Mr. Alex Klenman of Azincourt Energy reports

AZINCOURT ENERGY UPDATES 2021 WINTER DRILL PROGRAM AT THE EAST PRESTON URANIUM PROJECT

Azincourt Energy Corp. has provided an update on preparations for the 2021 winter exploration program at the East Preston uranium project, located in the western Athabasca basin in Saskatchewan, Canada.

Road preparation and placement of bridges to allow access to the primary drill sites at the company's East Preston property are under way. The 2021 exploration program is anticipated to cost approximately $1-million to $1.4-million and consist of a 10-hole to 12-hole, 2,000-metre to 2,500-metre diamond drill program. Drilling is anticipated to commence the third week of February.

Based on the compilation of results from the 2019 and 2020 drill programs, 2018 through 2020 ground-based EM (electromagnetic) and gravity surveys, and propertywide VTEM (versatile time-domain electromagnetic) and magnetic surveys, the conductive corridor from the A zone through to the G zone has been identified as the focus for the 2021 drilling program.

The 2020 HLEM (horizontal-loop electromagnetic) 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.

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.

"There is no shortage of drill-ready targets on the East Preston project. It will be exciting to continue to drill these targets and focus in on the most responsive areas within the identified structural corridors," said Trevor Perkins, exploration manager.

"We are pleased to continue our exploration drilling at East Preston," said Alex Klenman, president and chief executive officer. "There have only been a dozen holes drilled so far; it's still early on in the exploration drill phase. The project contains dozens of high-quality, priority targets, and we believe the data generated so far suggests each round of drilling we conduct is getting us closer to discovery. We are on the right path, at a large enough, suitably located land package, situated among large-cap uranium companies. There are no doubts that East Preston presents a compelling exploration proposition," continued Mr. Klenman.

About East Preston

Azincourt is currently earning toward 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. 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 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 C. Trevor Perkins, PGeo, exploration manager of Azincourt Energy and a qualified person as defined by NI 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 in Saskatchewan, Canada, and the Escalera group uranium-lithium project located on the Picotani plateau in southeastern Peru.

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