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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 Saskatchewan
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Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
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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, Canada
https://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 & CEO
Tel: 604-638-8063
info@Azincourtenergy.com
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.Azincourtenergy.com
