Azincourt identifies drill targets at East Preston

Mar 9, 2018

2018-03-07 10:08 ET – News Release

Mr. Alex Klenman reports

GEOPHYSICAL SURVEY GENERATES NUMEROUS HIGH-QUALITY TARGETS AT EAST PRESTON PROJECT, ATHABASCA BASIN

Azincourt Energy Corp. has completed HLEM (horizontal-loop electromagnetic) and gravity geophysical surveys for the company’s East Preston project, a highly prospective uranium project located in the western Athabasca basin in Saskatchewan, with option partners Skyharbour Resources Ltd. and Clean Commodities Corp.

Numerous high-quality drill targets have been generated from the 50-line-kilometre surveys. Detailed interpretation work is under way to generate targets for future drill testing incorporating the detailed gravity survey results.

East Preston program highlights:

50 line kilometres of HLEM and ground gravity surveys completed on multiple grids across the East Preston property;
Excellent basement conductors confirmed and ground-truthed for follow-up; numerous targets identified on every grid surveyed;
Detailed geophysical interpretation is continuing to qualify and prioritize drill targets for future drill testing using established Athabasca uranium deposit criteria;
The winter exploration program completed will satisfy year 1 of the joint venture option with expenditures exceeding the agreement threshold;
These positive results support the company’s position to enter year 2 of the joint venture option.

East Preston project 2017 geophysical results

Azincourt engaged a highly experienced geophysical consultant, Lawrence Bzdel, PGeo, to plan and oversee the geophysical surveys and interpret all recently acquired data alongside the historical exploration work and results. Paterson Geophysics Ltd. completed the 50 line kilometres of HLEM survey work and MWH Geo-Surveys completed the 50 line kilometres of ground gravity surveying based out of a temporary camp established on the project. Survey work was completed in January and February with camp and crew demobilization Feb. 22, 2018.

The HLEM data were collected with a 200-metre transmitter-receiver separation and 50-metre station intervals. The survey was designed to accurately identify multiple conductor systems in this shallow depth to basement environment. Unconformity-related uranium deposits are often associated in proximity to basement conductive trends and represent a first-order criterion for discovery.

The gravity survey recorded measurements at 50-metre station intervals along grid lines. Subtle gravity-low anomalies can highlight areas of alteration and structural disruption. Gravity highs may represent basement topography, which are also associated with unconformity-related uranium deposits. Initial interpretation work has confirmed the prospective, often highly complex, basement conductor architecture at East Preston.

“We’re very encouraged with the work to date at East Preston,” said Alex Klenman, president and chief executive officer. “The winter ground geophysical program generated numerous high-quality targets, establishing conductors and multiple conductor systems on all survey grids. This is very positive news and continues to speak directly to the excellent potential of the project,” continued Mr. Klenman.

Detailed interpretation work will incorporate all data — historical and the present gravity and HLEM data — to generate, rank and prioritize targets for future follow-up drill testing. Based on the interpreted number and quality of the conductor trends, the company expects to generate enough targets for several drill programs.

East Preston joint venture option

With the completion of the 2018 exploration program and accompanying interpretation work and reporting, Azincourt will have satisfied the exploration work commitment expenditure requirements for year 1 of the joint venture option. The quality and number of targets identified at East Preston support the company continuing the joint venture option into year 2.

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 lithium, uranium, cobalt 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, and at its East Preston uranium project in the Athabasca basin in Saskatchewan, Canada.

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