Elements for the Future of Energy
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Azincourt Energy Corp. (TSXV:AAZ) is a resource exploration and development company focused on building a portfolio of uranium and lithium projects for the alternative energy sector. Azincourt holds interests in two highly prospective uranium plays in Canada’s prolific Athabasca Basin: East Preston and Patterson Lake North.
Azincourt has also entered into a definitive property agreement with New Age Metals (TSXV:NAM) for a 100-percent interest in five lithium projects located in Manitoba, Canada.
Azincourt has the option to acquire a 70 percent interest in the early-stage East Preston project, a joint venture with partner Sky Harbour Resources (TSXV:SYH). The property is a portion of the Preston Project, one of the largest tenure land positions in the Patterson Lake region. AREVA recently optioned nearly 50,000 hectares of the Preston Project. The Patterson Lake region also hosts the high-grade Arrow, Triple R and Spitfire uranium deposits. Azincourt has planned an upcoming geophysical program at East Preston with the goal of identifying drill targets.
Azincourt also holds a 10 percent interest in the Patterson Lake North uranium project, a joint venture with Fission 3.0 (TSXV:FUU) as operator. The Patterson Lake North property is immediately adjacent to Fission Uranium Corp.’s Patterson Lake South property which hosts the high-grade Triple R uranium deposit. Geophysical work at Patterson Lake North has established drill-ready targets in three conductor systems on the property.
In February 2018, Azincourt signed a non-binding letter of intent (LOI) to acquire 99.5 percent of the outstanding share capital of Guevan Petroleum Company SA, which holds the Macusani-Cuzco lithium-uranium project in south-eastern Peru. The Macusani-Cuzco project measures 30,000 hectares and is located next to Plateau Energy’s (TSXV:PLU) Macusani project in one of the largest and most prospective lithium-uranium districts in the world. The company is currently undergoing the due diligence process.
The uranium market has experienced a promising uplift in optimism at the close of 2017 on news that major producer Cameco (TSX:CCO,NYSE:CCJ) plans to suspend production at its McArthur River mine and Key Lake milling operations by the end of January 2018, as well as by a new announcement from Kazatomprom that it will cut output further in 2018. Optimism is returning on the demand side as well. UxC projects that uncovered demand will increase significantly from 2018 upwards, reaching 54.9 million pounds in 2020 and over 179 million pounds U3O8 by 2030.
Azincourt Energy is managed by a team of proven mining professionals with a successful track record in building resource companies and identifying opportunities to increase shareholder value.
- Option to acquire 70-percent interest the East Preston project JV with Sky Harbour
- Several high priority drill targets identified East Preston; portion of Preston Project, one of the largest tenure land positions in the Patterson Lake region
- East Preston strategically located near high-grade Arrow, Triple R and Spitfire uranium deposits
- Joint venture with New Age Minerals for eight lithium properties in Manitoba
- AREVA recently optioned 49,635 hectares of the Preston Project
- 10 percent interest in Fission 3.0’s Patterson Lake North project adjacent to Fission Uranium’s Patterson Lake South project (Triple R)
- Drill targets identified in 3 conductor systems at PLN
- Definitive agreement for -8 highly prospective lithium projects in Manitoba
- Management holds approximately 10 percent of shares
Large Lithium Land Package, Manitoba
The Lithium One, Lithium Two, Lithman West, Lithman East and Lithman North projects, as well as the recently acquired Cat Lake, Lithman East and West Expansions are located in Manitoba, Canada, and Azincourt has partnered with New Age Minerals to bring the projects forward. This 14,000-hectare land package represents the largest lithium claim holdings in the Bird River Greenstone Belt. The belt contains the Winnipeg River Pegmatite Field which hosts numerous lithium-rich pegmatites including the world-class lithium-cesium-tantalum (LCT) Tanco Pegmatite.
Three of the five properties are drill-ready and the Lithium Two project hosts a historical estimate of 545,000 tonnes of 1.4 percent Li2O. The Lithman West and East projects are adjacent to the underground cesium-spodumene-tantalum Tanco Mine property.
The land package also features Bernic Lake formation, which is known to host the Tanco Pegmatite as well as various other lithium-bearing pegmatites in the Bird River Greenstone belt. With the expansion of the Lithman West project, which Azincourt and New Age acquired in May 2018, the property now covers over 12 kilometers of the Bernic Lake formation.
Work underway on the properties includes detailed mapping of pegmatite outcroppings on the Lithium One and Lithium Two projects, followed by a chip sampling program and a minimum of 3000 meters of drilling, primarily at the 1100m long Eagle Pegmatite as well as the FD5 and Silverleaf Pegmatites.
East Preston Uranium Project, Canada’s Athabasca Basin
The East Preston uranium project covers 25,329 hectares in the southwestern portion of the Athabasca Basin. The project is a part of Sky Harbour’s 121,249-hectare Preston Property, one of the largest tenure land positions in the Patterson Lake region. Preston is located to the south of and adjacent to NexGen Energy’s (TSXV:NXE) Rook 1 project (high-grade Arrow deposit) and proximal to Fission Uranium’s (TSX:FCU) Patterson Lake South project (high-grade Triple R deposit).
Preston also shares its prestigious mining district with the Hooke Lake Project (Spitfire), a JV between AREVA, Cameco and Purepoint. AREVA recently optioned nearly 50,000 hectares of the Preston Project for up to $7.3 million in exploration expenditures.
More than CDN$2million in exploration spending has gone into the East Preston Project since 2013 including airborne electromagnetic (VTEM) and magnetic and radiometric surveys. The work resulted in the identification of three prospective conductive, low magnetic signature corridors with a total strike length of over 25 kilometers. EM conductor trends were discovered for each corridor.
Ground prospecting and sampling identified key pathfinder elements for unconformity uranium deposit discovery. Only one of the corridors has been drilled to date.
Azincourt has been working on follow ups of previous exploration work at East Preston with a geophysical exploration program. The work program has included re-logging and sampling of the seven diamond drill holes completed in 2014, with additional ground electromagnetic survey work and ground gravity planned along the airborne conductive trends. The company has also conducted 50 line kilometers of horizontal loop electromagnetic (HLEM) and ground gravity surveys across the property. This has generated a number of priority targets and the company is in the process of further interpreting the survey work.
Patterson Lake North Joint Venture
The Patterson Lake North (PLN) project, located in the Athabasca Basin, is immediately adjacent to Fission Uranium Corp.’s Patterson Lake South (PLS) property and 5.7 kilometers to the north of the high-grade Triple R deposit.
Exploration work at PLN conducted by project operator Fission 3.0 has identified that the property lies on the same structural corridor as PLS. Completed exploration work on the property includes airborne and ground geophysics as well as 2,130-meters of drilling in six holes. Significant pathfinder elements and uranium mineralization has been identified including hole PLN-019 which returned 0.5 meters at 0.047 percent U3O8 within 6 meters at 0.012 percent U3O8.
Drill targets identified in three conductor systems
The Fission 3.0 technical team has made two major discoveries in three years. Chief geologist Ross McElroy himself has played a critical role in four of the last nine major discoveries in the region.
Alex Klenman, President, CEO & Director
Alex Klenman brings over 30 years of business development, marketing, finance, media and corporate communications experience. He has held senior management positions in both the public and private sectors. Mr. Klenman is currently Chairman & COO of Nexus Gold Corp (TSX.V: NXS), a position he has held since December 2014. Prior to that he was Vice-President, Corporate Finance of Columbia Star Resources, the pre-cursor to Nexus Gold, from 2010-2014, and Vice-President, Communications, for Falcon Point Capital Partners, a firm that provided finance, communications and marketing initiatives for TSX Venture listed resource companies, including Roxgold Inc, Forum Uranium, Integra Gold, Midnight Sun Mining, and others. Mr. Klenman also spent ten years in broadcasting, which included notable board positions with CKVU Television and Canwest Pacific Television in Vancouver. In this role, he was directly involved in the development of corporate strategies and policies that produced $25M in annual revenue.
Paul Reynolds P.Geo, Director
Paul Reynolds is a professional geologist with over 24 years’ experience working in Canada, USA, Bolivia, Argentina and Guyana. He specializes in the conception and management of mineral exploration ventures. Mr. Reynolds holds a B.Sc. degree from the University of British Columbia (1987). Mr. Reynolds is a member of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (since 1992), a fellow of the Geological Association of Canada, and a member of the Society of Economic Geologists.
Mr. Reynolds has 16 years experience managing public companies as both a director and/or executive officer. Mr. Reynolds is President, CEO and director of Central Resources Corp. (TSX-V). Mr. Reynolds is formerly Chairman, CEO/CFO and a director of Athlone Energy Ltd., which was sold to Daylight Energy Ltd. in September 2008. He is also a director of Petro One Energy Corp. (TSX-V), Happy Creek Minerals Ltd. (TSX-V), and TerraX Minerals Inc. (TSX-V).
Ted O’connor P.Geo, Director
Ted O’Connor P.Geo., M.Sc., B.Sc. is a Professional Geoscientist with over 22 years of experience, predominantly in the uranium exploration industry. He spent 19 years with Cameco, one of the world’s largest uranium producers. Most recently he was a Director of Cameco’s Corporate Development group where he was responsible for evaluating, directing and exploring for uranium deposits throughout North America, Australia, South America and Africa. Mr. O’Connor successfully led new project generation from early exploration through to discovery on multiple unconformity uranium projects. Mr. O’Connor was also responsible for opportunity evaluation, acquisition and for managing Cameco’s exploration partnerships aimed at growing and diversifying Cameco’s exploration portfolio in new jurisdictions and other uranium model types. Prior to joining Cameco, Mr. O’Connor was an exploration field and underground mine geologist for major mining companies and junior explorers searching for gold, diamonds and base metals.
Vivian Chuang CPA, CFO
Vivien Chuang is a Chartered Professional Accountant (British Columbia, Canada) with several years of experience in the resource and mining sector. She worked at PricewaterhouseCoopers LLP from 2006 to 2010 and Charlton & Company from 2010 to 2011. Currently, Ms. Chuang is President of VC Consulting Corp. which provides CFO and other financial accounting and compliance services to a number of companies. Ms. Chuang holds a Bachelor of Business Administration degree from Simon Fraser University.
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