Azincourt Exercises Year 2 Option with Fission 3.0 at PLN
April 24 2014 - 8:00AM
Marketwired
Azincourt Exercises Year 2 Option with Fission 3.0 at PLN
Aggressive Exploration to Commence Immediately on Quality
Targets
SASKATOON, SASKATCHEWAN--(Marketwired - Apr 24, 2014) -
AZINCOURT URANIUM INC. ("Azincourt" or "the Company")
(TSX-VENTURE:AAZ), and its joint venture partner and operator,
Fission 3.0 Corp ("Fission 3.0") (TSX-VENTURE:FUU), are pleased to
announce that Azincourt has agreed to continue funding exploration
work into Year 2 of its earn-in Option at the PLN project.
Exploration work to re-start well ahead of the June 19 anniversary
date.
- The initial exploration program completed in 2014 was
successful at proving the prospectivity of the
conductive/structural systems that were drill tested, as well as
identifying the brand new 8.5 km northern conductor system target
and refining targets throughout the entire project area (see
Conductor Location Map:
http://media3.marketwire.com/docs/azincourt_uranium_apr24_fig01.pdf).
- $ 3 million is the minimum expenditure commitment for Year
2.
- Immediate plans to complete DC Resistivity surveys on the N
Conductor and Broach Lake Conductor systems with line cutting and
grid preparation already underway.
- Diamond Drill holes planned for Summer/Fall testing as
follow-up on the A1 and A4 conductors and on any land-based
resistivity targets generated on the N and Broach Lake conductor
systems.
Ted O'Connor, President and CEO of Azincourt, commented,
"The results from the winter program were very encouraging
and have increased the prospectivity of PLN. The goal of the
initial program was to confirm the geological setting necessary for
economic uranium deposit discovery, which the joint venture
achieved. The work planned will start immediately and is intended
to advance all three project areas this summer with a combination
of additional geophysics to refine targets. This will be followed
immediately by drilling on land-based targets with additional
drilling this coming winter. We are happy to be continuing on into
Year 2 of our joint venture with the excellent team at Fission
3.0."
Spring/Summer Geophysical Program Summary
Linecutting and a DC Resistivity geophysical survey is currently
underway on the N conductors and Broach Lake conductors. Patterson
Geophysics has been contracted to complete pole-pole DC Resistivity
on a grid covering the 76.5 line km located over the N Conductor
system in the northern PLN project area as well as pole-dipole DC
resistivity on a 34 line km grid located over the Broach Lake
conductor system in southern PLN. Drill targets will be refined by
these surveys for testing this summer/fall and next winter.
Drill Targets |
|
A1
Conductor |
|
The
A1 conductor tested by 4 holes in the winter 2014 drill program and
found to be a graphitic pyritic pelitic gneiss. The conductor
intersected in PLN 14-10, the northern-most hole along conductor
A1, had the most interesting pathfinder geochemistry of the holes
drilled this winter. Anomalous values of Uranium (2-41 ppm U), Lead
(7-89 ppm Pb), Molybdenum (2-125 ppm Mo) Nickel (70-862 ppm Ni),
Cobalt (14-147 ppm Co), Copper (80-1390 ppm Cu) and Boron (10-183
ppm B) were present over an approximately 65m interval (230m to
295m), the interval that corresponds to the A1 conductor. These
pathfinder elements are known to be anomalous associated and
proximal with high-grade uranium mineralization of the style in the
Athabasca Basin. |
|
|
|
An
additional hole is planned up dip from hole PLN 14-10 to test this
conductor closer to the unconformity. The pathfinder geochemistry
of the drill core also becomes more elevated towards the northwest,
which suggests that is prospectively also increases towards the
northwest. Two drill holes are planned to test 400m and 800m to the
north of PN 14-10 along conductor A1, where the conductance remains
high and the conductor untested. |
|
|
|
A4
Conductor |
|
The
A4 conductor was defined by a ground TDEM survey carried out in
January 2014. A drill hole is planned to test this conductor at a
conductive bright spot near its south end. |
|
|
|
N
Conductor System |
|
The N
conductor in the NE part of the property was identified from a 2013
airborne VTEM survey and subsequently confirmed by a limited ground
MT and TDEM survey. Preliminary interpretation indicates multiple
west-dipping conductors. Drill targets will be refined by the
current DC resistivity survey and EM surveys where necessary. |
|
|
|
Broach Lake Conductors |
|
Two
prospective conductors were identified at Broach Lake from moving
loop TDEM surveys carried out in February and March 2014. Drill
targets will be refined by the contemplated resistivity survey and
EM surveys where necessary. |
Upon completion, all drill holes are radiometrically surveyed
using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for
more accurate measurements in high grade mineralized zones.
Drill core samples are submitted for trace element
lithogeochemical analysis to look for pathfinder element enrichment
signatures indicative of alteration associated with uranium
mineralizing processes. Samples have been submitted to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited
Facility) of Saskatoon. All samples sent for analysis will include
a 63 element ICP-OES, uranium by fluorimetry and boron.
Patterson Lake North Property
The Patterson Lake North property (PLN) lies adjacent and to the
north of the Patterson Lake South property, owned by Fission
Uranium Corp. (TSX-VENTURE:FCU) where recent drill results have
identified high grade uranium in 6 separate pods. (See Fission
Uranium news release November 27, 2013.)
PLN was acquired by staking in 2004 and became part of the
Fission 3.0 portfolio as part of the Fission Uranium/Alpha Minerals
agreement from December 2013. It comprises 27,408 Ha, and is
located about 30 km immediately south of the UEX/AREVA Anne and
Collette uranium deposits at Shea Creek.
PLN is prospective for hosting structurally controlled
high-grade unconformity uranium mineralization that is often
associated with basement graphitic shear zones within clay altered
metasedimentary basement lithologies. These features have unique
characteristics that can be identified by geophysical surveys.
Azincourt has a staged, four year option agreement with Fission
3.0 dated April 29, 2013 whereby Azincourt can earn up to a 50%
interest in the PLN project through a combination of option
payments and exploration work funding. Approximately $4.7 million
has been spent on prior exploration of the property by Fission
Uranium. Azincourt has completed Year 1 funding of the option ahead
of the June 19, 2014 anniversary date. Fission 3.0 is the operator
and project manager.
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
Ted O'Connor, P.Geo. President and CEO of Azincourt Uranium Corp.,
a qualified person.
About Azincourt Uranium Inc.
Azincourt Uranium Inc. is a Canadian based resource company
specializing in the strategic acquisition, exploration and
development of uranium properties and is headquartered in
Vancouver, British Columbia. Azincourt has advanced exploration
projects and uranium resources in southeastern Peru and the PLN
exploration project joint venture with Fission 3.0 in northern
Saskatchewan.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Ted O'Connor, CEO and President
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.
Azincourt Uranium Inc.Mario VetroCorporate Development and
Investor Relations604 662
4955mario@azincourturanium.comwww.azincourturanium.com
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