Vancouver B.C., May 10, 2017 – AZINCOURT URANIUM INC. (“Azincourt” or the “Company”; TSXV: AAZ) is pleased to announce details for the upcoming exploration work program at its East Preston Project located in the highly prospective western Athabasca basin (“East Preston Project”). The proposed work program is expected to commence this summer or early fall and is aimed at generating new drill targets within previously untested corridors and refining additional targets along the previously identified Swoosh corridor.
East Preston Project highlights:
- Azincourt has optioned an undivided 70% interest in the eastern portion of the Preston project consisting of approximately 25,329 contiguous hectares.
- The Preston project is one of the largest tenure land positions in the Paterson Lake region and currently consists of 121,148 hectares strategically located near NexGen Energy Ltd’s high-grade Arrow deposit, Fission Uranium Corp’s Triple R deposit and AREVA/Cameco/Purepoint’s joint venture (Spitfire).
- AREVA recently optioned 49,635 hectares of the Preston project for up to $7.3 million in exploration expenditures (see Skyharbour Resources Ltd. (“Skyharbour”) news release dated March 9, 2017).
- Over CDN$2 million in exploration expenditures on the East Preston Project over the past three years.
- Several high priority drill targets identified within multiple prospective exploration corridors delineated through recent geophysics and ground evaluation.
Key Work Program Details
Extensive regional exploration work was completed in 2013 and 2014 on the East Preston Project including airborne electromagnetic (VTEM) and magnetic and radiometric surveys. Three prospective conductive, low magnetic signature corridors were discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified.
Only one of the corridors has been successfully drill tested at this time, intersecting structurally disrupted graphitic metasedimentary rocks at the Swoosh S6 target using a combination of Horizontal Loop EM (HLEM) and gravity as primary targeting tools.
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 proposed work to be completed will include re-logging and sampling of the seven diamond drill holes (1571 m) drilled in 2014, with additional ground electromagnetic survey work (HLEM) and ground gravity planned along the airborne conductive trends. Additional ground geochemical sampling work is also being considered, but will be used to enhance any target areas identified from the geophysical surveys.
Completion of the proposed work program will satisfy the initial exploration work commitment of $250,000 under the option agreement between the Company, Skyharbour and Clean Commodities Corp.and is being scheduled for completion by the fall of 2017 to allow for future winter drill target testing.
About the Preston Project
The significant potential of the western Athabasca basin has been highlighted by recent discoveries in the area by NexGen Energy (Arrow), Fission Uranium (Triple R) and a joint venture consisting of Cameco Corp., Areva Resources Canada Inc. and Purepoint Uranium Group Inc. (Spitfire) (see Preston map here). In excess of $4.7-million in expenditures on the Preston uranium project have been incurred to date, including ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as two exploratory drill programs. Fifteen high-priority drill target areas associated with six prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.
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. a director of Azincourt Uranium Corp., as well as 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 based out of Vancouver, British Columbia. The Company’s Patterson Lake North Property (“PLN”), also located in the western Athabasca Basin, lies adjacent and to the north of the Patterson Lake South property (Arrow deposit), owned by Fission Uranium Corp. The company owns a 10% working interest in PLN and Fission 3.0 owns a 90% interest. In addition, the Company owns an option to acquire up to 70% of the East Preston Project in the Athabasca Basin located to the south and adjacent to NexGen Energy’s Rook 1 project host to the high grade Arrow Deposit.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Paul Reynolds, President
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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.
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