Azincourt Energy Corp. provided an update on summer exploration plans at the Big Hill Lithium Project in southern Newfoundland, Canada. The Big Hill Lithium Project is a 7,500-hectare Lithium-Cesium-Tantalum (LCT) exploration property located in southwestern Newfoundland, Canada.

The project is located along the south side of the Hermitage Flexure, approximately five kilometres south of the Benton/Sokoman JV partnership (the Alliance) discovery of the Kraken Lithium Pegmatite Field. The project lies within the Burgeo Plutonic Complex and numerous granite dykes can be seen cutting the Burgeo granites. Coarse-grained pegmatite dykes greater than 2 meters wide and 20 meters long occur south of the property and are anticipated to be present on the Big Hill exploration licenses.

Devonian plutonic suites in the Canadian Appalachians are locally associated with Sn, W, Mo, and Indium mineralization in breccias, stockworks and vein type settings. In southwestern Newfoundland, some of the most mineralogically prospective plutons are part of the Burgeo intrusive suite and host Lithium-bearing pegmatites adjacent to their intrusive-metasedimentary-metavolcanic boundaries. This relationship suggests that there may be tectonic and/or structural controls on pluton emplacement and localization of mineralization.

Preliminary prospecting at Big Hill has identified four known target areas, based on extrapolation of bedrock geology, structural disaggregation of stratigraphic blocks, and apparent folding and late shear faulting. Similar structural elements are observed in the Kraken Lithium Pegmatite field although the host rocks differ in terms of deformation. These targets are known as the River, Road, MK, and Ridge Targets and will be the focus of the initial exploration.

Other information suggesting potential for lithium-bearing pegmatite mineralization comes from extrapolation and evaluation of multiple shear fault orientations projected onto the property. The strike length of the targets ranges up to approximately 200 meters. Summer Exploration Plans: No lithium specific historical exploration work has taken place on the Big Hill licenses to date.

The initial field program for the Big Hill Project will be divided into multiple phases. A recent review of all available geophysical data and satellite imagery for the project area has resulted in 29 targets being selected from the geophysical data and an additional 52 targets selected from high resolution satellite imagery. Evaluation of these target sets will be the focus of Phase One of the exploration program, with coincident targets within these two sets taking a higher priority for initial evaluation.

Phase One will focus on: The acquisition of high-resolution satellite Vivid Standard 30cm Imagery Mosaic, 5m CE90 Accuracy, 4-Band (BGRN), Cloud-Optimized. Remote Sensing mapping of pegmatites using Sentinel imagery to generate additional targets. Helicopter supported ground-truthing exercise focused on the high priority geophysics, satellite imagery, and remote sensing targets.

Phase One is expected to commence in mid to late July 2023. Phase Two will follow up on the results from Phase One and any additional targets generated. The Company will issue updates as the program commences.

East Preston Analytical Update: Azincourt is still waiting for final analytical results from the winter 2022-23 drill program at East Preston. After a review of the initial data received from the lab, there were significant quality control issues noted within the results. As part of the quality control process, standards with a known concentration of uranium are inserted in the sample batches.

These samples are analyzed to confirm that the results for that batch of samples are within an acceptable range based on the results of the standards. The issues noticed manifested as anomalous results occurring in the samples analyzed immediately following several of the standards. As a result, these samples were reanalyzed.

Once the issue was identified and resolved, the company requested that all samples of the affected batches be run through the process to ensure a complete consistent data set. This request was made to the lab in mid-June, and the Company is expecting to receive the final results in the next week to 10 days. Results will be release immediately once the data is reviewed and verified.