Elements for the Future of Energy
Azincourt Energy Corp. (TSXV:AAZ,OTC:AZURF,FWB:A0U2) is a resource exploration and development company focused on building a portfolio of alternative energy projects including uranium, lithium and other strategically important materials. Azincourt holds an interest in a highly prospective uranium play in Canada’s prolific Athabasca Basin: East Preston. Azincourt also controls a 100 percent owned uranium-lithium project in southeastern Peru.
Azincourt is developing its portfolio of uranium properties to fulfill the growing demand for clean energy sources. The World Nuclear Association is predicting that 25 percent of the world’s energy supply is going to come from nuclear plants by 2050. As of July 2018, 453 nuclear reactors were in operation and 57 reactors were down for maintenance. The vast number of reactors in the world are creating a demand for new sources of uranium, as approximately 85 percent of the world’s supply is met by mining.
In addition, recent production cuts by uranium giants Cameco (TSX:CCO) and KazAtomProm (FWB:0ZQ), and new buyers like uranium fund Yellow Cake (LSE:YCA), have begun to exert significant influence on the spot price, which saw a dramatic 40 percent increase in the last calendar year.
Azincourt has the option to acquire a 70 percent interest in the East Preston project, a joint venture with partner Skyharbour Resources (TSXV:SYH) and Clean Commodities Corp (TSXV:CLE). The property consists of over 25,000 hectares of the eastern portion of the Preston project, one of the largest tenure land positions in the Patterson Lake region. Orano Canada (Areva) has optioned nearly 50,000 hectares of the Preston project, and recently completed a $2.2 million work program The Patterson Lake region also hosts the high-grade Arrow, Triple R and Spitfire uranium deposits.
Azincourt’s 2019 drill program at East Preston was able to confirm the prospectivity of the project as the basement lithologies and graphitic structures intersected appear to be analogous to the Patterson Lake South-Arrow-Hook Lake-Spitfire uranium deposit host rocks and setting. The company is currently planning its 2019-2020 winter drill program.
In September 2018, Azincourt acquired three uranium-lithium exploration projects in the Puno region in southeastern Peru: Escalera, Lituania and Condorlit. At the Escalera property, historical rock samples returned values of up to 6,812 ppm uranium. In 2017, ALS Minerals of Lima processed surface rocks samples that returned values of up to 3,560 ppm uranium and 153 ppm lithium.
Azincourt completed a mapping and sampling program at the three properties aimed at identifying exploration targets for future drilling. Rock chip samples from the program returned up to 8,061 ppm uranium and 11 of the samples returned over 1,000 ppm uranium from the Escalera property, making it a priority for the company moving forward.
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.
Azincourt’s Company Highlights
- Option to acquire 70-percent interest of the East Preston project joint venture 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.
- Recent exploration at East Preston was able to confirm the prospectivity of the project.
- Joint venture with New Age Minerals for eight lithium properties in Manitoba.
- AREVA recently optioned 49,635 hectares of the Preston project.
- Acquired three uranium-lithium properties in southeastern Peru.
- Rock chip samples from the Escalera project in Peru show up to 8,061 ppm uranium and 11 of the samples returned over 1,000 ppm uranium.