VANCOUVER, British Columbia, July 24, 2020 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to announce plans for its upcoming summer ground geophysical program designed to generate additional drill targets at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
The 2020 summer ground geophysical targeting program is currently being planned to support future drill programs based on the existing property-wide heli-borne VTEM survey interpretation and results where numerous untested graphitic conductive corridor trends have been identified for follow up. The program will consist of helicopter-supported ground geophysical surveys including up to 33-line km of line cutting and Horizontal Loop Electromagnetic (HLEM) and up to 44-line km of ground gravity (Figure 1 – East Preston Summer Geophysical Program Location Map, below).
The planned HLEM survey will identify conductor locations (HLEM) and the ground gravity survey will ideally identify areas of alteration, structural disruption, or thicker overburden due to increased glacial scouring proximal to the conductive trends that are often associated with uranium mineralizing systems. The combined results will be utilized to refine, prioritize, and better locate conductive corridors in these previously untested areas. Bingham Geoscience of Saskatoon continues to oversee Azincourt’s geophysical programs and interpretation work.
It is anticipated that this summer work program will satisfy the $2.5M CDN work commitment obligation in the joint venture, earn-in agreement with Skyharbour Resources and Dixie Gold. Once the final cash consideration of $400,000 is paid to Skyharbour and Dixie, Azincourt will have earned a 70% interest in the East Preston project.
“The continuing work at East Preston is all about target generation,” said President and CEO, Alex Klenman. “It’s no secret the project is already target rich. We’ve barely scratched the surface in terms of drill testing these areas. We are methodically moving the project forward by adding more critical data. This is the logical next step before we commence the next drill program.
“In addition, we’re excited that we’re on the verge of reaching the spend threshold of the earn-in with our JV partners. East Preston is a big project, in the right place, at the right time. We’re close to gaining a majority interest in the project, it’s an important milestone for the Azincourt,” continued Mr. Klenman.
The East Preston project lies immediately south of the interpreted southern edge of the Athabasca Basin, and no Athabasca sandstone is present beneath the relatively thin glacial overburden. The HLEM and gravity ground geophysical survey methods proposed are standard techniques used to explore for unconformity uranium deposits in shallow target environments.
Permitting for the summer work program is being initiated, with the on-ground work to be completed in later summer.
Figure 1 – East Preston Summer Geophysical Program Location Map is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/30adc1e1-a432-40f5-9983-12f5cbf247e6
Follow-Up Winter Drill Program
Based on the previously announced drill results and the similar geological and structural setting to the prolific Paterson Lake trend, follow-up and extension drilling has already been recommended for the existing target areas. The planned 2020 summer geophysical program covers prospective conductor trends that have yet to be drill tested. This work will add to the target inventory for future winter drill testing at East Preston.
Figure 2: Project Location – Western Athabasca Basin, Saskatchewan, Canada is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/45f5ea43-f138-48b8-8e0e-41169b064114
About East Preston
Azincourt is currently earning towards 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 Inc. (TSX.V: DG) (Figure 2: Project Location – Western Athabasca Basin, Saskatchewan, Canada). 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).
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 the Company, as well as a qualified person.
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, 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
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6