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East Preston Uranium Project

Athabasca Basin, Saskatchewan, Canada

World-Class District:

  • The largest, highest grade uranium deposits in the world with 10 to 100 times world average

Production History:

  • Uranium mining and production for 40+ years

Stable Political Climate:

  • Pro-mining attitudes and policies on federal and provincial government levels
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Western Athabasca

Comparable Market Caps

  • NexGen Energy - $819M CDN
  • Areva (Orano Canada) - $1.37B USD
  • Cameco - $6.1B CDN
  • Fission - $281M CDN
  • Denison - $424M CDN
  • UEX Corp – $64.8M CDN
  • Purepoint Uranium – $19.3M CDN
  • Fission 3.0 - $16.5M CDN
  • Azincourt Energy - $4.5M CDN
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  • AAZ is earning a 70% interest the Eastern portion of the Preston Project
  • Overall 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$2.5 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
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2018 geophysical survey results

  • In the winter of 2017-18 numerous, high-quality drill targets were generated through HLEM and Gravity geophysical surveys
  • The geophysical program consisted of 51.45 km of grid preparation, 46.05 km of horizontal loop electromagnetic (HLEM), and 40.6 km of gravity and was designed to accurately identify the location of multiple conductive systems in this shallow depth to basement environment
  • Uranium deposits are often associated close to basement conductive trends and represent a first order criterion for discovery
  • Subtle gravity low anomalies can highlight areas of alteration and structural disruption
  • Gravity highs may represent basement topography, which are also associated with uranium deposits
  • The initial ground geophysical program confirmed the interpretation of the previous airborne data and has yielded drill targets within previously untested corridors
  • The following map 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
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VTEM ™ Survey – January 2019

  • A helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and Magnetic survey was completed over the southeastern portion of the East Preston Project to complete survey coverage over the entire 25,000+ hectare project area
  • The survey was completed between January 23 and February 6, 2019, and consisted of 498 line-km with 300 m line spacing and 1,000 m tie-line spacing – identical parameters to the previous VTEM™ Max survey, and ties directly into the previous flight lines
  • Flight lines were oriented NW-SE, perpendicular to the NE-SW trending structural and conductor trends of the basement rocks at East Preston
  • Geotech, a global leader in airborne geophysical survey mapping, interpretation and analysis, is finalizing the survey report, but has completed data processing and has provided a merged dataset covering the entire East Preston project (see following slide) by combining the newly acquired VTEM ™ survey data with the original VTEM ™ data coverage
  • In-depth interpretation is on-going by Bingham Geoscience, geophysical consultants to Azincourt
  • 100% of the 25,000+ hectare (250-sq kms) project ground is now covered by detailed geophysics, adding to an already robust target inventory
  • The initial results of the survey has added an additional 7.5 to 10 km along two of the previously identified prospective conductive trends
  • Offset breaks are seen in the conductor trends with multiple, discreet conductors interpreted
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Click on image to view full size 

Drill Phase – March 2019

  • Drilling commenced in mid-March with the program consisting of multiple inclined diamond drill holes targeting areas along the Main and M1 conductor trend
  • All drill holes to date have targeted multiple, closely-spaced discreet graphitic conductors with coincident gravity low anomalies
  • A total of 552 meters were completed in the initial drill campaign which confirmed the prospectivity of the East Preston project, as 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.
  • The presence of these pathfinder elements adds additional information and will enhance vectoring towards the most prospective areas of the conductor systems.
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