AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”)
(TSX.V: AAZ, OTC: AZURF), is announcing
that the 2021 winter exploration program has ended ahead of
schedule at the East Preston uranium project, located in the
western Athabasca Basin, Saskatchewan, Canada.
Unseasonably warm weather during the first two
weeks of March and rapid snow melt has forced the termination of
the diamond drill program approximately two weeks earlier than
expected. Daytime temperatures above zero with only mild freezing
temperatures at night is resulting in the rapid deterioration of
ice crossings over rivers and swamps. In the interest of crew
safety and environmental responsibility, the decision was taken to
defer the remaining meterage in the program until later in the
year.
The 2021 exploration program was planned to be a
minimum 10+ hole, up to 2500 meter diamond drill campaign. The
program was terminated after the completion of 1195 meters in 5
drill holes. Preliminary results indicate that the conductive
corridor through the A to G Zones contains a thick graphitic
package and associated complex structural pattern ideal for the
placement of uranium mineralization. Core from the five completed
holes is currently being logged and is being sent to SRC
Laboratories in Saskatoon for multi-element analysis. Results will
be released once they become available.
“The appearance of open water at ice crossings
and rapidly rising water levels in the creeks and swampy areas due
to rapid snow melt were a clear indication that our time to
complete the winter program was at an end,” said Exploration
Manager, Trevor Perkins. “The five completed holes confirm that we
are on the right track at the East Preston Project. The structures
intersected show a complexity consistent with multiple intersecting
faults, which is very promising for the potential deposition of
uranium and we are excited to resume drilling,” continued Mr.
Perkins.
The Company is exploring options to complete the
meterage allocated to this program. Options being considered
include a summer 2021 drill campaign and an expanded winter
2021-2022 drill campaign, subject to permit approval and community
consultations.
“Unfortunately, the warm weather became a
liability, and there was no alternative but to postpone the
remaining meterage for the time being,” said president and CEO,
Alex Klenman. “We’re looking into how quickly we can complete the
remaining holes. It is a priority, and we do have some options.
Those holes will be completed,” continued Mr. Klenman.
As previously reported the target area for the
2021 drill program was the conductive corridor from the A-Zone
through to the G-Zone (Figures 1 and 2) and is based on a
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 2020 HLEM survey completed in
December indicates multiple prospective conductors and structural
complexity along the eastern edge of this corridor.
Figure 1: Target corridors at the East Preston
Uranium Project, Western Athabasca Basin Saskatchewan
https://www.globenewswire.com/NewsRoom/AttachmentNg/585f9546-dd89-42b7-9870-0166916b9d27
Figure 2: 2021 Drill Target areas at the East
Preston Uranium Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/15bb9266-2ee8-41f4-b17f-2d4744ec328b
Figure 3: 2021 Completed Drill Hole Plan at the
East Preston Uranium Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ff9b5fc-77b4-4427-b6df-4ae17f5678c0
Figure 4: Project Location – Western Athabasca
Basin, Saskatchewan, Canada
https://www.globenewswire.com/NewsRoom/AttachmentNg/0526aaae-2c4d-4f89-8334-9f9e5177952f
About East Preston
Azincourt controls a majority 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.
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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