Patterson Lake North (PLN)

PLN_Drill_core

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.

PLN is located in the highly prospective western Athabasca Basin within a large, basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (>60M lbs U3O8 produced) and the UEX-Orano Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The high-grade PLS uranium deposit, discovered by Fission Uranium Corp is located 5.7 km to the south, and also lies within this structural corridor. NexGen Energy’s higher grade Arrow Uranium deposit is located immediately along strike from PLS, on a sub-parallel trend within the same basin-scale corridor. These deposits, combined, have uranium resources in excess of 440 M lbs U3O8 (all categories) discovered to date. 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 is interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.

To date Azincourt has spent $3.1M earning into PLN, primarily on targeting geophysics and diamond drilling. Prior to Azincourt’s involvement, Fission spent ~$4.7M on exploration on PLN ranging from airborne to ground geophysics to a first-pass drilling of a few select targets. There are three separate target areas that are drill-ready. The first uranium mineralization was intersected on the central conductor system during summer 2014 drilling and follow up is necessary. The N and Broach Lake conductor systems in the north and south project area, respectively, are highly prospective targets that have yet to see drill testing.