Azincourt Energy Reports Additional Drill Results at Snegamook Uranium Deposit

Laboratory assays are pending, while a later-than-expected start leaves the program targeting approximately 1,800 metres.

Rhea-AI Summary

Azincourt Energy (AZURF) reported additional preliminary uranium drilling results from Snegamook, bringing completed drilling to 1,069 metres across four holes.

Hole SN0048 intersected 19.0 metres at 0.03% eU3O8 within a 31.6-metre zone of elevated radioactivity. Hole SN0047 returned 0.8 metres at 0.03% eU3O8, including 0.3 metres at 0.06%. These are uranium-equivalent grades calculated from downhole gamma measurements, not laboratory assays; assays are pending and true widths remain undetermined.

Following a later-than-expected start, the company expects approximately 1,800 metres in 6 to 7 holes. Drilling and historical core review will assess whether sufficient verified data can support a potential maiden mineral resource estimate. No current or historical mineral resource has been established at Snegamook, and historical data still require validation.

Positive

• Minor pointSN0048 intersected 19.0 metres at 0.03% eU3O8, including intervals at 0.05%, on preliminary radiometric measurements.
• Minor pointSN0047 returned preliminary radiometric grades of 0.03% eU3O8 over 0.8 metres, including 0.06% over 0.3 metres.
• Minor pointCompleted drilling reached 1,069 metres in four holes, including an additional 529 metres in two holes.
• Minor point. Forward-looking: it has not happened yet and may not happen.Azincourt expects approximately 1,800 metres in 6 to 7 holes in the 2026 program.
• Minor point. Forward-looking: it has not happened yet and may not happen.Planned historical core review, twinning and additional drilling will support evaluation of a possible maiden resource estimate.
• Minor pointSelective 2025 check samples returned 2.71% U3O8 over 10 centimetres in SN-08-06 and 0.35% over 10 centimetres in SN-08-18.

Negative

• Minor pointReported radiometric equivalent grades are preliminary; pending laboratory assays may differ, and true widths remain undetermined.
• Minor pointThe drilling program began later than expected, affecting its expected scope.
• Minor point. Forward-looking: it has not happened yet and may not happen.A potential resource estimate depends on historical data verification, 2026 results and sufficient NI 43-101-compliant data.
• Minor pointSnegamook has no established current or historical mineral resource; the 2008 preliminary estimate was never finalized.
• Minor pointHistorical exploration data remain unvalidated; selective check samples are not necessarily representative of deposit grades or widths.

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Four holes totalling 1,069 metres completed as drilling and historical core evaluation advance

Highlights:

• Hole SN0048 intersected 19.0 metres grading 0.03% eU₃O₈, including shorter intervals grading up to 0.05% eU₃O₈, within a broader 31.6-metre zone of elevated radioactivity.
• Hole SN0047 encountered multiple intervals of elevated radioactivity, including 0.8 metres grading 0.03% eU₃O₈, as drilling continues to evaluate the geological setting of historical uranium mineralization.
• Four drill holes totalling 1,069 metres have been completed, with the 2026 program now expected to total approximately 1,800 metres.
• Historical high-grade uranium results provide important exploration context, including 0.97% U₃O₈ over 0.5 metres in historical hole SN-08-06 and a selective 2025 check sample grading 2.71% U₃O₈ over 10 centimetres. This selective 10 cm check sample is not necessarily representative of the grade or width of the historical interval or of the deposit generally.
• Drilling and historical core evaluation are intended to advance the Company's understanding of Snegamook, supporting its assessment of whether sufficient verified geological data can be assembled for a potential maiden mineral resource estimate.

The reported eU₃O₈ grades are preliminary radiometric equivalent uranium grades calculated from downhole gamma measurements and are not laboratory assay results. Laboratory assays are pending and may differ from the radiometric equivalent grades. All reported intervals are downhole lengths; true widths have not been determined.

Vancouver, British Columbia--(Newsfile Corp. - October 22, 2026) - AZINCOURT ENERGY CORP. (TSXV: AAZ) (OTCQB: AZURF) (FSE: A0U0) ("Azincourt" or the "Company") is pleased to provide an update on the 2026 drilling program at the Snegamook uranium deposit on the Harrier Project in the Central Mineral Belt in Labrador, Canada. The Company has completed an additional 529 m in two diamond drill holes bringing the total completed to date to 1,069 m in four holes.

2026 Diamond Drilling Program

The Company has completed four diamond drill holes on the Snegamook Uranium Deposit. Three holes were targeted to follow up the mineralized intersection from historical hole SN-08-06 at the south end of the Deposit where historical sampling had indicated 0.97% U₃O₈ / 0.5 m and a 10 cm check sample collected in 2025 returned a grade of 2.71% U₃O₈. The fourth hole was targeted to follow up mineralization in historical hole SN-08-24 where historical sampling had indicated 0.05% U₃O₈ / 20.0 m including 0.118% U₃O₈ / 2.0 m. (Figure 5) The first two holes were reported in a news release dated October 14, 2026. Initial results are reported as preliminary radiometric equivalent uranium grades (eU₃O₈), rather than laboratory assay results. Laboratory assays are pending. Reported intervals are downhole lengths; true widths have not been determined.

Hole SN0047 was drilled 50 m ahead of SN-08-06 at a dip of 45° to evaluate the expression of the mineralized horizon 35 m up-dip from SN-08-06. This hole was drilled to a depth of 254 m and intersected multiple small zones of elevated radioactivity over a 29.50 m interval from 67.55 to 97.05 m within a healed brecciated monzodiorite gneiss. Uranium mineralization was not easily identified within the drill core, but registered with the downhole gamma survey potentially indicating a near miss.

Highlights include:

• 0.03% eU₃O₈ over 0.8 m from 70.35 to 71.15 m,
            including 0.06% eU₃O₈ over 0.3 m from 70.65 to 70.95 m

SN0048 was drilled 2.0 m away from SN-08-24 at a dip of 45° to twin the historical hole. This hole was drilled to a depth of 275 m and intersected a 31.6 m zone of elevated radioactivity averaging 0.01% eU₃O₈ from 78.85 to 110.45 meters within a healed brecciated monzodiorite gneiss cut by thin amphibolite dykes. Mineralization included fracture coatings and disseminations within the healed breccias.

Highlights within the mineralized zone include:

• 0.03% eU₃O₈ over 19.0 m from 78.85 to 97.85 m,
            including 0.05% eU₃O₈ over 0.3 m from 85.05 to 85.35 m
            and including 0.05% eU₃O₈ over 1.0 m from 88.25 to 89.25 m

The diamond drilling program commenced in late September and due to a later than expected start is now expected to consist of approximately 1,800 metres in 6 to 7 drill holes at the Snegamook uranium deposit. The program is designed to provide additional geological and confirmatory information that may support the Company's evaluation of a potential future mineral resource estimate, subject to verification of the historical data, the results of the 2026 program and the availability of sufficient data meeting applicable NI 43-101 requirements.

"These holes continue to confirm the extent of the mineralizing system and setting of the Snegamook uranium deposit," commented Trevor Perkins, Vice President of Exploration. "The results demonstrate the thick mineralized horizon and variable nature of the grades," continued Mr. Perkins.

"Each additional hole advances our understanding of Snegamook and helps us sharpen our exploration plans," said Mark Tommasi, CEO of Azincourt Energy. "We see an exciting opportunity to build on the historical work at this uranium target. Through drilling, laboratory assays and historical core review, we are building the geological foundation to guide the next phase of exploration and assess the potential for a future mineral resource estimate."

Snegamook Uranium Deposit

The priority for the 2026 exploration program is diamond drilling at the Snegamook uranium deposit. Historical drilling completed in 2007 and 2008 identified uranium mineralization approximately 1.3 kilometres southeast of the Two Time uranium deposit. Seventeen historical drill holes intersected a 20- to 50-metre-wide section of uranium-bearing, brecciated and altered monzodiorite characterized by moderate to strong chlorite, hematite, and carbonate alteration, which is interpreted to represent a geological setting similar to the Two Time uranium deposit. (Figures 3 and 4).

The Two Time uranium deposit is hosted by brecciated, and fractured monzodiorite to diorite gneiss of the Kanairiktok Intrusive Suite. Uranium mineralization is breccia-hosted and occurs within an extensive zone of hematite, chlorite and carbonate alteration. An NI 43-101 compliant resource was prepared on behalf of Silver Spruce Resources and Universal Uranium in June 2008 and reported an indicated and inferred resource of 6.1 million pounds U₃O₈. (Ross, 2008)

As part of Azincourt's ongoing review of historical exploration data and available core, check sampling was completed during the summer 2025 prospecting program. A 10 cm check sample collected from drill hole SN-08-06 returned a grade of 2.71% U₃O₈. This sample came from an interval where historical sampling had indicated 0.97% U₃O₈ / 0.5 m. This was the best mineralized interval from the historical drilling on the Snegamook uranium deposit. A 10 cm check sample collected from SN-08-18, which intersected the uranium showing to the southeast of the Snegamook uranium deposit, returned 0.35% U₃O₈. These check samples provide additional evidence of uranium mineralization in the Snegamook area. Because of their short and selective nature, the results should not be considered representative of the grade or width of the historical intervals or of the deposit generally.

In 2008, work on a preliminary resource estimate for the Snegamook uranium deposit was commenced by Silver Spruce Resources, however it was never completed or finalized in a report or filed. No current or historical mineral resource has been established for the Snegamook uranium deposit. Work to be conducted as part of the 2026 drill program will include:

• Rehabilitating and examining historical drill core from the Snegamook uranium deposit at the Kanairiktok core storage facility;
• Engaging an independent Qualified Person to examine available core and consult on additional drilling in connection with potential future mineral resource work;
• Twinning selected historical drill holes to confirm mineralization; and
• Completing additional drilling to test the extent of known mineralization.

Diamond drilling, historical core review, and the collection of additional confirmatory data are priorities for Azincourt as it evaluates the preparation of a possible maiden NI 43-101 compliant mineral resource estimate for the Snegamook uranium deposit.

All activities for the work program are being conducted from the Florence Lake Exploration Camp approximately 170 km north of Goose Bay, Labrador, under the supervision of C. Trevor Perkins, Azincourt's Vice President of Exploration. Camp and helicopter services have been contracted through Titjaluk Logistics Ltd. of Roddickton, Newfoundland, with drilling services contracted through Quesnel Brothers Diamond Drilling Ltd. of Denare Beach, Saskatchewan.

Figure 1: Azincourt land position overlain on the geology of the Central Mineral Belt, Labrador, Canada. Known uranium deposits and reported mineral resources are also shown. **

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6137/320272_3db0b609d493f989_002full.jpg

Figure 2: Azincourt's Harrier Project with uranium showings and grades highlighted. Known uranium deposits and reported mineral resources are also shown. **

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6137/320272_3db0b609d493f989_003full.jpg

Figure 3: Snegamook and Two Time Zone mineralization map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6137/320272_3db0b609d493f989_004full.jpg

Figure 4: Snegamook Deposit Historical Drilling Map. 

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https://images.newsfilecorp.com/files/6137/320272_3db0b609d493f989_005full.jpg

Figure 5: Snegamook 2026 Drillhole Location Map. 

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About the Central Mineral Belt

Labrador's Central Mineral Belt ("CMB") hosts numerous uranium and base-metal deposits and showings and has experienced renewed exploration activity as interest in secure uranium supply has increased. To date there has been no uranium production in the CMB.

The CMB includes Paladin Energy's Michelin Uranium Project, consisting of 6 deposits including Michelin and Jacques Lake, reported to contain a total mineral resource of 127.7 million pounds U₃O₈ (Paladin Annual Report 2026), the historical Moran Lake C deposits, reported to contain an indicated and inferred resource of 9.3 million pounds U₃O₈ and 25.3 million pounds V₂O₅, (Morgan and Giroux, 2008), and the historical Anna Lake deposit, reported to contain an inferred resource of 4.9 million pounds U₃O₈ (Fraser and Giroux, 2009). These third-party figures are provided for regional context only, have not been independently verified by Azincourt and are not necessarily indicative of mineralization at the Harrier Project.

The Company believes the CMB remains prospective for additional uranium discoveries, while recognizing that further exploration is required to evaluate targets on the Harrier Project.

Use of Radiometric Equivalent Grades

During active exploration programs, drillholes are radiometrically logged using a calibrated downhole Mount Sopris 40TGU "Triple Gamma" probe which collects continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium grades ("eU₃O₈") are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe in test pits at the Grand Junction facility in Colorado, and from the comparison of probe results against geochemical analyses. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons prior to disclosure.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

Samples from all holes have been collected for laboratory uranium assays to compare with the radiometric equivalent grades. The samples will be analyzed at ACTLabs in Ancaster, Ontario, with results expected early in the new year.

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 Mineral Belt of Labrador.

*The historical sample results, interpretation and drill intersections described herein have not been verified and are extracted from news releases issued by Silver Spruce Resources Inc on April 24, 2008, and August 12, 2008, as well as annual Management Discussion and Analysis documents filed on www.sedarplus.ca, and Koba Resources Limited on April 11, 2024, and August 20, 2024, which can be found at www.kobaresources.com/investors/asx-announcements/. The historical unpublished resource estimate for the Snegamook Deposit was extracted from an incomplete report and data obtained by the Company from Silver Spruce Resources in 2025. 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, Moran Lake C, and Anna Deposits has been extracted from the websites and investor presentations of Paladin Energy Limited (www.paladinenergy.com) and Atha Energy Corp (www.athaenergy.com) and the relevant reports as listed here:

Paladin Annual Report 2026, available at www.paladinenergy.com reports on page 36 that the total JORC compliant Mineral Resources and Ore Reserves for the Michelin Project consist of a measured reserve of 17.8 million tonnes at 0.096% U₃O₈ or 38.0 million pounds of U₃O₈, an indicated resource of 36.7 million tonnes at 0.084% U₃O₈ or 67.6 million pounds of U₃O₈, and an inferred resource of 13.1 million tonnes at 0.076% U₃O₈ or 22.1 million pounds of U₃O₈.

"Morgan, J.A., and Giroux, G.H. 2008. Form 43-101 technical report on the Central Mineral Belt (CMB) uranium project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp., July 31, 2008", reports the Moran Lake Upper C-Zone has an indicated mineral resource of 6.92 million tonnes at 0.034% U₃O₈ and 0.077% V₂O₅ or 5.19 million pounds of U₃O₈ and 11.75 million pounds of V₂O₅. The total inferred mineral resource reported for the Moran Lake Upper and Lower C-Zones only, was 6.77 million tonnes at 0.030% U₃O₈ and 0.091% V₂O₅ or 4.04 million pounds of U₃O₈ and 13.55 million pounds of V₂O₅.

"Fraser, R.D., and Giroux, G.H., 2009. Form 43-101 Technical Report on the Anna Lake Uranium Project, Central Mineral Belt, Labrador, Canada, prepared for Bayswater Uranium Corporation, September 30, 2009", reports the Anna Lake Deposit contains an inferred resource of 5.91 million tonnes at 0.044% U₃O₈ or 4.91 million pounds of U₃O₈.

"Ross, D.A., 2008. Technical report on the CMBNW Property, Labrador, Canada, Prepared for Silver Spruce Resources and Universal Uranium Ltd., June 12, 2008", reports the Two Time Deposit contains an indicated resource of 1.82 million tonnes at 0.058% U₃O₈ or 2.33 million pounds of U₃O₈, and an inferred resource of 3.16 million tonnes at 0.053% U₃O₈ or 3.73 million pounds of U₃O₈.

ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.

"Mark Tommasi"
Mark Tommasi, CEO

For further information, please contact:

Mark Tommasi, CEO
Tel: (236)-229-2030
fair@azincourtenergy.myir.ai

Azincourt Energy Corp.
Suite 910-925 West Georgia St.
Vancouver, BC V6C 3L2
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/320272

FAQ

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What did Azincourt Energy's latest Snegamook drilling find?

SN0048 returned 19.0 metres at 0.03% eU3O8, while SN0047 returned 0.8 metres at 0.03% eU3O8. These preliminary uranium-equivalent grades come from downhole gamma measurements rather than laboratory assays. The reported intervals are downhole lengths, and true widths have not been determined.

How much drilling does Azincourt Energy expect at Snegamook in 2026?

Azincourt expects approximately 1,800 metres in 6 to 7 drill holes following a later-than-expected start. Four holes totalling 1,069 metres have been completed. The program is intended to provide geological and confirmatory information for evaluating a potential future mineral resource estimate.

When does Azincourt Energy expect Snegamook laboratory assay results?

Laboratory assay results are expected early in the new year. Samples from all holes have been collected for uranium assays at ACTLabs in Ancaster, Ontario, to compare with the preliminary radiometric equivalent grades.