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Vancouver B.C., October 30, 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 report recent results from the ongoing 2018 exploration program at the Lithium Two project, Cat Lake, in south eastern Manitoba, Canada.

Lithium Two Project – Phase Two Results

The Lithium Two Project contains several known spodumene bearing pegmatites, most notably the Eagle Pegmatite.  Channel samples obtained during the phase two program at the Eagle Pegmatite returned values from 0.12 to 3.8% Li2O (“Lithium Oxide”).  In addition, phase two surface reconnaissance and detailed mapping of the western extension as revealed up to 300m of additional outcropping of the Eagle Pegmatite.

Samples obtained at the Eagle Pegmatite returned significant lithium values, with many returning greater than 1000 ppm Li.  Phase two assay results from the Eagle Pegmatite are outlined in the following table. All samples were analyzed for lithium (lithium oxide), and other elements including Cesium (Cs), Rubidium (Rb) and Tantalum (Ta):

Phase one sampling results from the Lithium Two Project, as reported in the Company news release of August 16, 2018, included values from 0.5% to 2.9% Li2O at the Eagle Pegmatite, and 0.9% to 3.3% Li2O at the FD5 Pegmatite.  In addition, a high-purity spodumene blade sample from FD5 assayed at 7.62% Li2O.  Upcoming drilling will focus on both the Eagle and FD5 Pegmatites at the Lithium Two project.  Permits are in process with the Government of Manitoba and are expected in the coming weeks.

“The 2018 exploration program has generated important and positive data,” said Alex Klenman, president & CEO.  “First and foremost, the lithium values obtained at both the Eagle and FD5 Pegmatites over the summer and fall are significant. The data we have now reinforces a compelling case that not only supports the potential of the historical resource, but also leads us right into a far more targeted drill program.  With the Exploration Agreement now signed with the Sagkeeng First Nation, we’re excited to get to the next phase of exploration and drill test these targets,” continued Mr. Klenman.

Lithium Two Project – Eagle Pegmatite Extension

In July, Azincourt’s JV partner, New Age Metals, entered into an agreement with Grid Metals (formerly Mustang Minerals) for the rights to explore for lithium and other elements on the claim directly adjacent to the west of the Lithium Two Project as part of the current NAM-AAZ JV portfolio.

During the Phase Two surface exploration the westward extension of the Eagle Pegmatite was mapped for an additional 300 meters into the westward claim.  Detailed mapping has now extended the length of the Eagle Pegmatite outcropping to approximately 900 meters.  Government and academic data define the Eagle Pegmatite’s length at 1100 meters, which includes historic drilling through overburden where the pegmatite remains open along strike.  Samples on the west side of the Eagle Pegmatite returned only trace lithium mineralization on surface but contained a larger proportion of lepidolite (a lithium mica).

In geological terms, the pegmatites encountered on the Lithium Two Project are LCT Type (Lithium-Cesium-Tantalum) Pegmatites and are in the Albite-Spodumene Subgroup. Spodumene is expressed in the pegmatites as small green blades up to 3 centimeters in length. The Eagle Pegmatite is a west-northwest to west-striking, vertically dipping, lenticular pegmatite dyke intruded into mafic volcanics. The widths of the pegmatite have been measured to be between 2 to 10 meters.  The Eagle Pegmatite system appears to be a swarm of closely spaced pegmatites bodies.

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.