Azincourt Energy announced that it has completed the 2024 winter drill program at the East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada. The 2024 winter drill program consisted of 1,086 metres of drilling in four diamond drill holes. The priority for the 2024 drill program was to follow up on the clay alteration zone and elevated uranium that was identified in the winter of 2023 with a focus on the area of transition between the K and H Zones.

The winter 2024 program was executed by Terralogic Exploration Inc. under the guidance of Azincourt?s Vice President, Exploration, Trevor Perkins, P.Geo, and Jarrod Brown, M.Sc., P.Geo, Vice President of TerraLogic Exploration. Field activities were supervised by James Olsen, Geologist and Project Manager with TerraLogic Exploration. Three holes were completed in the H Zone, with one hole completed in the K Zone.

Drilling in 2023 identified an illite clay alteration halo extending from the top of Zone K to Zone H as far as drill hole EP0053. Within this illite alteration zone, dravite and kaolinite are present in the north end of Zone H. Illite and kaolinite are both indicators of hydrothermal alteration typically found within alteration halos of unconformity uranium deposits. Dravite is a boron-rich clay which is found within the larger clay package proximal to uranium mineralization in the hydrothermal system.

Both illite and dravite have been identified as being significant vectors for the 2022 JR Zone discovery by F3 Uranium approximately 60 km to the northwest of the East Preston project. All holes intersected hydrothermal alteration with the best alteration intersected in the last two holes of the program. Hole EP0059, completed on Zone K, was targeted to follow up on kaolinite and dravite clay intersections and elevated uranium from 2023 in holes EP0049 and EP0055.

Patchy white clay alteration was intersected within several structural zones in the core. EP0060 was completed on the south end of Zone H to follow up clay intersections and graphitic lithologies from 2023 in the southern portion of Zone H. This hole intersected moderate to strong white clay within zones of structure and intense fracturing. Analysis of the clay species is in progress.

A total of 53 geochemical samples were collected and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. Final geochemical assay results are forthcoming. Samples of clay alteration were collected for analysis by Short Wavelength Infrared Reflectance (SWIR, sometimes referred to as ?PIMA?) to confirm the clay species.

34 samples were collected from current drillholes with 20 samples also being collected from previous drill holes in an effort to better outline alteration halos and extents. The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2022 drill programs. The 2020 HLEM survey also indicates multiple prospective conductors and structural complexity along these corridors.

Drilling has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones. Permits are in hand to conduct exploration activities at the East Preston property through the summer of 2026.

Azincourt recognizes that the granting of these permits does not negate the rights of the local communities for meaningful consultation as the project progresses. Azincourt looks forward to a continued close working relationship and regular consultation with CRDN and other rights holders to ensure that any potential impacts and concerns are addressed and that the communities can benefit from activities in the area through support of local business, employment opportunities, and sponsorship of select community programs and initiatives. Local businesses are engaged to provide services and supplies and members of the Clearwater River Dene Nation and surrounding communities have been directly employed on site or to provide support and services to keep the camp and programs running.

The involvement of the local communities is essential for continued advancement of the East Preston Project.