AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”)
(TSX.V: AAZ, OTC: AZURF), is pleased to
report the completion of the airborne radiometric survey and
provide an update on preparations for the upcoming 2021-2022 drill
program at the East Preston uranium project, located in the western
Athabasca Basin, Saskatchewan, Canada.
The primary target area for the 2021-2022
program continues to be the conductive corridor from the A-Zone
through to the G-Zone (Figures 1 and 2). The selection of this
trend 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 2021 drill programs. The
2020 HLEM survey completed in December indicates multiple
prospective conductors and structural complexity along the eastern
edge of this corridor.
Airborne Radiometric Survey
Complete
Terralogic Exploration Inc. was contracted to
facilitate an airborne radiometric survey over the previously
unsurveyed southern portion of the property and conduct field
investigations of resulting anomalies. Special Project Inc. (SPI)
of Calgary, Alberta conducted the survey using a fixed wing
aircraft to complete the airborne radiometric survey, which
consisted of 2,514 km of survey lines flown at a low minimum
altitude and 50 m line spacing to ensure good data collection and a
high survey resolution. The survey commenced on August 4th and was
completed by August 14th. Preliminary results have been received
(Figure 3) and ground-based follow-up of identified anomalies is
currently underway.
An airborne radiometric survey uses a gamma ray
scintillometer mounted on an airborne platform to measure and map
the natural radiation emitted by the rocks and soil the aircraft is
flying over. Gamma radiation occurs from the natural decay of
elements such as uranium, thorium, and potassium. Locations that
have a higher radiation signature (anomalies) than the normal
values for the surrounding area (background) would then be examined
by crews on the ground for the potential presence of radioactive
bedrock if there is not much glacial till cover, or boulders in the
till that could be traced back to a source. Many uranium deposits
in the Athabasca Basin, including the nearby Triple-R deposit, have
been found by following trails of radioactive boulders in the
glacial till back to their source.
“The radiometric survey coverage has further
highlighted the G-zone and the Q-zone to the east, reinforcing our
decision to focus on these conductive packages at this stage of the
project. I’m eager to see what boots on the ground may yet show
based on these results,” said VP, Exploration, Trevor Perkins.
Updated Exploration Plans
The planned early fall diamond drilling program
to complete approximately 1,000 meters of drilling remaining from
the shortened winter 2021 program has been rescheduled after
consultation with local communities and contractors. As a result,
this meterage will be used to further expand the upcoming extensive
winter drill program. This program will now consist of
approximately 7,000 meters in 30-35 drill holes. Preparations are
set to begin in early December. Target selection is ongoing and
will be refined based on the ground-based follow-up of anomalies
identified from the recently completed airborne survey.
“We don’t want our activities to negatively
impact traditional activities by members of the local communities
in the area at this critical time of year. There are number of
concerns, including the impact of this summer’s heightened fire
conditions on the environment,” said VP Exploration, Trevor
Perkins. “In consideration of this, we made the decision in
consultation with the community to push the scheduled 1000 meters
out 90 days into an expanded winter program, which is due to
commence in December. We are looking forward to the upcoming drill
campaign,” continued Mr. Perkins.
“The radiometric survey has successfully
increased our potential target inventory at East Preston,” said
Alex Klenman, President and CEO. “In addition, in a matter of weeks
we’ll be starting the largest drill campaign yet at East Preston.
We are heading towards discovery, with all previous work programs
contributing critical data and creating what is now a very
compelling exploration case. With renewed life in the sector, our
timing appears to be really good. The next couple of years could be
very exciting for both the Company and our shareholders,” continued
Mr. Klenman.
Permits and funding are in place to complete all
the planned work through the winter of 2022, and consultations and
information sessions with local communities will continue
throughout.
Figure 1: Target corridors at the East Preston
Uranium Project, Western Athabasca Basin Saskatchewan
https://www.globenewswire.com/NewsRoom/AttachmentNg/678db516-1e2e-47ae-acb5-6ee4fe64e309
Figure 2: 2021 Drill Target areas at the East
Preston Uranium Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/89b870d5-adf9-4a4c-8539-826dc2b170ca
Figure 3: 2021 Radiometric survey coverage at
East Preston Uranium Project.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca66b2fa-0f19-455c-88b4-656a301bbfb5
Figure 4: Project Location – Western Athabasca
Basin, Saskatchewan, Canada
https://www.globenewswire.com/NewsRoom/AttachmentNg/0da59997-2297-475f-a4b6-a152359fa6f6
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., Vice President,
Exploration 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 majority controlled 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 & CEO Tel:
604-638-8063 info@azincourtenergy.com
Azincourt Energy Corp. 1430 – 800 West Pender
Street Vancouver, BC V6C 2V6
www.azincourtenergy.com
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