Azincourt Energy Corp. provided an update on upcoming drill programs at its uranium exploration projects located in the Athabasca Basin, Saskatchewan, Canada. Preparations are well underway for a winter program at the East Preston Project.

The company has entered the consultation phase of the permitting process and will continue to work with the Clearwater River Dene Nation (CRDN) and local communities to ensure opportunities for local businesses and employment are maximized. 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). Drilling 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 winter of 2022-2023, to begin in December with road and camp preparations, as reported in a news release dated July 28th, 2022. The program will consist of approximately 6,000 meters of drilling in 20+ diamond drill holes, to commence in January.

The priority will be to continue to evaluate the alteration zones and elevated uranium identified in the winter of 2022. The Hatchet Lake Project is a recent addition to the Azincourt portfolio. 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 drill program at Hatchet Lake will commence once permitting is received and once the consultation process with the local communities has been completed. Azincourt energy is committed to ensuring that all activities are conducted with the understanding and cooperation of the affected communities.

The Company has 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.