Azincourt Energy Corp. provided an update on mobilization for the East Preston winter program in the Athabasca Basin, Saskatchewan, Canada. The Company is conducting an extensive drill program for the winter of 2023, as last reported in a news release dated December 13th, 2022.

Terralogic Exploration Inc. will facilitate and execute the program under the guidance and supervision of Azincourt's Vice President, Exploration, Trevor Perkins, P. Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic. The program will consist of up to 5,000 meters of drilling in 20+ diamond drill holes. The priority will be to continue to evaluate the alteration zones and elevated uranium identified in the winter of 2022 with a focus on the G, K and H Zones.

C&C Road Maintenance will maintain the winter access road under the supervision of TerraLogic. The 73 km road allows access from Provincial Highway 955 along a portion of the Cree Lake Road then to the Snoop Lake camp site on the East Preston Project. Opening of the winter road to access the property and campsite is complete, with camp construction well underway.

Discovery Mining Services is providing the camp and will support the camp operations. One drill has arrived and is mobilizing to camp along the winter road, with drilling anticipated to commence on the weekend. A second drill rig is expected on site next week.

The drill rigs and crews are provided by QB Diamond Drilling Ltd. The program is expected to be complete by the end of March. The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone and the K-Zone through to the H and Q-Zones. 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 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. The first drill holes will be placed on the south end of the G-Zone, to follow up alteration and cross structures intersected in Holes EP0030 and EP0037.

When the second trill rig arrives on site, it will commence drilling on the K and H Zones where a significant alteration package has been identified.