Mining
Thursday, October 19th, 2023 1:59 pm EDT
Key Points
- Property Expansion: Azincourt Energy Corp. has entered into a mineral property purchase and sale agreement with Atlantis Battery Metals Corp. to acquire additional land adjacent to its Big Hill Lithium Project in southwestern Newfoundland, Canada. The newly acquired ground comprises two mineral licenses with a total of 304 claims, effectively doubling the project’s size from 7,500 hectares to 15,100 hectares.
- High-Quality Exploration Targets: The newly acquired licenses encompass three high-quality exploration targets, including a NE-trending dike system, the Moly Zone, and the Connoire Bay Brook Zone, which present compelling geological attributes for potential discoveries.
- Acquisition Details: Azincourt will pay for the acquisition by issuing 5,000,000 common shares of the company to Atlantis. An additional 500,000 common shares will be issued to a third-party finder. The completion of the acquisition is subject to approval by the TSX Venture Exchange. This expansion follows Azincourt’s recent discovery of a significant pegmatite field at Big Hill, contributing to the project’s exploration opportunities.
AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTCQB: AZURF), is pleased to announce that it has entered into a mineral property purchase and sale agreement (the “Purchase Agreement”), dated effective October 18, 2023 with Atlantis Battery Metals Corp. (“Atlantis”), pursuant to which the Company will acquire additional ground adjacent to the Company’s Big Hill Lithium Project, located in southwestern Newfoundland, Canada (the “Acquisition”).
The newly acquired ground consists of 2 mineral licences, 035707M and 035708M, consisting of 153 and 151 claims, respectively, with each mineral claim covering 25 hectares. The combined lands package for these two licences covers a total of 7,600 hectares, which will double the existing Big Hill project from 7,500 hectares to 15,100 hectares. The new licences lie approximately 25km eastward and 6.5km south of the Benton/Sokoman Kraken Lithium discovery.
Three high quality targets have been located on the newly acquired licences. These targets include, the NE-trending, dike system, the Moly Zone, and the Connoire Bay Brook Zone.
Pursuant to the terms of the Purchase Agreement, the aggregate purchase price payable by Azincourt to Atlantis consists of 5,000,000 common shares of the Company (the “Consideration Shares”). The Company will also be issuing 500,000 common shares of the Company to an arms-length third-party as a finder’s fee in connection with the Acquisition (the “Finder Shares”). The Company and Atlantis are at arms-length. Upon issuance, the Consideration Shares and the Finder Shares will be subject to a four month hold period as prescribed by applicable securities laws. Completion of the Acquisition remains subject to the approval of the TSX Venture Exchange.
“We’re pleased we will be able to double the size of Big Hill,” said president and CEO, Alex Klenman. “With the recent discovery of the previously unidentified pegmatite field we felt it was a good time to increase the size of the project ground. This is a significant exploration opportunity, in the right neighborhood, with compelling geological attributes. We’re excited to move forward with exploration plans and will announce the next phase of work shortly,” continued Mr. Klenman.
The Company recently announced the discovery of a significant pegmatite field at Big Hill which spans for ~400m trending NNE (see the Company’s previous news release dated September 26, 2023). The Big Hill claims are underexplored for lithium, and thanks to the highly impactful Kraken find, the Company feels the area is prospective for additional discoveries. The project has size, numerous priority targets, and the potential for many more. With year-round access, this project gives Azincourt the ability to be active throughout the year.
Image 1: Azincourt’s Big Hill Lithium Project, with additional licenses in red, Newfoundland
All of the known target areas have potential for spodumene-bearing pegmatites near the marginal areas of the Burgeo Granite Intrusive Suite, including gold mineralization like Marathon Gold’s Valentine Lake deposit located north of the Hermitage Flexure.
A recommended next phase exploration program (Phase I) would include any and all of the following: (a) additional helicopter supported prospecting, mapping, and sampling, (b) rapid analytical field analyses (portable XRF/spectrometer), and a Phase II program consisting of (c) till sampling for spodumene where cover masks the bedrock, (d) high-resolution drone-based geophysics including, but not limited to, radiometric and lidar surveys, (e) a high-resolution drone photographic survey, and (f) targeted trenching where lithium-bearing pegmatites are verified, followed by a Phase II limited diamond drill program (1,500 meters).
Figure 2: Selected photos from Big Hill Lithium Project area, (a) large, silicified pegmatite boulder (b, c, d) in situ quartz-tourmaline±pyrite veins, (e) brecciated quartz vein, (f) silicified pegmatite boulder.
Based on the Newfoundland mineral occurrence database, W, Mo, Pb, F, Zn, Cu, Au, Ag, Sn, Ba, Bi, and U mineralization is common throughout the project region and may also be conducive for LCT pegmatite formation. The discovery of spodumene-bearing pegmatites at the Kraken prospect opens the potential of more widespread lithium pegmatite mineralization throughout the area.
The regional presence of widespread mineralization, the discovery of the Kraken Li deposit, and the general lack of historical exploration provides an opportunity to find new mineralization. The five mineral licenses of the Big Hill project have potential for lithium, molybdenum, fluorite, tin, tungsten, uranium, tantalum, and other rare metals.
About the Big Hill Lithium Project
The Big Hill Lithium Project is a 15,100-hectare Lithium-Cesium-Tantalum (“LCT”) exploration property located in southwestern Newfoundland, Canada, along the south side of the Hermitage Flexure, approximately five kilometres south of the Benton/Sokoman JV partnership (“the Alliance”) discovery of the Kraken Lithium Pegmatite Field (1.04% Li2O over 15.23m, 8.4m of 0.95% Li2O, and 5.5m of 1.16% Li2O*). The Benton/Sokoman JV partnership has also discovered the cesium-tantalum-rubidium-lithium Hydra Dyke which is located 12 kilometres northeast of the Kraken Lithium Pegmatite Field. Channel samples returned results as high as 8.76% Cs2O, 0.41% Li2O, 0.025% Ta2O5, and 0.33% Rb2O over 1.20m*.
The Kraken Lithium Pegmatite discovery features numerous granitic dykes and unmapped pegmatites in a variety of rock types with a strike length up to 40 kilometres in length. The Big Hill Lithium Property is host primarily in the Burgeo granite with large enclaves of older mafic paragneiss. The boundary between the two properties is marked by the Hermitage Flexure, which in part appears to be locally segmented by sub-parallel fault segments, and the intrusive contact between the Burgeo granite and older stratigraphy. Similar structural controls are recognized within the global tectonic boundary stretching from the Carolina Tin-Spodumene Belt, through Avalonia in Nova Scotia, to Newfoundland, and then on to Laurentia (Leinster) on the east side of the Atlantic Ocean.
At the Big Hill Lithium Project numerous granite dykes can be seen cutting the Burgeo granite. Coarse-grained pegmatite dykes greater than 2 meters wide and 20 meters long occur south of the property and are anticipated to be present on the Big Hill exploration licences.
Recent preliminary prospecting at Big Hill has identified four known target areas, based on extrapolation of bedrock geology, structural disaggregation of stratigraphic blocks, and apparent folding and late shear faulting. Similar structural elements are observed in the Kraken Lithium Pegmatite field although host rocks differ. These targets are known as the River, Road, MK, and Ridge Targets and will be the focus the initial exploration.
The area around the Big Hill Lithium Project has seen extensive mineral exploration over the past several decades. The Peter Snout mineral occurrences immediately east of the Kraken Lithium Pegmatite discovery and the White Bear River area further to the northeast have seen exploration for many years for polymetallic mineralization, but not for lithium until 2021.
* Sokoman Minerals Corp., news release March 28, 2023
Qualified Person
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 Paul K. Smith, a Qualified Person as defined by National Instrument 43-101.
About Azincourt Energy Corp.
Azincourt 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 located in the Athabasca Basin, Saskatchewan, and the Big Hill lithium project, located in southwestern Newfoundland.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“Alex Klenman”
Alex Klenman, President & CEO
For further information please contact:
Alex Klenman, President & CEO
Tel: 604-638-8063
info@azincourtenergy.com
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com
