Azincourt Energy samples up to 8,061 ppm U at Escalera

Jan 24, 2019

2019-01-23 09:31 ET – News Release

Mr. Alex Klenman repors

AZINCOURT ENERGY SAMPLES UP TO 8,061 PPM URANIUM (0.95% U3O8) AT ESCALERA PROJECT, PUNO, PERU

Azincourt Energy Corp. has released results from its late 2018 reconnaissance surveys of the Escalera project properties in the Picotani volcanic field in Carabaya and San Antanio De Putina provinces, Puno region, in southeastern Peru.

Company consultants have completed a comprehensive reconnaissance-scale prospecting and geological interpretation program on the three Puno Peru concession groups: Escalera, Lituania and Condorlit (collectively, the Escalera group).

Highlight surface rock grab sampling and new uranium zone identification:

Sampling at the priority Escalera property has identified two new uranium prospective areas measuring an estimated 4.5 kilometres and 2.0 kilometres long.
Escalera property rock grab samples have yielded highlight laboratory results of up to 8,061 parts per million uranium (0.95 per cent triuranium octoxide (U3O8)), with a property total of 11 rock samples reporting above a 1,000-part-per-million-uranium (0.12 per cent U3O8) threshold*.

“Our maiden reconnaissance survey focused on the three separate project areas, covering much of the combined 7,400 hectares underlain by the target volcanic debris flow rocks,” said Alex Klenman, president and chief executive officer. “In a very short time, field crews have successfully identified two areas for prospective uranium mineralization on the large Escalera property. We are particularly pleased that rock grab sampling has yielded rock sample clusters of prospective uranium mineralization over an area extending more than four kilometres. Our next work phase of detailed surface sampling, surface radioactivity geophysical surveying and geological mapping will focus on these two zones,” continued Mr. Klenman.

Observed surface radioactivity, combined with uranium-in-rock laboratory results, has shown that the Escalera property will be the priority exploration focus going forward. Uranium laboratory results and surface radioactivity indications at Condorlit and Lituania were generally subanomalous. For all three properties, lithium-in-rock laboratory results were generally uniform and subanomalous, averaging about 153 parts per million lithium with a high value of 360 parts per million lithium. Interestingly, on the southwest part of the Escalera property, there is a notable cluster of lithium-in-rock results ranging 290 parts per million lithium to 360 parts per million lithium that will see follow-up work.

A total of 113 rock samples were collected during the three-week-long reconnaissance sampling and prospecting program, with a total of 94 rock samples collected on the 5,500-hectare Escalera property. To ascertain the potential for uranium enrichment in the target Paleogene-Neogene-aged weathered felsic volcanic flow rocks, field staff used portable scintillometers to identify zones of elevated surface radioactivity to efficiently direct rock sampling. In particular, sampling focused on locations with elevated radioactivity associated with large fractures and faults in the volcanic flows, which likely reflects uranium remobilization due to extensive surface weathering.

At Escalera, the proposed uranium mineralization model is similar to that found at the Macusani uranium deposit (Plateau Energy Metals) located about 100 kilometres to the northwest, where uranium has dissolved and precipitated from source frothy volcanic debris flow rocks through an intricate interaction between geomorphology, groundwater movement and evaporation. The Macusani uranium deposit has a reported measured and indicated resource of 52.9 million pounds U3O8 (248 parts per million) and an inferred resource of 72.1 million pounds U3O8 (251 parts per million) (Plateau Energy Metals’ June 22, 2015, consolidated mineral resource estimate).

* Note: Rock grab samples are selective by nature and are unlikely to represent average grades on the property.

Quality control

Rock samples were bagged, sealed and delivered directly to Bureau Veritas laboratory facility in Lima, Peru, where they were dried, crushed and pulped (code PRP70-250). Samples were crushed to with up to 80 per cent passing two millimetres and split using a riffle splitter. An approximately 250-gram subsample split was pulverized to minus 200 mesh (74 microns). A 0.25-gram subsplit from the resulting pulp was then subjected to four-acid digestion and multielement ICP-ES and ICP-MS analyses (code 4A270).

Michael Moore, BSc, PGeo, consultant to the company and qualified person for purposes of National Instrument 43-101, has reviewed the technical information in this news release.

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 elements critical to the future.

We seek Safe Harbor.

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