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.
Road preparation and placement of bridges to
allow access to the primary drill sites at the Company’s East
Preston property is underway. The 2021 exploration program is
anticipated to cost approximately $1M to 1.4M and consist of a 10 -
12 hole, 2000-to-2500 meter diamond drill program. Drilling is
anticipated to commence the third week of February.
Based on the compilation of results from the
2019 and 2020 drill programs, 2018 through 2020 ground based EM and
gravity surveys, and property wide VTEM and magnetic surveys, the
conductive corridor from the A-Zone through to the G-Zone (Figures
1 and 2) has been identified as the focus for the 2021 drilling
program.
The 2020 HLEM survey completed in December
indicates multiple prospective conductors and structural complexity
along the eastern edge of this corridor. 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. Drilling will start in the AB-Zone and
continue southwest along the G-Zone.
TerraLogic Exploration and Bryson Drilling have
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.
“There is no shortage of drill ready targets on
the East Preston Project. It will be exciting to continue to drill
these targets and focus in on the most responsive areas within the
identified structural corridors,” said Exploration Manager, Trevor
Perkins.
Figure 1: Target corridors at the East Preston
Uranium Project, Western Athabasca Basin
Saskatchewanhttps://www.globenewswire.com/NewsRoom/AttachmentNg/c54c478d-f370-47a5-9a73-bfa3ec6051bc
“We are pleased to continue our exploration
drilling at East Preston,” said Alex Klenman, President and CEO.
“There have only been a dozen holes drilled so far, it’s still
early on in the exploration drill phase. The project contains
dozens of high quality, priority targets, and we believe the data
generated so far suggests each round of drilling we conduct is
getting us closer to discovery. We are on the right path, at a
large enough, suitably located land package, situated among large
cap uranium companies. There are no doubts that East Preston
presents a compelling exploration proposition,” continued Mr.
Klenman.
Figure 2: 2021 Drill Target areas at the East
Preston Uranium
Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/4916228a-7ced-4f9a-8fb6-bd7f3d1d52e4
Figure 3: Project Location – Western Athabasca
Basin, Saskatchewan, Canada (please note the adjacent Orano project
also includes Dixie Gold
Inc.)https://www.globenewswire.com/NewsRoom/AttachmentNg/aae97859-b138-4190-a777-4c19fe83104f
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. 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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