Azincourt Energy Completes the 2023 Drill Program at the East Preston Uranium Project, Athabasca Basin, Saskatchewan - Seite 2

On the north end of the K-Zone, three holes were completed. Drilling has intersected extensive structure and hydrothermal alteration, increasing the length of this alteration zone by 300 metres to 1500 metres long. Extensive clay alteration within the structural zone is an indication of upgraded prospectivity and vectoring towards potential mineralization. Samples of clay alteration were analyzed by Short Wavelength Infrared Reflectance (SWIR, sometimes referred to as “PIMA”) to confirm the clay species. All three holes contained illite and kaolinite clay species, with hole EP0049 also having dravite identified within the structural zone.

Illite and kaolinite are both indicators of hydrothermal alteration typically found within alteration halos of unconformity uranium deposits. Dravite is a boron-rich clay which is typically found within a larger clay package in close proximity to uranium mineralization in the system. Both illite and dravite have been identified as being significant vectors for the recent Patterson Lake North discovery by F3 Uranium approximately 60 km to the northwest of the East Preston project.

The H-Zone covers a change in orientation of the structural and conductive trend from north south to southwest trending. Five holes have been completed on the north section of the H Zone. Drilling intersected an intense graphitic fault zone with hydrothermal alteration. The Illite clay alteration halo identified in the K-Zone extends south into the H-Zone as far as hole EP0053. Hole EP0053 intersected elevated radioactivity and both kaolinite and dravite are also present within the illite alteration package. Dravite was also identified in hole EP0052.

2023 Target areas and Drill Hole Locations at the East Preston Uranium Project:
https://skyharbourltd.com/_resources/images/2023-Target-areas-and-Dril ...

One drill hole was completed on the Q-Zone. Weak structures with hematite alteration were identified with a lack of a graphitic package. Additional drilling will be warranted to confirm the source of the conductor; however, this area will be a lower priority moving forward.

A total of 687 samples were collected throughout the program and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. Results are expected to start arriving in May.

The company considers the drilling results to date to be significant, as major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily the result of drill testing of strong alteration zones related to conductor features. Identifying and upgrading the strong alteration zones is a significant step forward in identifying the key areas along the conductor trends where more attention is required.