Azincourt Energy Updates Exploration Plans FOR the East Preston and Hatchet Lake Projects

AZINCOURT ENERGY UPDATES EXPLORATION PLANS FOR THE EAST

PRESTON AND HATCHET LAKE PROJECTS

• Fall geophysics and 1,500 m drill program at Hatchet Lake

• Winter 6,000 m drill program at East Preston

Vancouver B.C., July 28, 2022 - AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”)

(TSX.V: AAZ, OTCQB: AZURF), is pleased to provide an update on plans for the fully funded

upcoming fall and winter field season at the East Preston and Hatchet Lake projects in the Athabasca

Basin, Saskatchewan, Canada.

East Preston

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)

(Figures 2 and 3). 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 to date 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.

The Company is planning an extensive drill program for the fall and winter of 2022 -2023. The

program will consist of approximately 6,000 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 and reported in news releases dated March 29th, 2022, and July 13, 2022.

The south end of the G-Zone responded well in the 2022 drill program. The structure and alteration

within EP0030 and EP0037 warrant additional drilling to confirm target enhancement for follow-up

in this area.

Drilling within the K-Zone will focus on expanding on the weak clay alteration and elevated uranium

identified in EP0035. This is the only zone where alteration and structure resulted in poor ground

conditions preventing completion of a drill hole. This is indicative of strong structure and alter ation

which are both good signs for possible uranium deposition. The alteration zone is still open along

strike in both directions north and south.

Within the H-Zone, drilling will continue to evaluate the alteration zone and identify priority targets

for additional focus. The thick structural package identified in this zone is a promising sign for

extensive ground preparation to allow fluid pooling and uranium deposition. Holes will also be drilled

between the H- and K- Zones to seek continuity between the zones and enhancement of the alteration

and uranium present.

The Q-Zone remains untested, and the Company is eager to drill this zone during the 2023 program

to evaluate the prospectivity of this target area.

“Up to this point, drilling has been quite wide spaced while we evaluate the various trends to identify

the best areas to focus our efforts”, said VP, Exploration Trevor Perkins. “While this will continue in

the upcoming program, we a lso plan to narrow our focus and begin vectoring within the alteration

zones and follow where the alteration and geochemistry is leading,” continued Mr. Perkins

Mobilization is anticipated to begin in December, with drilling to commence in January 2023.

While the A-G and K-H-Q trends are the primary focus, many additional trends and zones exist to the

east and west of the primary trends on the E ast Preston property (Figure 2). These additional target

areas will require ground geophysics to constrain conductor locations and drilling to properly evaluate

their potential.

“We’re of course eager to get back on the ground at East Preston and follow up the promising results

from last winter,” said CEO, Alex Klenman. “The more work we do, the more compelling East

Preston becomes. We’ve gone from grass roots to the development of top tier exploration targets on

what is a large and highly prospective property. We have the right rocks, the right geochemistry, the

right structures, and we’ve now produ ced evidence that uranium is present within large alteration

zones. Step by step, we continue to progress East Preston in a very positive way. This next drill

program is another important step towards our goal of meaningful discovery,” continued Mr.

Klenman.

Hatchet Lake

The Hatchet Lake Project is a recent addition to the Company’s portfolio (see news release dated

November 10, 2021), wherein Azincourt can earn a 75% interest in the project from ValOre Metals

Corp. Hatchet Lake sits just outside the northeastern margin of the Athabasca Basin, situated along

the underexplored northeast extension of the Western Wollaston Domain (WWD) within the

Wollaston-Mudjatik Transition Zone (WMTZ). This highly prospective structural corridor hosts the

majority of known high-grade uranium deposits and all of Canada’s operating uranium mines.

The first program the Company is proposing for the project will consist of ground reconnaissance to

verify targets, ground geophysics (Horizon tal Loop Electromagnetic HLEM) to verify conductor

locations, and a helicopter supported diamond drill program to be conducted in the fall of 2022. The

drill program is expected to consist of up to 1,500 meters in 8-10 diamond drill holes.

Three target areas have been selected on the Hatchet Lake property for initial work. (Figure 5) The

priority drill targets are the SW Scrimes and Upper Manson areas, which are considered drill ready

once some initial ground reconnai ssance is completed. Drilling will focus on conductive packages

with associated radioactive boulders to identify and vector towards potential sources for said boulders.

Geochemical anomalies highlight a variety of uraniferous host rocks that are coinciden t with

identified conductive geophysical targets. Uraniferous rocks are typically referred to as containing

uranium significantly above normal expected values . 24 radioactive rock samples with assay results

up to 2.43% U3O8 have been identified in the area.

A priority target requiring more preparatory work has been identified, NE Scrimes, where a ground

based HLEM geophysical survey will be conducted to help resolve a complex structural and

conductive fold sequence prior to drill testing.

The estimated budget for this program will be a minimum of $1M CDN to meet earn- in obligations

of the option agreement with ValOre Metals. Groundwork is anticipated to commence in September

with drilling to take place in October and into November.

“Getting on the ground with this first program will be exciting, as this property has not had a good

drill test,” said VP Exploration Trevor Perkins. “We are excited to see how the model holds up to the

first drill hole, and will adjust as needed to maximize impactful discovery potential,” continued Mr.

Perkins

“Hatchet Lake is a tremendous second project for Azincourt,” said CEO, Alex Klenman. “We already

know high grade mineralization is present. We know that is an under explored target, which really

hasn’t utilized modern exploration techniques and knowledge applied in the past in terms of the drill

targeting. We feel very strongly that based on what we know today, compared to what was known

when the property was first explored, we have a very compelling opportunity for discovery. The next

8-12 months will be a busy and exciting time for Azincourt,” continued Mr. Klenman.

Permitting and Community Engagement.

The permitting process is underway to obtain authorization for the fall and winter 2022- 2023 drill

programs on both projects.

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 . Several

members of the Clearwater River Dene Nation have been directly employed on site or to provide

support and services to keep the camp and programs running.

The Company has also been in contact with the Ya’thi Néné Land and Resource Office representing

the Hatchet Lake First Nation and expects additional discussions to take place with them and other

rights holders to ensure that concerns of the local communities are addressed. Azincourt looks

forward to developing a close working relationship with the Hatchet Lake community.

Figure 1: East Preston Project Location – Western Athabasca Basin, Saskatchewan, Canada

Figure 2: Priority target corridors at the East Preston Uranium Project, Western Athabasca Basin

Saskatchewan

Figure 3: 2022 Drill Holes and Target areas at the East Preston Uranium Project

Figure 4: Hatchet Lake Project Location – Eastern Athabasca Basin, Saskatchewan, Canada