Azincourt Energy Reports Initial Results from Drilling at Snegamook Uranium Deposit

Laboratory confirmation remains pending, while a later-than-expected start has revised the expected drilling program.

Rhea-AI Summary

Azincourt Energy (AZURF) reported initial uranium drilling results at Snegamook in Labrador after completing 540 metres across two holes.

SN0045 returned 0.07% eU3O8 over 0.6 m, including 0.14% over 0.2 m; SN0046 returned 0.05% eU3O8 over 0.5 m. These are preliminary radiometric equivalent uranium grades, calculated from downhole radiation readings rather than laboratory assays. Samples from all holes have been collected for assay confirmation, with results expected early in the new year.

Following a later-than-expected start, Azincourt now expects approximately 2,000 metres in 6 to 7 holes. Drilling and historical core review may support evaluation of a future mineral resource estimate, subject to historical-data verification, program results and sufficient data meeting NI 43-101 requirements. Snegamook has no current or historical mineral resource.

Positive

• Minor point540 metres across two holes completed at Snegamook, advancing geological and confirmatory work.
• Minor pointSN0045 returned preliminary 0.07% eU3O8 over 0.6 m, including 0.14% eU3O8 over 0.2 m.
• Minor pointSN0045 also returned preliminary 0.03% eU3O8 over 0.6 m.
• Minor pointSN0046 returned preliminary 0.05% eU3O8 over 0.5 m.
• Minor pointSN0046 also returned preliminary 0.03% eU3O8 over 0.3 m.

2 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Approximately 2,000 metres in 6 to 7 holes now expected for the Snegamook program.
• Minor point. Forward-looking: it has not happened yet and may not happen.Historical core review and additional drilling planned to confirm mineralization and test its extent.

Negative

• Minor pointLater-than-expected drilling start prompted revision of the expected program.
• Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary radiometric grades await laboratory confirmation; assay results are expected early in the new year.
• Minor pointNo current or historical mineral resource exists for Snegamook; the 2008 preliminary estimate was never finalized or filed.
• Minor point. Forward-looking: it has not happened yet and may not happen.Potential future resource estimate depends on historical-data verification, drilling results and sufficient NI 43-101-compliant data.
• Minor pointHistorical exploration data have not been sufficiently confirmed and validated by Azincourt.
• Minor point2025 check samples are short and selective, not representative of historical intervals or the deposit generally.

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Vancouver, British Columbia--(Newsfile Corp. - October 14, 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 540 m in the first two diamond drill holes of the program.

2026 Diamond Drilling Program

The Company has completed two diamond drill holes on the Snegamook Uranium Deposit. The first two 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. (Figure 5) Initial results are presented as Radiometric Equivalent Grades (eU₃O₈).

Hole SN0045 was drilled 1.5 m away from SN-08-06 at a dip of 45° to twin the historical hole. This hole was drilled to a depth of 269 meters and intersected multiple zones of elevated radioactivity over a 30 meter interval from 94.1 to 124.9 meters within a healed brecciated monzodiorite gneiss cut by thin amphibolite dykes. Mineralization included fracture coatings, stockwork, and disseminations within the healed breccias.

Highlights include:

• 0.07% eU₃O₈ over 0.6 m from 100.25 to 100.85 m,
            including 0.14% eU₃O₈ over 0.2 m from 100.45 to 100.65 m
• 0.03% eU₃O₈ over 0.6 m from 123.95 to 124.55 m

SN0046 was drilled from the same pad as SN0045 with a dip of 65° to test the mineralized horizon down dip. This hole was drilled to a depth of 271 meters and intersected a 25 meter zone of elevated radioactivity from 187 to 211.6 meters within a healed brecciated monzodiorite gneiss cut by thin amphibolite dykes. Mineralization included fracture coatings and disseminations within the healed breccias.

Highlights include:

• 0.03% eU₃O₈ over 0.3 m from 201.85 to 202.15 m,
• 0.05% eU₃O₈ over 0.5 m from 204.95 to 205.45 m

The diamond drilling program commenced in late September and due to a later than expected start is now expected to consist of approximately 2,000 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.

"This program has confirmed the mineralizing system and setting of the Snegamook uranium deposit," commented Trevor Perkins, Vice President of Exploration. "The results were comparable with typical results within the Snegamook uranium deposit and demonstrate the small footprint and variability of the high-grade veins within this style of deposit. Overall, these results are comparable with the grades seen in other deposits in the area, such as Two Time and Anna Lake," continued Mr. Perkins.

"These first two holes provide useful information as we work to verify the historical drilling at Snegamook," said Mark Tommasi, CEO of Azincourt Energy. "Our focus is on building a reliable geological dataset through drilling and historical core review to guide the next stages 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, a preliminary resource estimate for the Snegamook uranium deposit was prepared by Silver Spruce Resources, however it was never finalized in a report or filed. There is no current or historical mineral resource 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 uanium 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/6137/318818_f951a02c1424ea5c_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/6137/318818_f951a02c1424ea5c_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/6137/318818_f951a02c1424ea5c_004full.jpg

Figure 4: Snegamook Deposit Historical Drilling Map. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6137/318818_f951a02c1424ea5c_005full.jpg

Figure 5: Snegamook 2026 Drillhole Location Map. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6137/318818_f951a02c1424ea5c_006full.jpg

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 calibrated downhole Mount Sopris 40TGU or 2GHF probes of varying sensitivities which collect 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 either the Saskatchewan Research Council facility in Saskatchewan or 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 assay analysis to confirm these 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/318818

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Azincourt Energy's initial Snegamook drilling results show?

SN0045 returned preliminary 0.07% eU3O8 over 0.6 m, including 0.14% eU3O8 over 0.2 m, while SN0046 returned 0.05% eU3O8 over 0.5 m. The grades are radiometric equivalents calculated from downhole radiation readings and await laboratory assay confirmation.

How large is Azincourt Energy's planned Snegamook drilling program?

Azincourt now expects approximately 2,000 metres in 6 to 7 drill holes after a later-than-expected start. The program began in late September, and the first two holes account for 540 metres of completed drilling.

How should investors interpret Azincourt Energy's 2025 Snegamook check samples?

The short, selective check samples should not be treated as representative of historical interval grades or widths, or of the deposit generally. A 10 cm sample from SN-08-06 returned 2.71% U3O8, and a 10 cm sample from SN-08-18 returned 0.35% U3O8.

What historical core work does Azincourt Energy plan at Snegamook?

Azincourt plans to rehabilitate and examine historical drill core at the Kanairiktok storage facility and engage an independent Qualified Person to review available core and advise on additional drilling. The work also includes twinning selected historical holes, meaning drilling nearby holes to check earlier mineralization results.