Saskatoon, SK, July 22, 2013 – AZINCOURT URANIUM INC. (“Azincourt” or “the Company“; TSXV:AAZ), and its Joint Venture partner Fission Uranium Corp. (“Fission”; TSXV:FCU) announces an update for their summer exploration plan at Patterson Lake North (“PLN”) in the Athabasca Basin. The program, budgeted at $0.53m and expected to commence early August, will consist of airborne VTEM max and ground Time Domain Electromagnetic (TDEM) and Magnetotellurics (MT) geophysical surveys. The surveys will assist in identifying and prioritizing drill targets for the anticipated 2014 winter program.
The total budget for the summer and winter programs planned at PLN has been set at $1.5m, with approximately $1m to be spent on the winter drill program. Azincourt recently completed a $1.5m private placement to fund the PLN project work (see news release June 19, 2013).
PLN is immediately adjacent to Fission’s joint venture PLS property (Fission 50% / Alpha 50%) and 5.7km north of where Fission has discovered high-grade uranium in bedrock in three separate pods. To date, $4.7m has been spent at PLN, principally on airborne and ground geophysics.
Ted O’Connor, President and CEO of Azincourt, commented,
“The purpose of the summer program is to investigate specific key areas on the project identified from previous exploration and to establish drill targets for future drill testing. The PLN property is strategically located between the PLS high-grade uranium discovery to the south and the Shea Creek deposits to the north. There are a number of positive features on the regional and project scale that lead us to believe the property is highly prospective, and we are looking forward to the start of the program.”
Key Program Details
Aeroquest Airborne of Aurora Ontario has been contracted to conduct a 400m line-spaced VTEM max survey for a total of 303 line-km, to cover the northern half of the property. The VTEM max survey is designed to provide high resolution to anomalous conductive areas of interest identified from a previous airborne magnetic-electromagnetic survey. In addition, a single line 6.3 line-km ground based magnetotellurics survey is planned as a follow-up to the airborne survey.
Both large loop and small loop time domain electromagnetic (TDEM) surveys are planned for the southern part of the property to cover a number of highly prospective EM conductors that have been identified within an interpreted structurally complex area. Results from the TDEM surveys are expected to provide sufficient resolution for targeting drill holes.
High grade uranium occurrences in the Athabasca Basin generally occur within metasedimentary basement terrains with metapelitic lithologies and are associated with reactivated structural traps with hydrothermal alteration. These lithological-structural corridors can be prospective for hosting high grade uranium deposits. Modern geophysical surveys are capable of distinguishing and identifying lithology, structural features and alteration zones. Proper interpretation of these survey results can be used to effectively target drill holes.
PLN Property Setting
PLN lies within a large basin scale north-east NE trending gravity low structural corridor coincident with the Clearwater Domain (granite and felsic gneisses) that also incorporates the adjacent PLS property. The former Cluff Lake mine and the UEX-Areva Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 5.7 km to the south, also lies within this structural corridor. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
PLN was acquired by staking in 2004 and became part of the Fission Uranium Corp. portfolio as part of the Fission Energy/Denison Mines agreement in April 2013. It comprises approximately 25,000 Ha, and is located about 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits near Shea Creek.
PLN is prospective for hosting structurally controlled high-grade uranium mineralization that is often associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by geophysical surveys.
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 Ted O’Connor, P.Geo. President and CEO of Azincourt Uranium Corp., a qualified person.
About Azincourt Uranium Inc.
Azincourt Uranium Inc. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Vancouver, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “AAZ”.
ON BEHALF OF THE BOARD OF AZINCOURT RESOURCES INC.
Ted O’Connor, CEO and 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.