Athabasca Basin, Saskatchewan, Canada
Western Athabasca Basin, Saskatchewan, Canada
- NexGen Energy - $2.8B CDN>
- Orano (Areva) - $1.99B USD
- Cameco - $10.8BB CDN
- Fission - $524M CDN
- Denison - $1.35B CDN
- UEX Corp - $225M CDN
- Skyharbour Resources - $71M CDN
- Purepoint Uranium - $40M CDN
- Fission 3.0 - $30M CDN
- Canalaska - $47M CDN
- Azincourt Energy - $30M CDN
*As of Oct 7, 2021
EAST PRESTON PROJECT
- Azincourt controls a >70% interest the 25,000-hecatre eastern portion of the Preston project
- The Preston Project is one of the largest tenure land positions in the Paterson Lake region
- Strategically located near NexGen Energy Ltd’s high-grade Arrow deposit, Fission Uranium Corp’s Triple R deposit & AREVA/Cameco/Purepoint’s joint venture (Spitfire)
- Orano Canada (Areva) optioned 49,635 hectares of the Preston Project for up to $7.3 million in exploration expenditures
- Over CDN$3 million in exploration expenditures on the East Preston Project over the past three years
- Multiple high-priority drill targets identified within multiple prospective exploration corridors delineated through recent geophysics and ground evaluation
Geophysical Survey Results - Airborne
- Airborne EM geophysical surveys identified several conductive corridors and “bullseye” targets on the property.
- Uranium deposits are often associated close to basement conductive trends and these therefore represent a first order criterion for discovery.
- First priority targets are the A-G Trend (A on figure above) and the K-H-Q Trend (B and C on the figure above)
Geophysical Survey Results – Ground
- Between 2017 and 2021, numerous, high-quality drill targets were generated through HLEM and Gravity geophysical surveys over the identified conductive corridors.
- Uranium deposits are often associated close to basement conductive trends and represent a first order criterion for discovery
- The ground geophysical programs confirmed the interpretation of the airborne data and have yielded drill targets within these previously untested corridors.
- This graphic shows 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 but clearly upgraded/enhanced prospective targets due to the structural complexity
- Abundant drill targets have been identified for continued drill testing
- To date 4,178 meters in 17 holes have been drilled at East Preston. Limited drilling has confirmed basement lithologies and graphitic structures intersected at East Preston are very similar and appear to be analogous to the Patterson Lake South-Arrow-Hook Lake/Spitfire uranium deposit host rocks and setting.
- Trace element geochemistry shows anomalous results for basement-hosted unconformity uranium deposit pathfinders Ni, Co, Cu, Zn and As associated with graphitic schist intervals. Graphitic rocks hosting uranium mineralization are often associated with Ni-Co-As; Cu and Zn sulphides in anomalous, to substantial quantities.
- Drilling has established the right basement unconformity uranium setting – rocks, structure and alteration. The recognition of what is believed to be a basement analogue to uranium deposit-related REE mineralization and alteration suggests that mineralizing fluid systems were active on the project at the right time
2021 Drill Program
- 2021 drill campaign was a planned 10-12 hole, up to 2500m, diamond drill program targeting the conductive corridor from the A-Zone through to the G-Zone (figure right).
- Targeting was based on a compilation of results from the 2019 and 2020 drill programs, 2018 through 2020 ground-based EM and gravity surveys, and property wide VTEM and magnetic surveys.
- Winter drill campaign was halted early after warm weather and early onset of spring break-up.
- 5 holes completed for 1195m.
- The structures intersected show a complexity consistent with multiple intersecting faults.
- Elevated uranium intersected in holes 3-5.
- Currently working up a 6,000 to 7,000m winter drill program in 30 to 35 drill holes
- Focus on G zone, then move to H and Q
- Roadwork to commence mid December with camp construction later in month
- Drilling to start early to mid January with up to two drill rigs
- Program expected to last 2.5 months
- Expected budget: $2.3 Million