AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”)
(TSX.V: AAZ, OTC: AZURF), is pleased to
provide an update on the upcoming summer exploration program at the
East Preston uranium project, located in the western Athabasca
Basin, Saskatchewan, Canada.
The primary target area for the 2021 summer
program continues to be the conductive corridor from the A-Zone
through to the G-Zone (Figures 1 and 2) were recent drilling
encountered elevated uranium levels in three of the five holes
drilled (see Company news release dated June 8, 2021).
The selection of this trend is based on a
compilation of results from the 2018 through 2020 ground-based EM
and gravity surveys, property wide VTEM and magnetic surveys, and
the 2019 through 2021 drill programs. The 2020 HLEM survey
completed in December indicates multiple prospective conductors and
structural complexity along the eastern edge of this
corridor.
Terralogic Exploration Inc. has been contracted
to facilitate an airborne radiometric survey over the previously
unsurveyed southern portion of the property (Figure 3) and conduct
field investigations of resulting anomalies. Special Project
Inc. (SPI) of Calgary, Alberta, has been selected as the contractor
using a fixed wing aircraft to complete the airborne radiometric
survey, which will consist of approximately 1,700 km of survey
lines flown at a low minimum altitude and 50 m line spacing to
ensure good data collection and a high survey resolution. The
airborne survey is expected to commence within the next few weeks,
and take approximately one week to complete, with approximately one
week of ground follow-up to proceed shortly thereafter.
An airborne radiometric survey uses a gamma ray
scintillometer mounted on an airborne platform to measure and map
the natural radiation emitted by the rocks and soil the aircraft is
flying over. Gamma radiation occurs from the natural decay of
elements such as uranium, thorium, and potassium. Locations
that have a higher radiation signature (anomalies) than the normal
values for the surrounding area (background) would then be examined
by crews on the ground for the potential presence of radioactive
bedrock if there is not much glacial till cover, or boulders in the
till that could be traced back to a source. Many uranium
deposits in the Athabasca Basin, including the nearby Triple-R
deposit, have been found by following trails of radioactive
boulders in the glacial till back to their source.
“The additional radiometric survey coverage will
help us ensure that we are focusing on the best sections of the
conductive trends we have identified,” said Exploration Manager
Trevor Perkins. “We are eager to add these results to our
data package to make sure that the highest quality targets are
tested first,” continued Mr. Perkins.
Preparation continues for a targeted late
summer/early fall diamond drill program to complete approximately
1,000m of drilling remaining from the shortened winter 2021
program, and an extensive 6,000 meter program consisting of 25-30
drill holes to be completed in the winter of 2022. Target
selection for these programs will be refined based on the summer
2021 field activities.
Permits and funding are in place to complete all
the planned work through the winter of 2022, and consultations and
information sessions with local communities are continuing over the
next several weeks. The Company will update investors on the
timing for drilling once all consultations are complete and when
the drill contractor is secured.
Figure 1: Target corridors at the East Preston
Uranium Project, Western Athabasca Basin
Saskatchewanhttps://www.globenewswire.com/NewsRoom/AttachmentNg/f0cd7897-f976-4ede-b727-fe7c8b0bb974
Figure 2: 2021 Drill Target areas at the East
Preston Uranium
Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/2705e0e0-a6d0-4c2f-9bfb-a9ae6a00f8f0
Figure 3: 2021 Radiometric survey coverage at
East Preston Uranium
Project.https://www.globenewswire.com/NewsRoom/AttachmentNg/506ce67f-15df-489c-b15f-4c104d5fae59
Figure 4: Project Location – Western Athabasca
Basin, Saskatchewan,
Canadahttps://www.globenewswire.com/NewsRoom/AttachmentNg/4073a4de-a6d0-4ef7-93b5-a5244db2d689
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).
Qualified Person
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”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 & CEOTel:
604-638-8063info@azincourtenergy.com
Azincourt Energy Corp.1430 – 800 West Pender
StreetVancouver, BC V6C
2V6www.azincourtenergy.com
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