Azincourt Energy (TSXV: AAZ) (OTC Pink: AZURF) (FSE: A0U2) has mobilized a drill rig and crew to begin the 2021 winter exploration program on its East Preston uranium project. The company recently completed the acquisition of a 70% interest in the 25,000+ hectare East Preston uranium project located in the western Athabasca basin in Saskatchewan, Canada. The project, one of the largest tenure land positions in the Patterson Lake region, is strategically located near NexGen Energy's high-grade Arrow deposit, Fission Uranium's Triple R deposit and the AREVACamecoPurepoint joint venture.
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Azincourt previously had an option to acquire its 70% interest through an agreement with Skyharbour Resources Ltd. and Dixie Gold Inc. with both companies now holding 15%. To earn its majority interest, Azincourt completed $2.5 million in staged exploration expenditures and paid a total of $1 million in cash payments over the previous four years.
Multiple prospective conductive, low magnetic signature corridors have been discovered on the property.
These distinct corridors have a total strike length of more than 25 kilometers, 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 2021 exploration program will be a minimum of 10 to 12 diamond drill holes, totalling 2,000 to 2,500 meters and is expected to begin this weekend, with drilling starting in the AB-Zone and continuing southwest along the G-Zone. Drilling in the A zone suggests this structural corridor hosts significant graphitic packages within strongly sheared and faulted host lithologies, indicating an environment conducive to fluid movement and uranium deposition.
The program 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.
Alex Klenman, President and CEO, stated: "Naturally, we're eager to get the drill program underway. The most exciting part of what we do is drilling. We're only 12 holes into East Preston, and to date the data generated is suggesting we're getting closer to a potential discovery. The data is strong, and it is reflected through multiple exploration activities that essentially stack on top of one another. This coincidental layering creates very strong targets. We have dozens of targets to test, we're really only scratching the surface."
Azincourt is also developing the Escalera Group which consists of three concessions covering a combined area of 7,400 hectares of prospective exploration targets for uranium and lithium in the Puno district of southeastern Peru.
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