Mr. Alex Klenman of Azincourt reports

AZINCOURT ENERGY 2020 EAST PRESTON SUMMER GEOPHYSICAL TARGET GENERATION PROGRAM

Azincourt Energy Corp. has provided plans for its coming summer ground geophysical program designed to generate additional drill targets at the East Preston uranium project, located in the western Athabasca basin in Saskatchewan, Canada.

The 2020 summer ground geophysical targeting program is currently being planned to support future drill programs based on the existing propertywide helicopter-borne versatile time-domain electromagnetic (VTEM) survey interpretation and results where numerous untested graphitic conductive corridor trends have been identified for follow-up. The program will consist of helicopter-supported ground geophysical surveys, including up to 33 line kilometres of line cutting and horizontal-loop electromagnetic (HLEM) and up to 44 line kilometres of ground gravity.

The planned HLEM survey will identify conductor locations (HLEM) and the ground gravity survey will ideally identify areas of alteration, structural disruption or thicker overburden due to increased glacial scouring proximal to the conductive trends that are often associated with uranium mineralizing systems. The combined results will be utilized to refine, prioritize and better locate conductive corridors in these previously untested areas. Bingham Geoscience of Saskatoon continues to oversee Azincourt's geophysical programs and interpretation work.

It is anticipated that this summer work program will satisfy the $2.5-million work commitment obligation in the joint venture earn-in agreement with Skyharbour Resources Ltd. and Dixie Gold Inc. Once the final cash consideration of $400,000 is paid to Skyharbour and Dixie, Azincourt will have earned a 70-per-cent interest in the East Preston project.

"The continuing work at East Preston is all about target generation," said Alex Klenman, president and chief executive officer of Azincourt. "It's no secret the project is already target rich. We've barely scratched the surface in terms of drill testing these areas. We are methodically moving the project forward by adding more critical data. This is the logical next step before we commence the next drill program.

"In addition, we're excited that we're on the verge of reaching the spend threshold of the earn-in with our JV partners. East Preston is a big project in the right place at the right time. We're close to gaining a majority interest in the project; it's an important milestone for the Azincourt," continued Mr. Klenman.

The East Preston project lies immediately south of the interpreted southern edge of the Athabasca basin and no Athabasca sandstone is present beneath the relatively thin glacial overburden. The HLEM and gravity ground geophysical survey methods proposed are standard techniques used to explore for unconformity uranium deposits in shallow target environments.

Permitting for the summer work program is being initiated, with the on-ground work to be completed in later summer.

Follow-up winter drill program

Based on the previously announced drill results and the similar geological and structural setting to the prolific Paterson Lake trend, follow-up and extension drilling has already been recommended for the existing target areas. The planned 2020 summer geophysical program covers prospective conductor trends that have yet to be drill tested. This work will add to the target inventory for future winter drill testing at East Preston.

About East Preston

Azincourt is currently earning toward a 70-per-cent interest in the over-25,000-hectare East Preston project as part of a joint venture agreement with Skyharbour Resources and Dixie Gold. Three prospective conductive, low-magnetic-signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 kilometres, each with multiple electromagnetic conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.

The East Preston project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments -- classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectivity targets because of the structural complexity.

The targets are basement-hosted unconformity-related uranium deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point mine. East Preston is near the southern edge of the western Athabasca basin, where targets are in a near-surface environment without Athabasca sandstone cover; therefore, they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco's Centennial deposit (Virgin River-Dufferin Lake trend).

Qualified person

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 Ted O'Connor, PGeo, a director of the company as well as a qualified person.

About Azincourt Energy Corp.

Azincourt Energy 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 in the Athabasca basin in Saskatchewan, Canada, and the Escalera group uranium-lithium project located on the Picotani plateau in southeastern Peru.

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