Azincourt Energy - Escalera, Lituania, Condorlit, Peru

Escalera-Lituania-Condorlit Projects, Puno, Peru

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Peru is a global leader in the mining industry; it’s one of the world’s biggest producers of base and precious metals
Currently, it is the third largest producer of copper and zinc in the world and is also a major producer of gold, silver, among other minerals
The success of Peru’s mining sector stems not only from an abundance of rich natural resources, but also from an attractive legal and tax regime designed to support the industry
Peru enjoys political and macroeconomic stability with a steadily growing economy, which is largely driven by mineral production
The high rates of production have attracted a large amount of inbound investment into Peru’s mining sector with an estimated US$ 59.5 billion expected to flow into the country over the next few years
Much of the country has yet to be subjected to vast exploration, leaving an immense potential for future development

The Escalera Group – Exploration Properties

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The Escalera Group consists of three concessions (Lituania, Condorlit, Escalera) covering a combined area of 7,400 hectares of prospective exploration targets for volcanic hosted supergene/surficial uranium and lithium on the Picotani Plateau
Located in a mineral-rich district where mining giants like Minsur and Rio Tinto operate, as well as growing mid-tiers and juniors like Bear Creek Mining and Plateau Energy Metals
Surface rock samples obtained in 2017 from the Escalera project were processed by ALS Minerals, in Lima, Peru, and returned values of up to 3,560 ppm uranium and 153 ppm lithium
Historical samples taken from the Escalera project have yielded values up to 6,812 ppm uranium (see following slide for historical results)

The Escalera Group – Historical Data

While the Company considers sampling results from the Escalera concession to be accurate, readers are cautioned that a Qualified Person has been unable to verify the laboratory involved in the analysis of these samples, and no documentation was available regarding quality control procedures utilized in the analysis.

2018 EXPLORATION RESULTS

First phase ground work included detailed reconnaissance to locate favorable outcroppings and known host rock formations, focused ground radiometric geophysical surveys using hand portable scintillometers to test for elevated radioactivity at surface, and a comprehensive channel sampling program
Sampling at the priority Escalera Property has identified two new prospective uranium areas measuring an estimated combined 6.5 kilometers
2018 rock grab samples yielded highlight laboratory results of up to 8,061 ppm uranium (0.95% U3O8)
Additional highlight samples return 6,812 ppm, 6,126 ppm, 3,560 ppm and 3,438 ppm uranium
11 rock samples reporting above 1,000-ppm uranium (0.12% U3O8)*
Rock grab samples are selective by nature and do not necessarily represent average grades on the property

A total of 113 rock samples were collected during the three-week long reconnaissance sampling and prospecting program in Nov-Dec 2018; with a total of 94 rock samples collected on the 5,500-hectare Escalera Property
To ascertain the potential for uranium enrichment in the target Paleogene – Neogene aged weathered felsic volcanic flow rocks, field staff used portable scintillometers to identify zones of elevated surface radioactivity to efficiently direct rock sampling
At Escalera, the proposed uranium mineralization model is similar to that found at the Macusani Uranium deposit (Plateau Energy Metals) located about 100 kilometers to the northwest, where uranium has dissolved and precipitated from source frothy volcanic debris flow rocks through an intricate interaction between geomorphology, groundwater movement and evaporation
The Macusani Uranium deposit has a reported measured & indicated resource of 52.9 Mlbs U3O8 (248ppm) and an inferred resource of 72.1 Mlbs U3O8 (251ppm)*
Plateau Energy Metals’ June 22, 2015 consolidated mineral resource estimate

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