Azincourt Energy - The Snegamook Project

The Snegamook Project

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The Snegamook Uranium Project is located in the highly prospective Central Mineral Belt in Labrador, Canada: a 260km X 75km belt of mineral occurrences containing multiple large scale uranium deposits including one of the world’s largest undeveloped uranium resources, Paladin Energy’s Michelin Deposit (Measured and Indicated resource of 82.2Mlb U3O8).
The Snegamook Project is a mineral licence of 17 contiguous claims covering 423 hectares, containing proven shallow uranium mineralization located less than 1km south of a known deposit, the Two Time Zone (Indicated and Inferred resource of 5.55 Mlb U3O8, June 2008).

^{*click to expand}Caption: the Snegamook Project comprises a known mineralization zone located less than 1km south of the Two Time Zone deposit (Indicated and Inferred resource of 5.55 Mlb U3O8, June 2008).

Exploration work by previous owners Silver Spruce Resources completed between 2006 – 2008 in the area led to the discovery of a new uranium-bearing zone 1.3 km along strike to the southeast of the Two Time Zone deposit, named the “Snegamook Zone” after nearby Snegamook Lake.
17 drill holes intersected a 20 to 50 m wide section of uranium bearing brecciated and altered monzodiorite with moderate to strong chlorite, hematite and carbonate alteration, the same geological setting as the Two Time Zone deposit.
Four individual lenses of uranium mineralization were identified at Snegamook, traced over a strike length of 300 meters and to a vertical depth of 200 meters. The mineralized lenses are shallow, dipping (15 to 20 degrees west) and vary in width from five to 53 meters with grades ranging from 225 to 771 ppm U3O8, and remain open to the North and at depth. Additional new mineralized lenses were also found on strike to the south.¹

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The linear belt between the Two-Time Deposit and the Snegamook Project is referred to as the Two-Time Trend, and despite previous exploration work, it remains largely under-explored as of today. ²

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History: central mineral belt & the snegamook project

Initial exploration of Labrador’s Central Mineral Belt (1951-1978) resulted in the discovery of several major uranium deposits and many smaller prospects 3. Due to the collapse of the uranium market in the early 1980s, the area lay dormant until the mid-2000s, when the recovery of uranium prices led to district-wide staking and new exploration. However despite this recent uptick in exploration activity and many discoveries in the Central Mineral Belt, it remains largely under-explored ^4.
The Two Time and Snegamook Zones are located near several large-scale uranium discoveries including the Moran, Kitts, and Jacques Lake deposits and the advanced Michelin Project (owned by Paladin Energy), one of the largest undeveloped uranium resources in the world, with six deposits totaling 127.7 M lbs O3U8. The largest of these deposits is the Michelin Deposit, a total Mineral Resource of 92 Mlb uranium (82.2 Mlb Measured and Indicated).

Previous exploration at the snegamook project

Silver Spruce Resources began exploration work on the land claim containing both the Two Time Zone and the Snegamook Zone in early 2006, and continued to explore the property through to July 2008.
Exploration on the property commenced in June 2006 with an airborne radiometric and magnetic survey, and follow-up prospecting to investigate the radiometric anomalies identified. Over 2,300 soil samples, 47 stream sediment samples and 289 detailed lake sediment samples were collected in 2007. In addition, Silver Spruce carried out a RadonEx survey consisting of over 3,100 stations which outlined a number of anomalous areas. Geological mapping in 2007 was completed over the highest radiometric anomalies. Trenching was carried out in late 2006 and 2007 ^5.
No work has been conducted on the Snegamook Project since 2008. Azincourt’s initial focus is on the compilation of all historic exploration data on the Project, followed by the design and implementation of an initial drill campaign to verify and expand the historical mineralization.

1: https://silverspruceresources.com/news/news-releases/silver-spruce-discovers-new-uranium-zone-on-snegamook-property/).
2: https://www.gov.nl.ca/iet/files/mines-geoscience-publications-openfiles-of-lab-1684-of-lab-1684.pdf)
3: https://www.findnewfoundlandlabrador.com/files/2017/03/Uranium-in-Labrador-Jan-2012.pdf)
4: https://www.sciencedirect.com/science/article/pii/S037567422200053X).
5: Sundance Geological Ltd, 2015: https://www.sec.gov/Archives/edgar/data/1287121/000128712115000027/techreport.htm).

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