- Azincourt Energy (AAZ) provides update on drilling progress at the East Preston Uranium Project
- Drilling at the East Preston Project commenced on January 24, and to date, 1,334 metres have been completed in six drill holes
- After some initial startup delays due to the extreme cold weather, two drill rigs are now operational on the project
- The program is planned for approximately 6,000 m of drilling in 30-35 drill holes
- The program may be modified, and drill holes adjusted at any time as results warrant
- Azincourt Energy Crop. (AAZ) is down 7.14 per cent, trading at C$0.06 at 11:54 am EST
Azincourt Energy (AAZ) has provided an update on the 2022 exploration program at the East Preston uranium project.
The project is located in the western Athabasca Basin, Saskatchewan.
Drilling at the East Preston Project commenced on January 24. To date ,1,334 metres have been completed in six drill holes.
After some initial startup delays due to the extreme cold weather, two drill rigs are now operational on the project. Four drill holes are complete and two are in progress on the G-Zone. One drill rig is being moved to the K-Zone.
TerraLogic Exploration Inc. is executing the winter 2022 diamond drilling program under the guidance and supervision of Azincourt’s Vice President, Exploration, Trevor Perkins, P.Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic Exploration.
The program is planned for approximately 6,000 m of drilling in 30-35 drill holes. Drilling will focus on the A-G and K-H-Q trends and commenced in the G-Zone where the 2021 drill program ended.
The program continues to evaluate the G-Zone to the south and assess the K-H-Q trend. The program may be modified, and drill holes adjusted at any time as results warrant.
The 73 km winter road to access the property and the camp facilities are complete. Accurate Industries is maintaining the winter access road and facilitating the transport of fuel and supplies to camp for the duration of the program. Discovery Mining Services is maintaining and managing the exploration camp at Snoop Lake for the duration of the program.
Full Force Drilling Ltd is providing two diamond drill rigs and conducting the drilling program, which is expected to continue until mid to late March. Significant snowfall and blowing snow have resulted in extra time and effort being put into maintaining the access roads to ensure safe and consistent accessibility.
“It is nice to have the drills turning and core coming in,” said VP, Exploration, Trevor Perkins.
“There were a few hiccups with startup due to extreme cold and the resultant impact on waterlines and equipment, but that is not unusual when working in this remote environment in the winter in Northern Saskatchewan. The drill program is now progressing well,” added Perkins.
The primary target area for the 2022 program continues to be the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend).
The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property-wide VTEM and magnetic surveys, and the 2019 through 2021 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors.
The 2019-2021 drilling programs on the A-G Trend confirmed that geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates.
Anomalous radioactivity has been demonstrated to exist within these structurally disrupted conductor zones.
The 2022 drilling program will target similar structurally disrupted zones prioritized on the presence and strength of corresponding electromagnetic, magnetic and gravity geophysical anomalies.
Permits are in place to complete all the planned work through the winter of 2022. Azincourt Energy continues to be engaged in regular meetings with the Clearwater River Dene Nation and other rights holders to ensure that concerns of the local communities are addressed.
It is also pleased to announce that it has completed a non-brokered private placement of 5,575,000 units of the company at a price of C$0.07 per unit for gross proceeds of C$390,250.
In accordance with securities legislation, all securities issued under the Offering will be subject to a four-month hold period expiring on June 10, 2022.
The final closing of this offering is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.
Azincourt controls a majority 70 per cent interest in the 25,000 plus hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold.
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 km, each with multiple EM conductor trends identified.
Ground prospecting and sampling work completed to date have identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.
The East Preston Project has 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.
The targets are basement-hosted unconformity-related uranium deposits similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine.
Azincourt Energy is a Canada-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.
Azincourt Energy Crop. (AAZ) is down 7.14 per cent, trading at C$0.06 at 11:54 am EST.
