Azincourt Energy (TSXV:AAZ) has provided an update on the company’s upcoming drill programs at uranium exploration projects in Saskatchewan, Canada. The company is making preparations for a winter program at East Preston, where drilling has confirmed that identified geophysical conductors comprise a structurally disrupted zone that is host to accumulations of graphite, sulphides, and carbonates.

Azincourt has already entered the consultation phase of the permitting process at East Preston and is working with the Clearwater River Dene Nation and other local communities to maximize local businesses and employment. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have also been shown to exist in those structurally disrupted conductor zones.

Azincourt’s extensive winter 2022-2023 drill program is set to begin in December with road and camp preparations to start. It will include 6,000 metres of drilling in 20+ diamond drill holes beginning in January. Priority focus will be on evaluating the alteration zones and elevated uranium identified in winter 2022.

At Hatchet Lake, a recent addition to the company’s portfolio, Azincourt will begin the drill program once permitting is received and the consultation process with local communities is completed. The project is located outside the northeastern margin of the Athabasca Basin, along the underexplored northeast extension of the Western Wollaston Domain in the Wollaston-Mudjatik Transition Zone. This structural corridor hosts most of the known high-grade uranium deposits and all of the operating uranium mines in Canada.

The drill program at Hatchett Lake will include ground reconnaissance to verify targets, ground geophysics, and a helicopter-supported diamond drill program of 1,500 metres in 8-10 diamond drill holes.

Figure 1: East Preston Project Location – Western Athabasca Basin, Saskatchewan, Canada. Source: Azincourt Energy
Figure 2: 2022 Drill Holes and Target areas at the East Preston Uranium Project. Source: Azincourt Energy

About East Preston

Azincourt controls a majority 72.8% interest in the 25,000+ 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 has 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 prospectively 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. 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).

About Hatchet Lake

Figure 3: Hatchet Lake Project Location – Eastern Athabasca Basin, Saskatchewan, Canada. Source: Azincourt Energy

Azincourt entered into an option agreement with ValOre Metals Corp. on November 9th, 2021, to earn up to a 75% interest in the Hatchet Lake property. Previous work on the property identified multiple, shallow, unconformity-related basement uranium targets. Previous work includes diamond drilling, geophysics, boulder, soil, lake sediment and bio-geochemical sampling. The project contains substantial historic exploration datasets with identified uranium anomalism and showings to help guide exploration programs. Historical operators include Gulf Minerals, Saskatchewan Mining and Development Corp, Hathor Exploration Ltd., and Rio Tinto.

Two high-priority zones on the property have currently been identified; the Upper Manson and Southwest Scrimes zones. Geochemical anomalies highlight a variety of uraniferous host rocks that are coincident with identified conductive geophysical targets. Rock samples have returned assay results up to 2.43% U3O8 (Valore Metals presentation).

The targets are basement-hosted unconformity related uranium deposits similar to Cameco’s Eagle Point mine.

Figure 4: Hatchet Lake Target Areas. Source: Azincourt Energy

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

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