Azincourt Energy Samples Up to 3.3% Li2O at Lithium Two Project; Confirms Over 100 Pegmatites at Lithman Properties, Manitoba, Canada

• Samples return 0.9% to 3.3% Li2O at the FD5 Pegmatite
• Samples return 0.5% to 2.9% Li2O at the Eagle Pegmatite
• High purity Spodumene blade sample from FD5 assays 7.62% Li2O
• Over 100 pegmatites now mapped at Lithman East/Lithman East Extension projects; assays from more than 200 samples pending

VANCOUVER, Aug. 16, 2018 - AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), in conjunction with its JV partner, New Age Metals (TSX.V: NAM), is pleased to provide details on the current lithium exploration program underway in the Winnipeg River Pegmatite Field, Manitoba, Canada.

Lithium Two Project – Sample Results

The first assays from the summer exploration program have been received and reviewed. Channel samples obtained at the Eagle Pegmatite returned values from 0.5 to 2.9% Li2O (“Lithium Oxide”) (See Table 1). Assays from the FD5 Pegmatite returned values from 0.9 to 3.3% Li2O (See Table 2).

The Lithium Two Project contains several known Spodumene bearing pegmatites. The 1100-meter long Eagle Pegmatite was drilled in 1947 with an historic (non-43-101 compliant) tonnage estimate of 544,460 tonnes grading 1.4% Li2O* to the 61-meter level and remains open to depth. The FD5 Pegmatite, located east of the Eagle Pegmatite, has never been drilled.

All samples recently obtained at Lithium Two returned lithium values, with 14 samples returning greater than 1000 ppm Li. Highlights from grab samples obtained from the Eagle and FD5 pegmatites are tabled below:

Eagle Pegmatite – 2018 Assay Results (> 1000 ppm Li)

Table 1: Eagle Pegmatite – 2018 Assay Highlights

FD5 Pegmatite – 2018 Assay Results (> 1000 ppm Li)

Table 2: FD5 Pegmatite – 2018 Assay Highlights

In an effort to check the purity of the Spodumene, a sample of Spodumene blade (sample # 172753) was extracted from the FD5 Pegmatite. This sample yielded an assay value of 7.62% Li2O. A review of Spodumene Mineral Data (http://webmineral.com/data/Spodumene.shtml) indicates that Spodumene can contain Li2O content from 3.73% to 8.03% Li2O. This would tend to indicate that the Spodumene present in the pegmatite dykes on the project is high in purity.

“The phase one exploration work has already yielded meaningful results,” said president & CEO, Alex Klenman. “Sampling has reconfirmed the lithium bearing characteristics of Eagle and FD5, and, although already drill ready, this data will greatly assist us in determining priority locations for the upcoming drill program. In addition, mapping at Lithman East and the Lithman East Extension was very successful, having established the significant presence of over 100 pegmatites.

“These are the first results from the JV work to date, and we are pleased to report not only strong sample grades but also a substantial addition to our inventory of known pegmatites. The reality is we have a lot of ground and the overall potential of what this ground may yield is just coming into view. With additional mapping of project ground, more than 200 samples currently at the lab, and 3000 meters of drilling to come, the next few months will be a busy time,” continued Mr. Klenman.

Exploration on the Lithium Two Project consisted of reviewing, characterizing and sampling of known surface pegmatites. Fractionation samples of feldspars and micas were also collected, and this will give the Company an indication as to the degree of fractionation of the pegmatite, with the more fractionated pegmatites being the bodies that are more conducive to containing lithium and other rare metal minerals.

Figure 1: Significant Lithium Assays at the Lithium Two Project, SE Manitoba is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f180fa7c-4e85-4ca9-a525-000eaac36964

* The mineral reserve estimate cited above as part of the Lithium Two project is presented as a historical estimate which does not conform to current National Instrument 43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101 standards. These historical estimates therefore do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-101; consequently, the issuer is not treating the historical estimate as current mineral resources or mineral reserves.

Cat 4 - Western Extension of the Eagle Pegmatite

As detailed in a July 11, 2018 news release, New Age Metals has also entered into an agreement with Grid Metals (formerly Mustang Minerals) for the rights to explore for lithium on the claim (“Cat 4”) directly adjacent to the west of the Lithium Two Project, bringing this project into the existing joint venture with Azincourt. Upcoming field work will examine the strike projection of the Eagle Pegmatite as well as prospect the recently staked Cat Lake Project claims (See News Release dated June 6, 2018).

Compilation of historic assessment reports revealed a Spodumene bearing pegmatite drilled in the late 1940s approximately 500 meters southeast of the Eagle Pegmatite surface exposure but not exposed on surface. No grades were provided at the time. This pegmatite will be drill tested during the upcoming drill program. The Company applied for drill work permits in the spring of 2018 and is presently waiting for approval from the province.

Lithman East Project Update

Presently the field crew is completing exploration on the Lithman East Project where over 100 surface pegmatites have now been observed, examined and sampled (see Figure 2). As well, limited field work has been undertaken on the Lithman East Extension Project.

Figure 2: Examined Regions on the Lithman East/Extension Projects is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/40bca0f1-4c52-4f77-acd1-083fb0990181

2018 Lithman East/Extension - Mapped and Sampled Areas (as referenced in Figure 2):

Lithman East-Lithman East Extension site visits have now observed 114 individual pegmatite units within four regional pegmatite field areas (see Figure 2). All pegmatites observed have varying degrees of evolved mineralogy with all observed sites containing potassic feldspar to albite feldspar mineralogy. One trenched site contains beryl mineral crystallization in an albite pegmatite.

To date a total of 193 samples have been obtained from Lithman East Project, and a total of 17 samples have been obtained from Lithman East Extension sites. Assays are pending.

1. Booster Lake - Mapped & Inferred pegmatite occurrences

Figure 3: Pegmatites observed in the Booster Lake area is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7e526876-af14-4038-b117-8a0a93b74f61

All observed mapped and inferred pegmatites (drawn in white) range from 1 to 3 meters surface thickness with undetermined strike length due to limited outcrop exposure. Some pegmatites measure as wide as 30 meters thickness. The pegmatite units are generally strata form with regional stratigraphic and/or major regional structural fabric, but local late oblique veining also is common.

2. Flanders-Summerhill Lakes - Mapped & inferred pegmatite occurrences

Figure 4: Pegmatites observed in the Flanders-Summerhill Lakes area is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a0d4fa3f-9bb5-426f-bed2-61c80c87d52f

All observed mapped and inferred pegmatites (drawn in white) generally range from 1 to 3 meters surface width with undetermined strike length due to limited outcrop exposure. Some pegmatites measure as wide as 30 meters thickness - often with a sinusoidal contact shape indicating favorable fold structural dilation proximal to major fold axial traces. In the Flanders-Summerhill area, pegmatite occurrences increase in population proximal to inferred major fold/fault dilation sites near inferred axial traces.

The pegmatite units are generally strata form with regional stratigraphic and/or major regional structural fabric, but local late oblique veining also is common.

3. Birse Lake (Lithman East Extension) - Mapped & Inferred pegmatite occurrences

Figure 5: Pegmatites observed in the Birse Lake (Lithman East Extension) area is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/89c421a1-0055-45fc-a8b5-953d87981ffd

All observed mapped and inferred pegmatites (drawn in white) generally range from 1 to 10 meters surface width with undetermined strike length due to limited outcrop exposure. South of Horodyski Lake, some albite pegmatites measure as wide as 250 meters surface width - often with a sinusoidal contact shape indicating favorable fold structural dilation proximal to major fold axial traces. South of the Horodyski Lake area, significant widths of albite pegmatite occurrences may represent a flattened axial trace proximity similar to and regionally aligned with the Tanco Pegmatite.

The pegmatite units are generally strata form with regional stratigraphic and/or major regional structural fabric, but local late oblique veining also is common.

4. Osis Lake - Mapped & Inferred pegmatite occurrences

Figure 6: Pegmatites observed in the Osis Lake area is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8225a013-ef8c-4e06-8580-a31c64347a51

All observed mapped and inferred pegmatites (drawn in white) range from 1 to 10 meters surface thickness with undetermined strike length due to limited outcrop exposure. North and East of Osis Lake, some albite pegmatites measure as wide as 250 meters surface width - often with a sinusoidal contact shape indicating favorable fold structural dilation proximal to major fold axial traces. Significant widths of albite pegmatite occurrences may represent an axial trace proximity.

The pegmatite units are generally strata form with regional stratigraphic and/or major regional structural fabric, but local late oblique veining also Is common.

Lithman North Project Update

The exploration crew has completed surface exploration on the Lithman North Project with 30 samples collected and sent to the assay lab. The Company is awaiting results. Results will be combined with 2016 field work for a final report on the project.

QA/QC Protocol

All samples were analyzed at the Activation Laboratories facility, in Ancaster, Ontario. Samples were prepared, using the lab’s Code RX1 procedure. Samples are crushed, up to 95% passing through a 10 mesh, riffle split, and then pulverized, with mild steel, to 95%, passing 105 μm. Analyses were completed, using the lab’s Ultratrace 7 Package; a Sodium Peroxide Fusion which allows for total metal recovery and is effective for analysis of Sulphides and refractory minerals. Assay analyses are carried out, using ICP‐OES and ICP‐MS instrumentation. New Age Metals implemented a QA/QC field program with insertion of blanks at regular intervals. Activation Laboratories has their own internal QA/QC procedures that it carries out for all sample batches.

Azincourt Energy – New Age Metals Lithium Joint Venture

The pegmatites in this region of southeast Manitoba are described as being a part of the Winnipeg River Pegmatite Field. Several large lithium-bearing pegmatites exist in this region and exploration activity in the region is increasing. This pegmatite field is host to the world-class Tanco Pegmatite, which is a highly fractionated Lithium-Cesium-Tantalum (LCT Type) pegmatite and has been mined in varying capacities since 1969. The LCT-type pegmatites can contain large amounts of spodumene (one of the primary ores used in hard rock lithium extraction) and are a primary geological target in hard rock lithium exploration. They also can contain economic qualities of tantalum and cesium as well as other lithium bearing minerals such as mica. With eight projects totalling over 14,000 hectares the Azincourt-New Age JV is the largest claim holder for Lithium Projects in the Winnipeg River Pegmatite Field. For a map of the project locations please visit www.azincourtenergy.com.

Qualified Person

The contents contained herein that relate to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals. Mr. Galeschuk is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.

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 elements critical to the future.

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