Azincourt Energy Vtem Survey Generates Seven New Target Areas at East Preston Uranium Project

VANCOUVER, May 15, 2019 - Azincourt Energy Corp. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to announce results from the helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and Magnetic survey conducted over the southeastern portion of the East Preston Uranium Project, located in the western Athabasca Basin, Saskatchewan.

As reported previously, Azincourt conducted a helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and Magnetic survey in February 2019 over the southern portion of the East Preston Project to complete survey coverage over the entire 25,000+ hectare project area. The survey consisted of 498 line-km with 300 m line spacing and 1,000 m tie-line spacing – identical parameters to the previous VTEM™ Max survey, and ties directly into the previous flight lines oriented NW-SE, perpendicular to the NE-SW orientation of the regional structural and basement conductor trends at East Preston.

Geotech completed data processing and provided a merged dataset covering the entire East Preston project. In-depth interpretation has now been completed by Bingham Geoscience, geophysical consultants to Azincourt.

The detailed interpretation of the project-scale VTEM survey data has added an additional seven areas to the project target inventory and has confirmed the main A-conductor trend extends an additional five km southwest to the property edge.

Four of the new target areas (A7, A8, B4 & C1) display prospective structural offset breaks in the conductor trends with multiple, discreet conductors interpreted. Three new target areas (B5, B6 & E1) display single discreet conductors coincident with magnetic structures and offset breaks (see Figure 1).

All new target areas are considered prospective for basement-hosted unconformity uranium discovery and the expanded targets at East Preston will now be prioritized for continued exploration drill testing.

“We are very pleased with the results of the property-wide VTEM survey, results that have now substantially expanded our target inventory,” said Ted O’Connor, Director and Technical Advisor for East Preston. “I am most excited at the results along the A Conductor Corridor that extends across the entire central project area. This complex, linear, multi-conductor system hosts geologically prospective graphitic basement rocks with apparent structural upgrading and this system alone, has approximately 15 km strike length to test. The East Preston project is ideally situated immediately south of the Athabasca Basin edge, but entirely within 15-20 km of the present-day basin edge where basement-hosted unconformity uranium deposits, if present, can be preserved at present day erosion levels,” continued Mr. O’Connor.

“The goal of this geophysical survey was to see if we could add quality drill targets on the southern half of the property to our database, and we were able to do this in a significant way,” said president & CEO, Alex Klenman. “The entire project now has survey coverage, and even more target areas. East Preston continues to develop. We now have a strong inventory of drill targets over a very expansive footprint, in precisely the right geographical location for uranium discovery. With many predicting a potentially strong uranium market ahead, the East Preston project clearly positions Azincourt for growth,” continued Mr. Klenman.

Graphics accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/609d6d39-daf2-49a4-b14d-c2723a1c1537

http://www.globenewswire.com/NewsRoom/AttachmentNg/9675aa73-55d4-4c72-8c20-40436844bbcc

About East Preston

Azincourt is currently earning towards 70% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Clean Commodities Corp. (TSX.V: CLE). Extensive regional exploration work at East Preston was completed in 2013-14, including airborne electromagnetic (VTEM), magnetic and radiometric surveys. 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 km, 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 Company completed a winter geophysical exploration program in January-February 2018 that generated a significant amount of new drill targets within the previously untested corridors while refining additional targets near previous drilling along the Swoosh corridor.

Ground-truthing work confirmed the airborne conductive trends and more accurately located the conductor axes for future drill testing. The gravity survey identified areas along the conductors with a gravity low signature, which is often associated with alteration, fault/structural disruption and potentially, uranium mineralization. The combination/stacking of positive features has assisted in prioritizing targets.

The Main Grid shows 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).

Drilling commenced in March of 2019, testing the first few priority targets to depths between 150 and 200 meters. Results are pending and will be announced once received, reviewed and verified.

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

ON BEHALF OF THE BOARD OF Azincourt Energy Corp.

“Alex Klenman”
Alex Klenman, President & CEO

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes “forward-looking statements”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.

For further information please contact:

Alex Klenman, President & CEO
Tel: 604-638-8063
info@azincourtenergy.com

Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com