Azincourt Energy talks PLN, Lithium 2 work

Jun 15, 2018

2018-06-14 11:07 ET – News Release

Mr. Alex Klenman reports

AZINCOURT ENERGY PROVIDES UPDATES ON ITS URANIUM AND LITHIUM EXPLORATION PROJECTS

Azincourt Energy Corp. has provided updates on its lithium and uranium exploration activities.

Drill program planned at Patterson Lake North (PLN) uranium project

Azincourt’s joint venture partner, Fission 3.0 Corp., is preparing a summer drill program for its flagship PLN property. The program will include multiple holes focused on high-priority targets within a 700-metre mineralized corridor identified during the previous drill program.

With its proximity to nearby very large and high-grade uranium deposits and with multiple geological and geophysical interpreted features, including an extensive drill identified mineralized corridor, PLN is Fission 3.0’s highest priority.

PLN is located in the southwest area of Saskatchewan’s Athabasca basin, immediately adjacent and to the north of Fission Uranium’s PLS (Patterson Lake South) project, which hosts the high-grade Triple R uranium deposit. The PLN package consists of a total of 36,537 hectares. Azincourt Energy holds a 10-per-cent interest in 27,408 hectares of the PLN property.

PLN highlights:

Prospective for high-grade uranium at shallow depth;
Previous results have encountered significant mineralization and pathfinder elements showing large-scale potential;
Adjacent to and part of the same structural corridor as Fission Uranium’s PLS project, host to the Athabasca basin’s most significant, major, shallow-depth, high-grade uranium deposit;
Previous drill program identified a mineralized corridor approximately 700 metres in length, including hole PLN14-019, which intercepted 0.5 metre at 0.047 per cent triuranium octoxide (U3O8) within 6.0 metres at 0.012 per cent U3O8.

About PLN

PLN is prospective for hosting structurally controlled high-grade uranium mineralization that is often associated with basement graphitic shear zones within clay-altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by geophysical surveys.

PLN is located in the highly prospective western Athabasca basin within a large, basin-scale, northeast-trending, gravity-low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (over 60 million pounds U3O8 produced) and the UEX-Orano Shea Creek deposits (42 kilometres and 27 kilometres to the north respectively) lie along the western margin of this structural feature. The high-grade PLS uranium deposit, discovered by Fission Uranium Corp., is located 5.7 kilometres to the south and also lies within this structural corridor. NexGen Energy’s higher-grade Arrow uranium deposit is located immediately along strike from PLS, on a subparallel trend within the same basin-scale corridor. These deposits, combined, have uranium resources in excess of 440 million pounds U3O8 (all categories) discovered to date. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several electromagnetic anomalies are evident within PLN, including what is interpreted to be the southern extension of the Saskatoon Lake electromagnetic conductor, which itself is associated with the Shea Creek deposit to the north.

To date, Azincourt has spent $3.1-million earning into PLN, primarily on targeting geophysics and diamond drilling. Prior to Azincourt’s involvement, Fission 3.0 spent approximately $4.7-million on exploration on PLN, ranging from airborne to ground geophysics to a first-pass drilling of a few select targets. There are three separate target areas that are drill ready. The first uranium mineralization was intersected on the central conductor system during summer 2014 drilling and follow-up is necessary. The N and Broach Lake conductor systems in the north and south project area, respectively, are highly prospective targets that have yet to see drill testing.

Field update from 2018 Manitoba lithium work program

The field crews have nearly completed the first phase of the 2018 surface field exploration on the Lithium 2 project. This project is situated in the active Cat Lake region of southeast Manitoba. The project contains several known lithium-bearing pegmatites with the Eagle pegmatite being the largest known to date.

The 2018 field program has consisted of prospecting, mapping and sampling, which will aid in targeting drill locations for the coming summer program. Assays will be sent out for analysis after the completion of fieldwork on the project. Surface exploration will continue onto other lithium projects in the joint venture. The summer drill program is anticipated to commence shortly; updates on timing will be provided moving forward. This work will contribute significantly to the goal of producing a National Instrument 43-101 technical report on the Lithium 2 project by the first quarter of 2019.

Historical drilling (non-NI 43-101-compliant) of the Eagle pegmatite in 1947 reported 545,000 tonnes of 1.4 per cent Li2O (lithium oxide) drilled to 60 metres and opened along strike and to depth. The Eagle pegmatite is traceable on surface up to approximately 1,100 metres and up to 12 metres wide. A field review of the surface pegmatites in 2016 returned assays up to 3.04 per cent for LiO2 for the Eagle pegmatite and 2.08 per cent from the FD5 pegmatite.

Board resignation

The company wishes to announce the resignation of Ian Stalker from the board of directors. Mr. Stalker is a founding director of the company and has been a valuable member of the Azincourt team since its inception. The company wishes to thank Mr. Stalker for his invaluable guidance and contributions over the past few years.

Qualified persons

The uranium-specific technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 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.

The lithium-specific contents contained herein that relate to exploration results or mineral resources are based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals. Mr. Galeschuk is the qualified person as defined by NI 43-101 and has reviewed and approved the technical content of 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 properties, comprising at this time an active portfolio of uranium and lithium projects.

We seek Safe Harbor.

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