Mining
Wednesday, May 29th, 2024 4:05 pm EDT
Key Points
- Completion of 2024 Winter Drill Program: Azincourt Energy Corp. has successfully completed its winter 2024 diamond drill program at the East Preston uranium project, which involved drilling 1,086 meters across four holes to explore clay alteration zones and elevated uranium levels.
- Drilling and Exploration Findings: The drill program focused on the K and H Zones, identified significant hydrothermal alteration including illite, kaolinite, and dravite clays, which are key indicators of uranium mineralization. Geochemical samples have been collected and sent for analysis with results expected in late June.
- Permitting and Community Engagement: Azincourt has permits for exploration at East Preston through summer 2026 and emphasizes ongoing consultation and involvement with local communities to address potential impacts and ensure mutual benefits from the project activities.
VANCOUVER, British Columbia, May 28, 2024 (GLOBE NEWSWIRE) — AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTCQB: AZURF), is pleased to announce that it has completed the winter 2024 diamond drill program at the East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada.
The 2024 drill program consisted of 1,086 meters of drilling in four diamond drill holes. Drilling commenced on March 29th and was complete on April 19th. Logging of drill core, sampling, and demobilization of all drill equipment, helicopter, and crews was complete by the end of April. The priority for the 2024 drill program was to follow up on the clay alteration zone and elevated uranium that was identified in the winter of 2023 with a focus on the area of transition between the K and H Zones (Figure 2).
Winter 2024 Program
The winter 2024 program was executed by Terralogic Exploration Inc. under the guidance of Azincourt’s Vice President, Exploration, Trevor Perkins, P.Geo, and Jarrod Brown, M.Sc., P.Geo, Vice President of TerraLogic Exploration. Field activities were supervised by James Olsen, Geologist and Project Manager with TerraLogic Exploration. Three holes were completed in the H Zone, with one hole completed in the K Zone (Figure 3).
Drilling in 2023 identified an illite clay alteration halo extending from the top of Zone K to Zone H as far as drill hole EP0053. Within this illite alteration zone, dravite and kaolinite are present in the north end of Zone H. Illite and kaolinite are both indicators of hydrothermal alteration typically found within alteration halos of unconformity uranium deposits. Dravite is a boron-rich clay which is found within the larger clay package proximal to uranium mineralization in the hydrothermal system. Both illite and dravite have been identified as being significant vectors for the 2022 JR Zone discovery by F3 Uranium approximately 60 km to the northwest of the East Preston project.
All holes intersected hydrothermal alteration; however, the best alteration was intersected in the last two holes of the program. Hole EP0059, completed in Zone K, was targeted to follow up on kaolinite and dravite clay intersections and elevated uranium from 2023 in holes EP0049 and EP0055. Patchy white clay alteration was intersected within several structural zones in the core. EP0060 was completed on the south end of Zone H to follow up clay intersections and graphitic lithologies from 2023 in the southern portion of Zone H. This hole intersected moderate to strong white clay within zones of structure and intense fracturing. Analysis of the clay species is in progress.
A total of 53 geochemical samples were collected and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. Results are expected in late June.
Samples of clay alteration were collected for analysis by Short Wavelength Infrared Reflectance (SWIR, sometimes referred to as “PIMA”) to confirm the clay species. 34 samples were collected from current drillholes, with 20 samples also being collected from previous drill holes in an effort to better outline alteration halos and extents.
“The extension of the clay alteration halos in the K- and H- Zones is a very good sign,” commented VP Exploration Trevor Perkins. “Knowing the extents of the halos and the types of clay present are important steps in identifying and prioritizing follow-up drill targets. All indications are that we are vectoring in on something. The more we see, the better the team is getting at identifying which halos are the important ones to chase. A significant number of deposits in the Athabasca Basin have been found by identifying and chasing these types of clay alteration patterns,” continued Mr. Perkins.
East Preston Targets
The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend) (Figure 2). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2022 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors.
Drilling has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.
Permitting and Community Relations
Permits are in hand to conduct exploration activities at the East Preston property through the summer of 2026. Azincourt re-recognizes that the granting of these permits does not negate the rights of the local communities for meaningful consultation as the project progresses. The company looks forward to a continued close working relationship and regular consultation with CRDN and other rights holders to ensure that any potential impacts and concerns are addressed and that the communities can benefit from activities in the area through support of local business, employment opportunities, and sponsorship of select community programs and initiatives. Local businesses are engaged to provide services and supplies and members of the Clearwater River Dene Nation and surrounding communities have been directly employed on site or to provide support and services to keep the camp and programs running. The involvement of the local communities is essential for continued advancement of the East Preston Project.
Figure 1: East Preston Project Location – Western Athabasca Basin, Saskatchewan, Canada
Figure 2: 2024 Target areas at the East Preston Uranium Project. Primary target area of illite, dravite and kaolinite clay alteration highlighted in red.
Figure 3: East Preston 2024 Drill Hole Location map focused on the K and H Zones.
About East Preston
Azincourt controls a majority 86.1% interest in the 20,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold. 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 prospectively 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).
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 C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and 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. The Company has been an active uranium explorer for over a decade and is currently active at its majority-owned 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
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
Tel: 604-638-8063
info@azincourtenergy.com
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com
Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/062a3c3a-bfd1-40ae-bdb3-b21f75273397
https://www.globenewswire.com/NewsRoom/AttachmentNg/4babf31a-1cf7-44f6-b874-ee7e64690d0f
