Azincourt Energy Corp. announced that the Winter 2022 exploration program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada, has been completed. Drilling for the 2022 winter season at the East Preston Project commenced on January 24th.

Despite a stretch of extreme cold weather and related logistics and mechanical challenges, and the subsequent rapid onset of warm weather, a total 5,004.5 meters was completed in 19 drill holes over eight weeks duration. Drilling was focused on the G-, K-, and H-Zones with prior progress reported in news releases dated February 14th, 2022, March 1st, 2022, and March 16th, 2022. Packing up and demobilizing of the drill equipment and camp is underway with decommissioning of the road expected to be completed in early April.

A total of 420 samples were collected throughout the program and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. Complete assay results, expected to be received beginning in late April and into June, will be reported once received, reviewed, and verified by the Company's QP. With the discovery of at least 1,700 meters of extensive hydrothermal alteration and elevated radioactivity, the Company considers the results of this program to be highly significant.

Major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily made by drill testing strong alteration zones related to conductor features. Establishing the presence of strong alteration zones at East Preston is a significant step forward in identifying the key areas along the conductor trends where more attention is required. Many holes were drilled significantly deeper than initially planned to get through alteration and structure intersected, and additional holes were drilled to follow up key results.

Nine drill holes were completed on the northeast trending G-Zone (Figure 2). Extensive hydrothermal alteration and evidence of east-west cross-cutting structures have been intersected along the southern portion of the zone, highlighted in holes EP0030 and EP0037 with intervals of hydrothermal hematite alteration and extensive evidence for a steep east-west fault cross-cutting the main northeast trending structure and graphitic lithologies. An evaluation of the structural data and geochemistry will be undertaken to aid in planning for additional follow-up drilling and evaluation of this area in the next drill program.

On the north-south trending K-Zone (Figure 2), six holes were completed, while one hole was lost in a sand filled fault zone at the north end of the zone. Drilling on the K-Zone also intersected extensive hydrothermal hematite alteration, indicating this alteration zone is at least 1,200 meters long. Extensive zones of hydrothermal hematite were intersected in all holes, with clay alteration also being present.

A zone of localized elevated radioactivity more than 10 times background values was identified in EP0035 from both handheld scintillometers and a downhole gamma probe (Azincourt Energy news release dated March 1st, 2022). Samples from this zone have been sent to the lab to evaluate the significance of the elevated radioactivity in this area.