Azincourt partner New Age signs deal with Sagkeeng

Oct 26, 2018

2018-10-25 12:22 ET – News Release

Also News Release (C-NAM) New Age Metals Inc

Mr. Alex Klenman of Azincourt reports

AZINCOURT ENERGY JV PARTNER SIGNS EXPLORATION AGREEMENT WITH SAGKEENG FIRST NATION

Azincourt Energy Corp.’s joint venture partner, New Age Metals Inc., has signed an exploration agreement with the Sagkeeng First Nation, the result of which provides a clear path to the company’s proposed drill programs at the Lithium One and Lithium Two projects.

The agreement is designed to promote a co-operative and mutually respectful relationship, and ensure that Sagkeeng has been properly consulted and accommodated regarding mineral exploration activities undertaken by in Sagkeeng’s traditional territory.

“We’re very pleased New Age Metals was able to reach an agreement with the Sagkeeng Nation and are grateful to Chief Henderson and the others who worked together to get this agreement in place,” said Alex Klenman, president and chief executive officer. “This is a major step toward developing our lithium projects and we’re happy to be able to move forward in short order and complete our work commitments for year one of the joint venture agreement. We believe very strongly the projects have tremendous upside and are pleased to get the all important first-phase drilling components completed,” continued Mr. Klenman.

There is a total of eight projects totalling over 14,000 hectares in three distinct areas that comprise the AAZ-NAM joint venture lithium exploration and development agreement. Work programs this past summer and fall confirmed the presence of several hundred pegmatites across the various project locations. Sampling at the Lithium Two project, specifically the Eagle and FD5 pegmatites, returned the presence of high-grade Li2O (lithium oxide). See company news release of Aug. 16, 2018, for more details.

Lithium Two project

Channel samples obtained in the summer of 2018 at the Eagle pegmatite returned values from 0.5 to 2.9 per cent Li2O, with assays from the FD5 pegmatite returning values from 0.9 to 3.3 per cent Li2O.
Several known Spodumene-bearing pegmatites are present, including the 1,100-metre-long Eagle pegmatite, which was drilled in 1947 and contains a historic (non-National Instrument 43-101 compliant) tonnage estimate of 544,460 tonnes grading 1.4 per cent Li2O* to the 61-metre level and remains open to depth. The FD5 pegmatite, located east of the Eagle pegmatite, has never been drilled.
All samples obtained at Lithium Two this past summer returned lithium values, with 14 samples returning greater than 1,000 parts per million Li.
To check the purity of the spodumene at Lithium Two, a sample of spodumene blade obtained in the summer of 2018 was extracted from the FD5 pegmatite. This sample yielded an assay value of 7.62 per cent Li2O. A review of spodumene mineral data indicates that spodumene can contain Li2O content from 3.73 per cent to 8.03 per cent Li2O. This would tend to indicate that the spodumene present in the pegmatite dikes on the project is high in purity.

Lithium One project

Fieldwork in 2016 sampled several historical pegmatites;
Grab samples of the pegmatitic granites and pegmatites in the project area returned values from 0 to 4.33 per cent Li2O with the high values obtained at the Silverleaf pegmatite;
Several of the other pegmatites in the project area yielded lithium values from lepidolite and spodumene;
Approximately 40 pegmatites are estimated to exist north of Greer Lake, with around 100 to the south of the lake;
The Silverleaf pegmatite was excavated and mined for spodumene in the 1920s, with surface exposure of 80 metres by 45 metres.

Azincourt Energy — New Age Metals lithium joint venture

The pegmatites in this region of southeast Manitoba are described as being a part of the Winnipeg River pegmatite field. Several large lithium-bearing pegmatites exist in this region and exploration activity in the region is increasing. This pegmatite field is host to the world-class Tanco pegmatite, which is a highly fractionated lithium-cesium-tantalum pegmatite and has been mined in varying capacities since 1969. The LCT-type pegmatites can contain large amounts of spodumene (one of the primary ores used in hard rock lithium extraction) and are a primary geological target in hard rock lithium exploration. They also can contain economic qualities of tantalum and cesium, as well as other lithium-bearing minerals such as mica. With eight projects totalling over 14,000 hectares the Azincourt-New Age JV is the largest claim holder for lithium projects in the Winnipeg River pegmatite field. For a map of the project locations please visit the Azincourt website.

* Note: The mineral reserve estimate cited above as part of the Lithium Two project is presented as a historical estimate which does not conform to current National Instrument 43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101 standards. The company is not treating the historical estimate as current mineral resources or mineral reserves.

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.

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