AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”)
(TSX.V: AAZ, OTC: AZURF), is pleased to
provide an update on preparations for the 2021 winter exploration
program at the East Preston uranium project, located in the western
Athabasca Basin, Saskatchewan, Canada.
Results from the 2020 HLEM survey have been
received and drill target prioritization is now underway, based on
the compilation of results from the 2019 and 2020 drill programs
and 2018 through 2020 ground based EM and gravity surveys, and
property wide VTEM and magnetic surveys.
An exploration program of approximately $1M to
$1.4M will focus on the central portion of the East Preston
property. Permits are in place to allow the commencement of an
approximately 2000-2500 meter drill program consisting of up to 10
to 12 holes testing targets extending south from the A Zone into
the G1, G2 and G3 target areas. Drilling in the A zone suggests
this structural corridor hosts significant graphitic packages
within strongly sheared and faulted host lithologies, indicating an
environment conducive to fluid movement and uranium deposition.
“East Preston has an abundance of untested
conductive packages and compelling drill targets,” said Exploration
Manager, Trevor Perkins. “We are eager to continue evaluating these
conductive packages, focusing on the most responsive areas, and
advancing the East Preston Project,” continued Mr. Perkins.
“We’re pleased to get the 2021 drill program
underway,” said president and CEO, Alex Klenman. “East Preston has
had only 12 holes drilled to date, and these early results confirm
we have the right basement unconformity uranium setting with the
right rocks, structure and alteration. We’re still very early in
the exploration phase, and with the recent geophysics program
adding even more drill targets, we believe strongly we’re on the
path to discovery. With the uranium space beginning to turn to the
upside, the timing for drilling is excellent,” commented Mr.
Klenman.
Crews are currently preparing roads into the
proposed drilling areas. Drill pad locations are now being firmed
up and will be announced closer to the drill commencement date,
which is expected to be mid-February. TerraLogic Exploration and
Bryson Drilling have both once again been contracted to execute the
drill program, which is being conducted under the guidance and
supervision of Azincourt’s Exploration Manager, Trevor Perkins,
P.Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project
Manager with TerraLogic Exploration.
Figure 1: Target corridors at the East Preston
Uranium Project, Western Athabasca Basin
Saskatchewanhttps://www.globenewswire.com/NewsRoom/AttachmentNg/ffe79c42-8d76-4e16-9de7-c6b2d9ce7285
Figure 2: 2020 HLEM survey Interpretation at the
East Preston Uranium
Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/0355375b-cb82-4c00-838b-63d9ac18ae26
Figure 3: Project Location – Western Athabasca
Basin, Saskatchewan,
Canadahttps://www.globenewswire.com/NewsRoom/AttachmentNg/d2757afa-1df9-4106-938d-0949372d01a0
About East Preston
Azincourt is currently earning towards 70%
interest in the 25,000+ hectare East Preston project as part of a
joint venture agreement with Skyharbour Resources (TSX.V: SYH), and
Dixie Gold Inc (Figure 2: Project Location – Western Athabasca
Basin, Saskatchewan, Canada). 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 prospectivity 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., Exploration
Manager of Azincourt Energy, and a Qualified Person as defined by
National Instrument 43-101.
About Azincourt Energy
Corp.
Azincourt Energy 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
in the Athabasca Basin, Saskatchewan, Canada, and the Escalera
Group uranium-lithium project located on the Picotani Plateau in
southeastern Peru.
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 & CEOTel:
604-638-8063info@azincourtenergy.com
Azincourt Energy Corp.1430 – 800 West Pender
StreetVancouver, BC V6C
2V6www.azincourtenergy.com
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