Azincourt begins work program on Escalera projects

Oct 25, 2018

2018-10-24 12:17 ET – News Release

Mr. Alex Klenman reports

AZINCOURT ENERGY COMMENCES WORK PROGRAM AT ESCALERA URAINUM PROJECT, PERU

Azincourt Energy Corp. has commenced its initial work program at the recently acquired series of uranium-lithium exploration projects located in the Picotani volcanic field in Carabaya and San Antanio De Putina provinces, Puno region, in southeastern Peru, collectively known as the Escalera Group.

The projects cover a combined area of 7,400 hectares of prospective exploration targets for volcanic-hosted supergene/surficial uranium and lithium on the Picotani plateau (or mesata in Spanish). Surface rock samples obtained in 2017 from the Escalera project were processed by ALS Minerals in Lima, Peru, and returned values of up to 3,560 parts per million uranium and 153 parts per million lithium. Historical samples taken from the Escalera project have yielded values up to 6,812 parts per million uranium.

A crew of experienced geologists familiar with the area are assembling in country over the next 10 days and are immediately commencing a comprehensive phase 1 work program at all three concessions forming the Escalera Group (Escalera, Lituania and Condorlit), which is expected to last throughout the month of November.

First-phase groundwork will include detailed reconnaissance to locate favourable outcroppings and known host-rock formations, focused ground radiometric geophysical surveys using hand-portable scintillometers to test for elevated radioactivity at surface as well as a comprehensive channel sampling program.

“We’re pleased to get on the ground and start the work programs there,” said Alex Klenman, president and chief executive officer. “As we know, the Macusani-Crucero-Picotani area is [a] very mineral-rich environment, with uranium, lithium and other metals present. Both recent and historical sampling at the Escalera Group have returned very solid uranium numbers, so we’d like to confirm and expand on that success. The data we glean from this initial work program will give us a better understanding of the geological footprints at each site and will allow us to zero in on drill targets. Our goal is to get the projects to drill-ready status as soon as possible,” continued Mr. Klenman.

The initial work program will focus on full digital data compilation of detailed geological mapping, reconnaissance-level scintillometer radioactivity surveying, and surface rock and soil sampling, with the purpose of generating high-priority drill targets for subsequent work programs. The program is being managed by Michael Moore, PGeo, who has both extensive Latin American and uranium exploration experience. Results from this program will be released once received, reviewed and verified.

The Macusani-Crucero-Picotani volcanic fields have been of interest for uranium exploration since the 1980s. A 1981 report by the International Atomic Energy Agency examined the Macusani-Crucero-Picotani area and concluded “… The large Crucero-to-Picotani basin, although having less-well-exposed occurrences, may have more potential. Isolated outcrops of the volcanic sequence around the rim of the basin may have been available both during sedimentation and later basin evolution, leading to the accumulation of significant deposits.”

The projects are accessible year-round by paved/dirt road access, with a national airport only 130 kilometres to the south.

Qualified person

The technical information in this news release has been reviewed and approved by Michael Moore, PGeo, an independent qualified person under 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 and Patterson Lake North uranium projects in the Athabasca basin in Saskatchewan, Canada, and its lithium exploration projects in the Winnipeg River pegmatite field in Manitoba, Canada.

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