AAZ.V · 2017-05-10 12:00:00

Azincourt Uranium Announces East Preston Work Program Details

Exploration Programs

1430 – 800 West Pender Street

Vancouver, BC V6C 2V6

[email protected]

www.azincourturanium.com

Azincourt Uranium Announces East Preston Work Program Details

Vancouver B.C., May 10, 2017 - AZINCOURT URANIUM IN C. (“Azincourt” or the “Company”; TSXV:

AAZ) is pleased to announce details for the upcoming ex ploration work program at its East Preston

Project located in the highly prospective western A thabasca basin (“East Preston Project”). The

proposed work program is expected to commence this summer or early fall and is aimed at generating

new drill targets within previously untested corrid ors and refining additional targets along the previ ously

identified Swoosh corridor.

East Preston Project highlights :

• Azincourt has optioned an undivided 70% interest in the eastern portion of the Preston project

consisting of approximately 25,329 contiguous hectares.

• The Preston project is one of the largest tenure la nd positions in the Paterson Lake region and

currently consists of 121,148 hectares strategicall y located near NexGen Energy Ltd’s high-grade

Arrow deposit, Fission Uranium Corp’s Triple R depo sit and AREVA/Cameco/Purepoint’s joint

venture (Spitfire).

• AREVA recently optioned 49,635 hectares of the Preston project for up to $7.3 million in exploration

expenditures (see Skyharbour Resources Ltd. (“Skyharbour”) news release dated March 9, 2017).

• Over CDN$2 million in exploration expenditures on t he East Preston Project over the past three

years.

• Several high priority drill targets identified with in multiple prospective exploration corridors

delineated through recent geophysics and ground evaluation.

Key Work Program Details

Extensive regional exploration work was completed i n 2013 and 2014 on the East Preston Project

including airborne electromagnetic (VTEM) and magne tic and radiometric surveys. Three prospective

conductive, low magnetic signature corridors were d iscovered on the property. The three distinct

corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified.

Only one of the corridors has been successfully dri ll tested at this time, intersecting structurally

disrupted graphitic metasedimentary rocks at the Sw oosh S6 target using a combination of Horizontal

Loop EM (HLEM) and gravity as primary targeting tools.

Ground prospecting and sampling work completed to d ate has identified outcrop, soil, biogeochemical

and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.

See maps below of exploration coverage, radon and g eophysical results and Swoosh zone priority

targets.

The proposed work to be completed will include re-l ogging and sampling of the seven diamond drill

holes (1571 m) drilled in 2014, with additional gro und electromagnetic survey work (HLEM) and ground

gravity planned along the airborne conductive trend s. Additional ground geochemical sampling work is

also being considered, but will be used to enhance any target areas identified from the geophysical

surveys.

Completion of the proposed work program will satisf y the initial exploration work commitment of

$250,000 under the option agreement between the Com pany, Skyharbour and Clean Commodities

Corp.and is being scheduled for completion by the f all of 2017 to allow for future winter drill target

testing.

About the Preston Project

The significant potential of the western Athabasca basin has been highlighted by recent discoveries in

the area by NexGen Energy (Arrow), Fission Uranium (Triple R) and a joint venture consisting of

Cameco Corp., Areva Resources Canada Inc. and Purepoint Uranium Group Inc. (Spitfire) (see Preston

map below). In excess of $4.7-million in expenditur es on the Preston uranium project have been

incurred to date, including ground gravity, airborn e and ground electromagnetics, radon, soil, silt,

biogeochem, lake sediment, and geological mapping surveys, as well as two exploratory drill programs.

Fifteen high-priority drill target areas associated with six prospective exploration corridors have be en

successfully delineated through this methodical, mu ltiphased exploration initiative, which has

culminated in an extensive, proprietary geological database for the project area.

Qualified Person

The technical information in this news release has been prepared in accordance with the Canadian

regulatory requirements set out in National Instrum ent 43- 101 and reviewed on behalf of the company

by Ted O’Connor, P.Geo. a director of Azincourt Uranium Corp., as well as a qualified person.

About Azincourt Uranium Inc.

Azincourt Uranium Inc. is a Canadian based resource company specializing in the strategic acquisition,

exploration and development of uranium properties b ased out of Vancouver, British Columbia. The

Company’s Patterson Lake North Property (“PLN”), al so located in the western Athabasca Basin, lies

adjacent and to the north of the Patterson Lake Sou th property (Arrow deposit), owned by Fission

Uranium Corp. The company owns a 10% working inter est in PLN and Fission 3.0 owns a 90%

interest. In addition, the Company owns an option to acquire up to 70% of the East Preston Project in

the Athabasca Basin located to the south and adjace nt to NexGen Energy’s Rook 1 project host to the

high grade Arrow Deposit.

ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.

“Paul Reynolds”

Paul Reynolds, President

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 statem ents”, including forecasts, estimates, expectations and

objectives for future operations that are subject t o a number of assumptions, risks and uncertainties, many of

which are beyond the control of Azincourt. Investo rs are cautioned that any such statements are not

guarantees of future performance and that actual re sults or developments may differ materially from th ose

projected in the forward-looking statements. Such forward-looking information represents management’s

best judgment based on information currently availa ble. No forward-looking statement can be guarantee d

and actual future results may vary materially.

For further information please contact:

Paul Reynolds

Tel: 604-638-8063

[email protected]

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ATHABASCABASIN MARGIN

Athabasca Basin

Park Lake

Sando Lake

Kelic Lake

Craig Lake

Mirror River

Silvius Lake

Fortin River

Laturnus Lake

Montgrand Lake

Wolvernan Lakes

Clearwater River

CLEARWATER RIVER PROVINCIAL PARK

![ DDH

"/ Soil Sample

2 Biogeochem Sample

L Lake Sediment Sample

#0 Rock Sample

! Scint Survey

"/ Geo-station

9 Water Sample

Azincourt Tenure

0 105

East Preston Lake Project

2013-2014 Exploration Coverage

May 2017

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ATHABASCABASIN MARGIN

Athabasca Basin

Park Lake

Sando Lake

Kelic Lake

Craig Lake

Mirror River

Silvius Lake

Fortin River

Laturnus Lake

Montgrand Lake

Wolvernan Lakes

Clearwater River

CLEARWATER RIVER PROVINCIAL PARK

Radon in Water Results (pCi/l)

Radon analysis using Pylon AB5 Monitor

> <35th Percentile (0.0-1.7)

!> >50th Percentile (1.8-2.6)

!> >60th Percentile (2.7-4.8)

!> >75th Percentile (4.8-12.8)

!> >90th Percentile (12.9-27.4)

!> >95th Percentile (27.5-57.4)

!> >99th Percentile (57.5-98.0)

Lake Sediment Sample

Uranium (ppm)

!( 0.900000 - 1.900000

!( 1.900001 - 7.000000

Airborne EM Conductor

Ground EM Conductor

Interpreted Fault

Swoosh Target Area

Exploration Corridor

Azincourt Tenure

0 105

East Preston Lake Project

Radon and Geophysical Results

May 2017

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S3S2

642000

643000

644000

645000

646000

6367000

6368000

6369000

6370000

0 250 500 750 1,000

RadonEx Surface Sample

Votage Drop

!> 0

!> 1 - 2

!> 3

!> 4 - 6

!> 7 - 9

!> 10 - 17

Airborne EM Conductor

Ground EM Conductor

Interpreted Fault

Priority Gravity Low

Priority Target Area

Wetland

Total Magnetics

High : 255

Low : 0

Area of Detail

0 105 Km

Text

East Preston Lake Project

Swoosh Zone - Priority Targets

May 2017

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