Azincourt Energy Drilling Returns Elevated Uranium at the East Preston Uranium Project
VANCOUVER, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) — AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to announce results have been received from the recent diamond drill program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
As previously reported, the winter 2021 drill program was cut short due to an earlier than expected spring break-up. As a result, only 1,195 m were completed in five (5) diamond drill holes (Figure 3). 36 geochemical samples were collected from three holes and sent to SRC Geoanalytical Laboratories in Saskatoon for analysis and the results have been received. The Company is pleased to report that anomalous and elevated uranium levels were encountered in three of the five holes completed.
Drillhole EP21004, targeting two parallel conductors and a gravity low in the G Zone, intersected several zones of breccia and graphitic faulting over a 50 m interval. Elevated uranium was identified above a graphitic breccia.
EP21005 targeted two parallel conductors and a gravity low in the G Zone 400m along strike from EP21004. Drilling intersected several zones of shearing and graphite. Elevated uranium, boron, and base metals were identified, associated with zones of graphitic shearing.
Hole EP21003 targeted a kink in the conductor identified in the AB Zone. Drilling intersected a wide fault zone with graphitic gouge and evidence for crosscutting structures. Sample analysis indicates that base metal pathfinder minerals are elevated. Base metal enrichment is typically used as a vector towards uranium.
Holes EP21001 and EP21002 were drilled in the A Zone and encountered significant faulted and deformed lithologies associated with significant graphite. No samples were collected from these drill holes.
“These results show that we are on the right track,” said Exploration Manager, Trevor Perkins. “The elevated base metals and uranium show that we have uranium-bearing fluids in the area. These results will help us vector towards the sweet spot,” continued Mr. Perkins.
“Results from each of the limited drill programs we’ve completed to date at East Preston are more suggestive and more compelling,” said Alex Klenman, President and CEO. “We are seeing anomalous and elevated uranium levels in these most recent holes, and we’ve established the presence of uranium-bearing fluids. Based on these positive results we’re eager to continue drilling as soon as possible and get more holes into the areas where we’re seeing these elevated values. We’re preparing for a substantial amount of drilling in the next eight months and look forward to ramping up our exploration efforts significantly in the months ahead,” continued Mr. Klenman.
Summer 2021 Programs
As previously reported the target area for the 2021 drill program was the conductive corridor from the A-Zone through to the G-Zone (Figures 1 and 2) and is based on a compilation of results from the 2019 and 2020 drill programs, 2018 through 2020 ground-based EM and gravity surveys, and property wide VTEM and magnetic surveys. The 2020 HLEM survey completed in December indicates multiple prospective conductors and structural complexity along the eastern edge of this corridor. The Company continues developing plans to complete the meterage originally allocated to the Winter 2021 program.
Current plans for the summer of 2021 include an airborne radiometric survey over the south portion of the property, a field mapping and prospecting program to ground truth anomalies and trace any radioactive boulders identified from the aforementioned survey, and a diamond drilling program to complete approximately 1,000m of drilling not completed during the shortened winter program.
In addition, planning is underway for an extensive 6,000 meter program consisting of 25-30 drill holes to be completed in the winter of 2021-2022. Target selection for this program will be refined based on the summer 2021 field programs.
Permits are in place to complete all the planned work through the winter of 2022, and consultations and information sessions with local communities are ongoing. Timelines for summer drilling and additional field work will be released shortly.
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 3: Winter 2021 Completed Drill Hole Plan at the East Preston Uranium Project
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
About East Preston
Azincourt controls a majority 70% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.
The East Preston Project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectivity targets because of the structural complexity.
The targets are basement-hosted unconformity related uranium deposits similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover – therefore they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
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 on behalf of the company by C. Trevor Perkins, P.Geo., Exploration Manager of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.
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 critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
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
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6