Mr. Alex Klenman reports

AZINCOURT ENERGY REPORTS DRILL MOBILIZATION AT THE EAST PRESTON URANIUM PROJECT

Azincourt Energy Corp. has mobilized both drill rig and crew on site to begin the 2021 winter exploration program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.

The 2021 exploration program will be a minimum 10- to 12-hole, 2,000- to 2,500-metre diamond drill campaign. Drilling is anticipated to begin this weekend. TerraLogic Exploration and Bryson Drilling have been contracted to execute the drill program, which is being conducted under the guidance and supervision of Azincourt's exploration manager, Trevor Perkins, PGeo, and Jarrod Brown, MSc, PGeo, chief geologist and project manager with TerraLogic Exploration.

As previously reported, targeting for the 2021 drill program is the conductive corridor from the A zone through to the G zone and is based on a compilation of results from the 2019 and 2020 drill programs, 2018 through 2020 ground-based EM and gravity surveys, and property-wide VTEM and magnetic surveys.

The 2020 HLEM survey completed in December indicates multiple prospective conductors and structural complexity along the eastern edge of this corridor. Drilling in the A zone suggests this structural corridor hosts significant graphitic packages within strongly sheared and faulted host lithologies, indicating an environment conducive to fluid movement and uranium deposition. Drilling will start in the AB zone and continue southwest along the G zone.

"Naturally, we're eager to get the drill program under way," said Alex Klenman, president and chief executive officer. "The most exciting part of what we do is drilling. We're only 12 holes into East Preston, and to date the data generated is suggesting we're getting closer to a potential discovery. The data is strong, and it is reflected through multiple exploration activities that essentially stack on top of one another. This coincidental layering creates very strong targets. We have dozens of targets to test, we're really only scratching the surface," continued Mr. Klenman.

Once drilling has commenced the company will issue a news release and will follow up with regular reports as the program progresses.

About East Preston

Azincourt currently controls a 70-per-cent interest in the 25,000-plus-hectare East Preston project as part of a joint venture agreement with Skyharbour Resources Ltd. and Dixie Gold Inc. Multiple prospective conductive, low-magnetic-signature corridors have been discovered on the property. These distinct corridors have a total strike length of over 25 kilometres, each with multiple EM 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 Mr. Perkins, PGeo, exploration manager of Azincourt Energy, and a qualified person as defined by National Instrument 43-101.

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, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani plateau in southeastern Peru.

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