Azincourt Energy Provides Update on the Harrier Uranium Project

Rhea-AI Summary

Azincourt Energy (OTCQB: AZURF) has provided an update on its Harrier Project in Labrador's Central Mineral Belt. The 49,400-hectare project, which includes the Snegamook Uranium Deposit, is strategically positioned adjacent to significant uranium deposits including Atha Energy's Moran Lake C (9.6 Mlbs) and Anna Lake (4.9 Mlbs), and Paladin Energy's Michelin Project (127.7 Mlbs).

The project features 14 mineralized zones with high-grade uranium samples up to 7.48% U₃O₈. Historical exploration is limited to 124 drill holes, suggesting significant discovery potential. The company plans field work in 2025 and a drill program in 2026 to explore this uranium-rich corridor. Two key areas highlighted are the Moran Heights Prospect and the Boiteau Group, where recent sampling has revealed high-grade uranium occurrences.

Positive

• Strategic location adjacent to major uranium deposits totaling over 142 million lbs U₃O₈
• High-grade uranium samples up to 7.48% U₃O₈ across 14 mineralized zones
• Large land position of 49,400 hectares in an emerging uranium district
• Limited historical drilling (124 holes) indicates significant exploration potential

Negative

• Extensive exploration work still needed before resource definition
• Drilling program not starting until 2026
• Historical data compilation still ongoing

Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - AZINCOURT ENERGY CORP. (TSXV: AAZ) (OTCQB: AZURF) ("Azincourt" or the "Company"), is pleased to provide an update on compilation work on the recently acquired Harrier Project in the Central Mineral Belt in Labrador, Canada.

SUMMARY

• Azincourt's 49,400 ha Harrier Project, which also contains the Company's existing Snegamook Uranium Deposit, is directly adjacent to and on trend with Atha Energy's Moran Lake C (9.6 Mlbs U₃O₈) and Anna Lake (4.9 Mlbs U₃O₈) deposits, and Paladin Energy's Michelin Project (127.7 million lbs U₃O₈).

• In addition to the Snegamook Deposit, high-grade uranium has been identified elsewhere at Harrier Lake - with surface samples up to 7.48% U₃O₈ and 14 mineralized zones across the property.

• Minimal historic drilling (124 holes) leaves significant untapped discovery potential.

• Azincourt's 2025 field work and 2026 drill program aim to unlock value across this underexplored, uranium-rich corridor.

Central Mineral Belt: A Re-Emerging Uranium Frontier

Labrador's Central Mineral Belt ("CMB") is one of Canada's most underexplored yet highly prospective uranium regions. Known for its numerous uranium and base metal deposits and showings, the CMB has seen renewed interest due to growing global demand for secure, domestic uranium supply as countries aim to increase nuclear power capacity to meet net-zero emissions goals.

The CMB hosts multiple large-scale uranium discoveries, including Paladin Energy's Michelin Uranium Project (127.7 million lbs U₃O₈), the Moran Lake C Deposit (historical resource of 9.6 Mlbs U₃O₈ and 11.8 Mlbs V₂O₅), and the Anna Lake Deposit (historical resource of 4.9 Mlbs U₃O₈). These known resources demonstrate the Belt's exceptional uranium endowment - but vast areas remain underexplored, with modern techniques only recently being applied across the region.

With its stable jurisdiction, historical high-grade discoveries, and modern exploration momentum, the CMB is emerging as one of North America's most exciting uranium exploration corridors.

Figure 1: Azincourt land position overlain on the geology of the Central Mineral Belt, Labrador, Canada

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6137/251669_82b756cd3479784a_002full.jpg

The Harrier Project: A Strategic Position in the CMB

Azincourt's Harrier Project - now expanded to include its previously acquired Snegamook Deposit - at 49,400 hectares represents one of the largest land positions in the Central Mineral Belt. The Harrier Project straddles key uranium-bearing structural corridors directly adjacent to and on trend with Atha Energy's Moran Lake and Anna Lake projects, and Paladin Energy's Michelin project - placing Azincourt at the center of a proven and growing uranium camp.

The Harrier Project, with over a dozen known uranium mineralization zones and surface rock samples grading up to 7.48% U₃O₈ (and >1.0% U₃O₈ in 10 distinct zones), offers a rare combination of grade, scale, and geological continuity. Notably, only 124 drill holes (19,851 metres total, over half of this on the former Snegamook project area) have ever been completed across the combined property - leaving ample opportunity for new discovery with modern methods.

Harrier Project and Snegamook Deposit: Uranium Mineralization and Geology

Figure 2: Azincourt's Harrier Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6137/251669_82b756cd3479784a_003full.jpg

The Harrier Project includes 14 identified zones containing known uranium mineralization. At this time, we are providing additional information on two areas which cover four of these prospects, the Moran Heights Prospect and the Boiteau Lake area. These areas are along trend to the northeast from the Moran Lake C uranium deposit.

Additional prospects and areas will be disclosed further as the compilation progresses and field work to confirm and examine the property is undertaken. The Snegamook Deposit and prospect to its southeast were discussed in a news release dated March 18, 2025.

Moran Heights Prospect

The Moran Heights Prospect is underlain by a sequence of sandstone, conglomerate and minor intercalated volcanic flows. These rocks are overlain by a thick sequence of subaerial bimodal volcanic rocks ranging from andesite and basaltic andesite to ignimbrites and rhyolite. The prospect is along trend of, and in a similar geologic setting as the Moran Lake C uranium deposit.

Several companies have been involved in working the area over the years. Uranium was initially discovered in 1978 with the initial showing consisting of 11 boulders averaging 0.66% U₃O₈. In 1979 one drill hole returned 0.062% U₃O₈/ 0.3 m, and a boulder sample collected that same year averaged 2.36% U₃O₈. Trenching uncovered a slightly mineralized outcrop with a sample returning 44 ppm U. An extensive field program in 2006 consisted of 25 reconnaissance drill holes which retuned varying amounts of uranium up to 0.2% U₃O₈. In addition, boulder sampling returned grades up to 3.74% and include an outcrop sample that assayed 5.83% U₃O₈. In 2024, Koba Resources Inc. ("Koba") collected high-grade samples of 7.2% (boulder) and 7.48% U₃O₈ (outcrop). In addition, historical results include an outcrop sample that assayed 5.83% U₃O₈.

Figure 3: General geology map of the Moran Heights area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6137/251669_82b756cd3479784a_004full.jpg

The Boiteau Group

The Boiteau group consist of 9 licences covering 15,700 ha. This is the northernmost block of the Harrier Project and straddles the Kanariktok Bay Shear Zone (KSZ, Figure 1). The licences are underlain by a sequence of sandstone, conglomerate, and massive volcanic flows.

Airborne magnetics, Landsat imagery, air photo interpretation and ground investigation identified a 12 km long, northeast trending structural corridor located in the heart of the Boiteau claims. Although only a portion of this structural feature has been prospected in detail, significant uranium mineralization was found in 2008 in nine separate bedrock showings over a strike length of nearly 4.5 km. The Boiteau Prospect returned very high grades, including 1.48% U₃O₈ and 1.10% U₃O₈. The source of these boulders has yet to be determined.

During the summer of 2024, Koba investigated a series of airborne radiometric anomalies, identifying additional high-grade uranium at the Goshawk Prospect, located 4.5 km east of the Boiteau Prospect, along a 1.25 km long radiometric anomaly. A boulder sample returned 3.68% U₃O₈ and 1.21% Pb. During the same program, the Falcon Prospect was identified, located 6 km south-southwest of the Boiteau Prospect, along a 700 m long airborne radiometric anomaly. A boulder sample returned 0.33% U₃O₈.

The Company is continuing to compile additional details of historical drilling and recent groundwork at the Harrier Project and will provide more details as the process advances. Planning is underway for additional prospecting and ground truthing of anomalies during the summer of 2025. An initial summer program is being planned to evaluate additional anomalies, examine existing prospects, and examine historical drill core for the Snegamook Deposit in advance of a significant field program in 2026 which will include diamond drilling. Efforts will also be made to locate historical reconnaissance drill core for the Moran Heights area.

"As we dig into the data we are receiving for the Harrier Project, the amount of work to be completed and the opportunities for discovery this presents are phenomenal," commented Trevor Perkins, Vice President of Exploration. "The acquisition of this underexplored land package in the center of the CMB is game-changing for Azincourt," continued Mr. Perkins.

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 and approved on behalf of the Company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.

About Azincourt Energy Corp.

Azincourt 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 East Preston uranium project located in the Athabasca Basin, Saskatchewan, and its Snegamook and Harrier uranium projects, located in the Central Mining Belt of Labrador.

*The historical results, interpretation and drill intersections described here in have not been verified and are extracted from news releases issued by Koba, specifically on April 11, 2024, and August 20, 2024, which can be found at https://kobaresources.com/investors/asx-announcements/. The Company has not completed sufficient work to confirm and validate any of the historical data contained in this news release. The Company considers the historical work a reliable indication of the potential of the Harrier Project and the information may be of assistance to readers.

The information on the Michelin, Morin Lake C, and Anna Deposits has been extracted from the websites and investor presentations of Paladin Energy Limited and Atha Energy Corp.

ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.

"Alex Klenman"
Alex Klenman, President & CEO

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

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251669

FAQ

What are the key assets of Azincourt Energy's (AZURF) Harrier Project?

The Harrier Project spans 49,400 hectares in Labrador's Central Mineral Belt, includes the Snegamook Uranium Deposit, and features 14 mineralized zones with uranium samples up to 7.48% U₃O₈.

What are the uranium deposits adjacent to AZURF's Harrier Project?

The project is adjacent to Atha Energy's Moran Lake C (9.6 Mlbs) and Anna Lake (4.9 Mlbs) deposits, and Paladin Energy's Michelin Project (127.7 million lbs U₃O₈).

What is Azincourt Energy's (AZURF) exploration timeline for the Harrier Project?

Azincourt plans to conduct field work in 2025 followed by a diamond drilling program in 2026.

How much historical drilling has been done on AZURF's Harrier Project?

Only 124 drill holes totaling 19,851 metres have been completed across the combined property, with over half on the former Snegamook project area.

What are the recent high-grade uranium findings at AZURF's Harrier Project?

Recent sampling revealed high-grade uranium at multiple locations, including 7.2% U₃O₈ in boulder samples and 7.48% U₃O₈ in outcrop samples at the Moran Heights Prospect.