Mr. Alex Klenman reports

AZINCOURT ENERGY COMPLETES INITIAL EXPLORATION PROGRAM AT THE BIG HILL LITHIUM PROJECT, NEWFOUNDLAND

Azincourt Energy Corp. has completed its preliminary phase of mineral exploration at its Big Hill lithium project in southern Newfoundland, Canada. The initial program was conducted under the guidance and participation of its project partner, Atlantis Battery Metals Corp.

Exploration program

The helicopter-assisted program was conducted over 21 days during a 29-day period by a team of five geologists and one prospector. Approximately 70 fresh, unaltered, bedrock samples were collected for lithium and associated element geochemistry in addition to basic petrography and petrology. The Burgeo intrusive suite in this area is cut by numerous crosscutting granite dikes and rare pegmatites. Granite and aplite dikes typically trend about east-west and are generally steeply oriented.

A significant pegmatite field was discovered in the southern edge of claim 035342M which spans for approximately 400 metres trending north-northeast. Coincidently, these pegmatites were identified around a government-mapped mafic unit with an estimated age of Late Silurian. These mafic units could potentially create sufficient space for pegmatite intrusions to intrude the early Silurian to Early Devonian Burgeo granites.

There appear to be multiple distinct pegmatitic generations present on the property. One moderately dipping pegmatite type is characterized by green quartz resembling beryl. These dikes are generally thin (that is, equal to or less than 30 centimetres). The other pegmatite dike generations range between 30 and 100 cm wide.

"The first round of exploration on the Big Hill project was successful in identifying pegmatites on the property," said vice-president, exploration, Trevor Perkins. "The area is significantly underexplored and will require additional detailed work to examine the pegmatites identified, the extents of the systems and determine if there are lithium-bearing phases within the system. I was fortunate to spend a few days in the field with the team and recognize that we have barely scratched the surface on examining the property," continued Mr. Perkins.

The Big Hill project

The Big Hill lithium project is a lithium-cesium-tantalum (LCT) exploration property located in southwestern Newfoundland, Canada, along the south side of the Hermitage flexure, approximately five kilometres south of the Benton/Sokoman joint venture partnership discovery of the Kraken lithium pegmatite field (1.04 per cent Li2O (lithium oxide) over 15.23 metres, 8.4 metres of 0.95 per cent Li2O and 5.5 metres of 1.16 per cent Li2O). The Benton/Sokoman JV partnership has also discovered the cesium-tantalum-rubidium-lithium Hydra dike which is located 12 km northeast of the Kraken lithium pegmatite field. Channel samples returned results as high as 8.76 per cent Cs2O (cesium monoxide), 0.41 per cent Li2O, 0.025 per cent Ta2O5 (tantalum pentoxide) and 0.33 per cent Rb2O (rubidium oxide) over 1.20 metres.

The Big Hill lithium property consists of three contiguous exploration licences consisting of 100 claims each for a total of 300 claims covering 7,500 hectares. The property lies adjacent to the Kraken lithium and the Hydra cesium discoveries. The three licences were map staked for potential spodumene-bearing pegmatites based on a compilation of geological map information in the area and on their proximity to the high-grade, spodumene-bearing Kraken lithium discovery by the Sokoman Minerals-Benton Resources alliance in 2021, and the subsequent discovery of high-grade cesium in pegmatite from the Hydra zone.

The Kraken lithium discovery is located approximately 6.5 kilometres north of license 035340M. The high-grade cesium discovery is located approximately 15 kilometre to the west of licence 035342M.

Each of the three licences is underlain by the Burgeo granite and occurs at the northwestern margin of the intrusive suite located close to the Kraken lithium discovery. The marginal area of these mixed intrusive phases is expected to have developed lithium and critical metal-bearing pegmatites.

The property encompasses a large tract of ground lying immediately south of the Hermitage flexure in predominantly granite intrusive suites. Mineralization in the area is characterized by tungsten, molybdenum, lead, fluorine, zinc, copper, gold, silver, tin, barium, bismuth and uranium mineralization.

The Big Hill claims are found dominantly within the Burgeo intrusive suite. The Burgeo intrusive suite is a polyphase intrusive body of batholithic proportions composed of a continuum of compositions, from gabbro through tonalite and granodiorite to granite. The most observed lithology in the field were granites and minor felsic and mafic dikes.

Several hundred remote sensing and lidar targets were examined during this exploration program. Targets ranged up to approximately 100 metres in length and several of them occur only as point sources.

Additional exploration plans

Additional exploration is under consideration, potentially split into two phases:

Phase I:

• Helicopter-assisted prospecting, geological mapping and geochemical sampling;
• Preliminary geochemistry survey for LCT pegmatite lithium pathfinder elements using a portable X-ray fluorescence unit to help minimize the potentially large number of samples;
• Mobile metal ion geochemistry;
• Soil geochemistry;
• A glacial till survey to concentrate spodumene from tills.

Phase II (based on results from phase I):

• High-resolution geophysical survey that may, in part, include electromagnetic/magnetic, radiometric and lidar surveys;
• A high-resolution drone survey should be carried out over targeted pegmatite areas to obtain low-altitude, high-resolution photography to assist more rapid ground mapping;
• Selected trenching should be considered in areas where overburden is thin, and pegmatites are shown to be covered;
• An initial 1,500-metre diamond drilling program.

About Big Hill

Azincourt Energy has entered into a definitive property option agreement, dated April 19, 2023, with Atlantis Battery Metals, pursuant to which it has been granted the option to acquire up to a 75-per-cent interest in three exploration licences covering 300 contiguous mineral claims located in the province of Newfoundland and collectively known as the Big Hill lithium project. Atlantis Battery Metals will act as project operator during the option period.

The Big Hill lithium project is a 7,500-hectare lithium-cesium-tantalum (LCT) exploration property located in southwestern Newfoundland, Canada, along the south side of the Hermitage flexure, approximately five kilometres south of the Benton/Sokoman JV partnership discovery of the Kraken lithium pegmatite field (1.04 per cent Li2O over 15.23 m, 8.4 m of 0.95 per cent Li2O and 5.5 m of 1.16 per cent Li2O). The Benton/Sokoman JV partnership has also discovered the cesium-tantalum-rubidium-lithium Hydra dike which is located 12 kilometres northeast of the Kraken lithium pegmatite field. Channel samples returned results as high as 8.76 per cent Cs2O, 0.41 per cent Li2O, 0.025 per cent Ta2O5 and 0.33 per cent Rb2O over 1.20 m.

At the Big Hill lithium project numerous granite dikes can be seen cutting the Burgeo granite. Coarse-grained pegmatite dikes greater than two metres wide and 20 metres long occur south of the property and are anticipated to be present on the Big Hill exploration licences.

Qualified persons

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Mr. Perkins, PGeo, vice-president, exploration, of Azincourt Energy, and Paul K. Smith, PGeo, Atlantis Battery Metals, both qualified persons as defined by National Instrument 43-101.

About Azincourt Energy Corp.

Azincourt is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel projects, including uranium, lithium and other critical clean energy elements. The company is currently active at its joint venture East Preston uranium project located in the Athabasca basin, Saskatchewan, and the Big Hill lithium project, located in southwestern Newfoundland.

We seek Safe Harbor.