AZINCOURT ENERGY CORP.
(“Azincourt” or the
“Company”) (TSX.V: AAZ, OTCQB: AZURF)
, is pleased
to provide an update on plans for the fully funded upcoming fall
and winter field season at the East Preston and Hatchet Lake
projects in the Athabasca Basin, Saskatchewan, Canada.
The primary target area on the East Preston
Project is the conductive corridors from the A-Zone through to the
G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones
(K-H-Q Trend) (Figures 2 and 3). The selection of these trends 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 2022 drill programs, the
2020 HLEM survey indicates multiple prospective conductors and
structural complexity along these corridors.
Drilling to date has confirmed that identified
geophysical conductors comprise structurally disrupted zones that
are host to accumulations of graphite, sulphides, and carbonates.
Hydrothermal alteration, anomalous radioactivity, and elevated
uranium have been demonstrated to exist within these structurally
disrupted conductor zones.
The Company is planning an extensive drill
program for the fall and winter of 2022-2023. The program will
consist of approximately 6,000 meters of drilling in 20+ diamond
drill holes. The priority will be to continue to evaluate the
alteration zones and elevated uranium identified in the winter of
2022 and reported in news releases dated March 29th, 2022, and July
The south end of the G-Zone responded well in
the 2022 drill program. The structure and alteration within EP0030
and EP0037 warrant additional drilling to confirm target
enhancement for follow-up in this area.
Drilling within the K-Zone will focus on
expanding on the weak clay alteration and elevated uranium
identified in EP0035. This is the only zone where alteration and
structure resulted in poor ground conditions preventing completion
of a drill hole. This is indicative of strong structure and
alteration which are both good signs for possible uranium
deposition. The alteration zone is still open along strike in both
directions north and south.
Within the H-Zone, drilling will continue to
evaluate the alteration zone and identify priority targets for
additional focus. The thick structural package identified in this
zone is a promising sign for extensive ground preparation to allow
fluid pooling and uranium deposition. Holes will also be drilled
between the H- and K- Zones to seek continuity between the zones
and enhancement of the alteration and uranium present.
The Q-Zone remains untested, and the Company is
eager to drill this zone during the 2023 program to evaluate the
prospectivity of this target area.
“Up to this point, drilling has been quite wide
spaced while we evaluate the various trends to identify the best
areas to focus our efforts”, said VP, Exploration Trevor Perkins.
“While this will continue in the upcoming program, we also plan to
narrow our focus and begin vectoring within the alteration zones
and follow where the alteration and geochemistry is leading,”
continued Mr. Perkins.
Mobilization is anticipated to begin in
December, with drilling to commence in January 2023.
While the A-G and K-H-Q trends are the primary
focus, many additional trends and zones exist to the east and west
of the primary trends on the East Preston property (Figure 2).
These additional target areas will require ground geophysics to
constrain conductor locations and drilling to properly evaluate
“We’re of course eager to get back on the ground
at East Preston and follow up the promising results from last
winter,” said CEO, Alex Klenman. “The more work we do, the more
compelling East Preston becomes. We’ve gone from grass roots to the
development of top tier exploration targets on what is a large and
highly prospective property. We have the right rocks, the right
geochemistry, the right structures, and we’ve now produced evidence
that uranium is present within large alteration zones. Step by
step, we continue to progress East Preston in a very positive way.
This next drill program is another important step towards our goal
of meaningful discovery,” continued Mr. Klenman.
The Hatchet Lake Project is a recent addition to
the Company’s portfolio (see news release dated November 10, 2021),
wherein Azincourt can earn a 75% interest in the project from
ValOre Metals Corp. Hatchet Lake sits just outside the northeastern
margin of the Athabasca Basin, situated along the underexplored
northeast extension of the Western Wollaston Domain (WWD) within
the Wollaston-Mudjatik Transition Zone (WMTZ). This highly
prospective structural corridor hosts the majority of known
high-grade uranium deposits and all of Canada’s operating uranium
The first program the Company is proposing for
the project will consist of ground reconnaissance to verify
targets, ground geophysics (Horizontal Loop Electromagnetic HLEM)
to verify conductor locations, and a helicopter supported diamond
drill program to be conducted in the fall of 2022. The drill
program is expected to consist of up to 1,500 meters in 8-10
diamond drill holes.
Three target areas have been selected on the
Hatchet Lake property for initial work. (Figure 5) The priority
drill targets are the SW Scrimes and Upper Manson areas, which are
considered drill ready once some initial ground reconnaissance is
completed. Drilling will focus on conductive packages with
associated radioactive boulders to identify and vector towards
potential sources for said boulders.
Geochemical anomalies highlight a variety of
uraniferous host rocks that are coincident with identified
conductive geophysical targets. Uraniferous rocks are typically
referred to as containing uranium significantly above normal
expected values. 24 radioactive rock samples with assay results up
to 2.43% U3O8 have been identified in the area.
A priority target requiring more preparatory
work has been identified, NE Scrimes, where a ground based HLEM
geophysical survey will be conducted to help resolve a complex
structural and conductive fold sequence prior to drill testing.
The estimated budget for this program will be a
minimum of $1M CDN to meet earn-in obligations of the option
agreement with ValOre Metals. Groundwork is anticipated to commence
in September with drilling to take place in October and into
“Getting on the ground with this first program
will be exciting, as this property has not had a good drill test,”
said VP Exploration Trevor Perkins. “We are excited to see how the
model holds up to the first drill hole, and will adjust as needed
to maximize impactful discovery potential,” continued Mr.
“Hatchet Lake is a tremendous second project for
Azincourt,” said CEO, Alex Klenman. “We already know high grade
mineralization is present. We know that is an under explored
target, which really hasn’t utilized modern exploration techniques
and knowledge applied in the past in terms of the drill targeting.
We feel very strongly that based on what we know today, compared to
what was known when the property was first explored, we have a very
compelling opportunity for discovery. The next 8-12 months will be
a busy and exciting time for Azincourt,” continued Mr.
Klenman.Permitting and Community Engagement.
The permitting process is underway to obtain
authorization for the fall and winter 2022-2023 drill programs on
Azincourt Energy continues to be engaged in
regular meetings with the Clearwater River Dene Nation and other
rights holders to ensure that concerns of the local communities are
addressed with regards to the East Preston project. Azincourt looks
forward to a continued close working relationship with CRDN and
other rights holders to ensure that any potential impacts and
concerns are addressed and that the communities can benefit from
activities in the area through support of local business,
employment opportunities, and sponsorship of select community
programs and initiatives. Several members of the Clearwater River
Dene Nation have been directly employed on site or to provide
support and services to keep the camp and programs running.
The Company has also been in contact with the
Ya’thi Néné Land and Resource Office representing the Hatchet Lake
First Nation and expects additional discussions to take place with
them and other rights holders to ensure that concerns of the local
communities are addressed. Azincourt looks forward to developing a
close working relationship with the Hatchet Lake community.
Figure 1: East Preston Project Location –
Western Athabasca Basin, Saskatchewan, Canada
Figure 2: Priority target corridors at the East
Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 3: 2022 Drill Holes and Target areas at
the East Preston Uranium Project
Figure 4: Hatchet Lake Project Location –
Eastern Athabasca Basin, Saskatchewan, Canada
Figure 5: Hatchet Lake Target Areas
About East Preston
Azincourt controls a majority 72.8% 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 prospectively targets because of the structural
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).
About Hatchet Lake
Azincourt entered into an option agreement with
ValOre Metals Corp. on November 9th, 2021, to earn up to a 75%
interest in the Hatchet Lake property. Previous work on the
property identified multiple, shallow, unconformity-related
basement uranium targets. Previous work includes diamond drilling,
geophysics, boulder, soil, lake sediment and bio-geochemical
sampling. The project contains substantial historic exploration
datasets with identified uranium anomalism and showings to help
guide exploration programs. Historical operators include Gulf
Minerals, Saskatchewan Mining and Development Corp, Hathor
Exploration Ltd., and Rio Tinto.
Two high-priority zones on the property have
currently been identified; the Upper Manson and Southwest Scrimes
zones. Geochemical anomalies highlight a variety of uraniferous
host rocks that are coincident with identified conductive
geophysical targets. Rock samples have returned assay results up to
2.43% U3O8 (Valore Metals presentation).
The targets are basement-hosted unconformity
related uranium deposits similar to Cameco’s Eagle Point mine.
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., Vice President,
Exploration of Azincourt Energy, and a Qualified Person as defined
by National Instrument 43-101.
About Azincourt Energy
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
and its Hatchet Lake option, both 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
“Alex Klenman”Alex Klenman, President
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
Alex Klenman, President & CEOTel:
Azincourt Energy Corp.1430 – 800 West Pender
StreetVancouver, BC V6C
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