Azincourt elects not to retain Patterson Lake interest
2019-03-28 11:04 ET – News Release
Mr. Alex Klenman reports
AZINCOURT ENERGY ELECTS NOT TO RETAIN 10 per cent OF PLN, WILL FOCUS ATHABASCA DEVELOPMENT EFFORTS AT EAST PRESTON
Azincourt Energy Corp. has elected not to retain its 10-per-cent interest in the Patterson Lake North property. The company held an interest in Patterson Lake through an option and joint venture arrangement with Fission Uranium Corp., and later Fission 3.0 Corp. In accordance with the terms of the joint venture, the company was required to finance a pro rata portion of any development at Patterson Lake in order to maintain its interest.
The company is currently focusing its efforts and available capital on the development of the East Preston uranium project in the western Athabasca basin of Northern Saskatchewan. As a result, the company has elected not to finance its pro rata portion of planned expenditures at Patterson Lake. This election allows for the company to concentrate capital in the continuing drilling and exploration program being conducted at the East Preston uranium project. For further information regarding continuing development at East Preston, readers are encouraged to review the company’s news release dated March 20, 2019.
About East Preston
Azincourt is currently earning a 70-per-cent interest in the 25,000-plus-hectare East Preston project as part of a joint venture agreement with Skyharbour Resources Ltd. and Clean Commodities Corp. Extensive regional exploration work at East Preston was completed in 2013/2014, including airborne versatile time-domain electromagnetic (VTEM), magnetic and radiometric surveys. 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 kilometres, each with multiple electromagnetic 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.
Only one of the corridors has been drill tested to date, successfully intersecting structurally disrupted graphitic metasedimentary rocks and anomalous pathfinder elements (including uranium) at the Swoosh S6 target using a combination of horizontal-loop electromagnetic and gravity as primary targeting tools.
East Preston geophysical work — winter 2018
The company completed a winter geophysical exploration program in January and February, 2018, that generated a significant amount of new drill targets within the previously untested corridors while refining additional targets near previous drilling along the Swoosh corridor.
The work included 51.5 kilometres of grid preparation (line cutting/picketing), 46.1 kilometres of horizontal-loop electromagnetic and 40.6 kilometres of ground gravity along the previously known airborne helicopter VTEM conductive trends.
Ground-truthing work confirmed the airborne conductive trends and more accurately located the conductor axes for future drill testing. The gravity survey identified areas along the conductors with a gravity-low signature, which is often associated with alteration, fault/structural disruption and, potentially, uranium mineralization. The combination/stacking of positive features has assisted in prioritizing targets.
The main grid shows 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.
Targets
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 Ted O’Connor, PGeo, a director of Azincourt Energy as well as a qualified person.
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 lithium exploration projects in the Winnipeg River pegmatite field in Manitoba, Canada; the East Preston and Patterson Lake North uranium projects in the Athabasca basin in Saskatchewan, Canada; and the Escalera group uranium-lithium project located on the Picotani plateau in southeastern Peru.
We seek Safe Harbor.
Related Posts
Tags
Share This
