, Explo ration 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 compa ny 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, Saskatchewa n, 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 respo nsibility 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 subje ct 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 forwa rd-looking statements. Such forward-looking
information represents management’s best judgment b ased 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