Azincourt Reports Significant Radioactive Mineralization Intersected at PLN
07 July 2014 - 5:00PM
Marketwired Canada
AZINCOURT URANIUM INC. ("Azincourt" or "the Company") (TSX VENTURE:AAZ), and its
joint venture partner and operator, Fission 3.0 Corp ("Fission 3.0") (TSX
VENTURE:FUU), are pleased to announce that the first significant anomalous
radioactive mineralization has been discovered in drill hole PLN14-019, at their
PLN project in Canada's Athabasca Basin. The hole is still in progress at 258m,
although no further intervals of mineralization are expected.
PLN14-019, which tested the prospective A1 electromagnetic (EM) conductor, has
intersected two narrow intervals of anomalous and variable radioactivity with a
maximum peak measured at 1450 cps over 0.5m occurring within a strongly clay
altered graphitic pelitic gneiss. All three other holes (PLN14-016, 017, 018)
intersected anomalous hydrothermal clay altered intervals, associated with
structurally disturbed sections. This further highlights the partner's
confidence of the prospectivity and potential of the A1 conductor to host
high-grade uranium mineralization.
Drilling Highlights include:
PLN14-019 (still in progress)
-- A 7.5m section (191.5m - 199.0m) with peak measurements up to a 1450 cps
-- Anomalous radioactivity occurs within a strongly clay altered and
brecciated graphitic gneiss (183.0m to 198.8m)
Ted O'Connor, President and CEO of Azincourt, commented,
"Intersecting radioactivity in graphitic basement structures along the A1 EM
conductor proves the fertility of this system and enhances the known
prospectivity of the central PLN project area. We are seeing the right rocks
with the right structure and alteration and now, radioactivity. We are excited
to continue to test this area as well as the northern and southern target areas
at PLN with the excellent team at Fission 3.0."
Drill Program (see PLN 2014 Summer Exploration Update Map)
A1 Conductor
During the winter 2014 program, four holes were drilled along a 1.2km strike
length of the southern half of the A1 conductor (PLN14-010, 011, 012 and 013
(see News Release April 02, 2014). All four holes drilled in the 2014 winter
program intersected locally structurally complex mylonitic graphite and sulphide
rich pelitic gneiss. Of those holes, PLN14-010 was the most promising, showing
the strongest alteration and elevated pathfinder geochemistry.
The four holes drilled so far in the summer 2014 program (PLN14-016, 017, 018
and 019) have focused on the northern strike extent of the A1 conductor. All
four holes have encountered sequences of graphitic and sulphide bearing pelitic
gneiss with localized structural deformation and associated moderate to strong
hydrothermal alteration with hole PLN14-019 showing the most encouraging
anomalous radioactivity. This prospective basement lithology, secondary
alteration and structural features are the preferred geologic setting in which
basement hosted structurally hosted high-grade uranium occurs in the Athabasca
Basin area, analogous to the PL-3B corridor which hosts high grade uranium on
Fission Uranium's nearby PLS property, located approx. 20km to the south.
PLN14-016 was collared as an angle hole reaching the basement unconformity at a
depth of 106.5m. The hole was designed to test the graphitic pelitic gneiss
up-dip and closer to the unconformity from PLN14-010. The graphitic pelitic
gneiss was encountered from 158.6m to 192.7m; gossanous and pitty textures
prevail, with alteration moderately chloritic and hematitic. Crenulations and
apparent brecciation near a fault set from 174.0m to 177.0m. Garnetiferous and
locally weakly graphitic semi-pelitic gneiss containing lesser pelitic,
quartzitic and pegmatitic sections were cored to 317.5m. The drill hole was
terminated at 338.0m in a granitoid without encountering anomalous
radioactivity.
PLN14-017 was collared as an angle hole reaching the basement unconformity at a
depth of 110.5m. The hole was drilled 406m north along strike on the A1
conductor from PLN14-016 targeting an area of high conductance. A garnetiferous
semi-pelite was cored down to 128.3m without recovering any overlaying Athabasca
Sandstone, although sandstone is interpreted from the downhole gamma probe. A
pelitic gneiss from 128.3m to 151.4m contained a strongly graphitic and pyritic
section. Weakly anomalous radioactivity from 132.0m to 132.5m measured a maximum
peak of 430 cps. Towards the lower contact, clay, chlorite and hematite
alteration increased and is of locally extreme intensity between 151.5m to
154.0m displaying breccias containing chlorite and graphite. Clay altered fault
sets in the semi-pelitic gneiss above pelitic gneiss were similar as observed in
PLN14-016. Below 162.3m the pelitic gneiss is variably silicified containing a
significant pegmatite intersection over 44m wide from 185.5m to 229.5m. The hole
was terminated at 320.0m in quartz-feldspar orthogneiss. Overall alteration is
significantly more intense and pervasive than previous drill holes targeting the
A1 conductor.
PLN14-018 was collared as an angle hole reaching the basement unconformity at a
depth of 122.0m. The hole was drilled 370m north along strike of the A1
conductor from PLN14-017 targeting an area of high conductance. A typical
garnetiferous, hematitic and locally silicified semi-pelite overlays a strongly
conductive graphitic and pyritic pelitic gneiss from 217.0m to 229.5m.
Significant deformation including small scale fracturing, faulting and
brecciated textures are suggestive of a significant structural regime. Near the
lower contact of the pelitic gneiss, alteration intensity increased
significantly, and extreme chloritization associated with dravite(?) breccias
dominate to a depth of 266.2m. Although no anomalous radioactivity was measured,
the style and intensity of hydrothermal alteration and favourable structures
warranted an immediate follow up hole, and thus PLN14-019 was designed.
PLN14-019 was collared as an angle hole reaching the bottom of the overburden at
110.2m. Athabasca sandstone was encountered from 110.2m to 124.0m and the
basement unconformity at 124.0m. Strong to locally extreme clay alteration in
basement below the unconformity to a depth of 127.8m was followed by a bleached
zone within semi-pelitic gneiss and quartzofeldspathic gneiss to 137.9m. A
red-green zone containing 2m of massive specular hematite followed by intense
chlorite alteration was found to be overlain by a significant zone of
brecciation, deformation and discordant foliation from 176.0m to 183.0m with
quartzitic fragments floating in a chlorite matrix. These sets of faults and
shears are contained within a broader structural zone from 164.0m to 190.0m. A
strongly altered and brecciated graphitic pelitic gneiss was intersected from
183.0m to 198.8m and yielded anomalous radioactivity with a peak of up to 1450
cps from 191.5m to 192.0m within a zone of weakly elevated radioactivity from
189.5m to 199.0m. The drill hole is still in progress at 258.0m.
----------------------------------------------------------------------------
Over-
Target Hole ID Collar burden
-----------------------------------------
Depth
Easting Northing Az Dip (m)
============================================================================
A1 Conductor PLN14-016 588623 6409649 52 -76 106.5
----------------------------------------------------------------------------
A1 Conductor PLN14-017 588433 6410008 51 -77 110.5
----------------------------------------------------------------------------
A1 Conductor PLN14-018 588218 6410255 54 -80 122.0
----------------------------------------------------------------------------
A1 Conductor PLN14-019 588242 6410277 54 -70 110.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Athabasca Basement Total
Target Hole ID Sandstone Unconformity Depth Comments
From - To Depth
(m) (m) (m)
============================================================================
A1 Conductor PLN14-016 N/A 106.5 338.0
----------------------------------------------------------------------------
A1 Conductor PLN14-017 N/A 110.5 320.0
----------------------------------------------------------------------------
A1 Conductor PLN14-018 N/A 122.0 338.0
----------------------------------------------------------------------------
Still in
A1 Conductor PLN14-019 110.2m - 124.0m 124.0 251.0 progress
----------------------------------------------------------------------------
Collar Location (GPS: UTMNAD 83)
The approximately 1600m 2014 Summer Drill Program at the PLN project consisting
of five drill holes, follows the results of the winter 2014 program that has
enabled the refinement of high priority drill targets. The full program includes
geophysics survey activity and is budgeted at $1.5M.
Natural gamma radiation in drill core that is reported in this news release was
measured in counts per second (cps) using a hand held Exploranium GR-110G total
count gamma-ray scintillometer. The reader is cautioned that scintillometer
readings are not directly or uniformly related to uranium grades of the rock
sample measured, and should be used only as a preliminary indication of the
presence of radioactive materials. The degree of radioactivity within the
mineralized intervals is highly variable and associated with visible pitchblende
mineralization. All intersections are down-hole, core interval measurements and
true thickness is yet to be determined.
All holes are planned to be radiometrically surveyed using a Mount Sopris
2PGA-1000 Natural Gamma probe.
Split core samples from the mineralized section of core will be taken
continuously through the mineralized intervals and submitted to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of
Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold. All
samples sent for analysis will include a 63 element ICP-OES, uranium by
fluorimetry and boron. Assay results will be released when received.
Patterson Lake North Property
The Patterson Lake North property (PLN) lies adjacent and to the north of the
Patterson Lake South property, owned by Fission Uranium Corp. (TSX VENTURE:FUU)
where recent drill results have identified high grade uranium in 6 separate
pods. (See Fission Uranium news release November 27, 2013.)
PLN was acquired by staking in 2004 and became part of the Fission 3.0 portfolio
as part of the Fission Uranium/Alpha Minerals agreement from December 2013. It
comprises 27,408 Ha, and is located about 30 km immediately south of the
UEX/AREVA Anne and Collette uranium deposits at Shea Creek.
PLN is prospective for hosting structurally controlled high-grade unconformity
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.
Azincourt has a staged, four year option agreement with Fission 3.0 dated April
29, 2013 whereby Azincourt can earn up to a 50% interest in the PLN project
through a combination of option payments and exploration work funding.
Approximately $4.7 million has been spent on prior exploration of the property
by Fission Uranium. Azincourt has completed Year 1 funding of the option and
presently holds a 10% interest. Fission 3.0 is the operator and project manager.
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, P.Geo., President and CEO
of Azincourt Uranium Inc., a qualified person.
About Azincourt Uranium Inc.
Azincourt Uranium Inc. is a Canadian-based resource company specializing in the
strategic acquisition, exploration and development of uranium properties and is
headquartered in Vancouver, British Columbia. Azincourt has advanced exploration
projects and uranium resources in southeastern Peru and the PLN exploration
project joint venture with Fission 3.0 in northern Saskatchewan.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Ted O'Connor, CEO and President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release includes "forward-looking statements", including forecasts,
estimates, expectations and objectives for future operations that are subject to
a number of assumptions, risks and uncertainties, many of which are beyond the
control of Azincourt. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or developments may
differ materially from those projected in the forward-looking statements. Such
forward-looking information represents management's best judgment based on
information currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially.
FOR FURTHER INFORMATION PLEASE CONTACT:
Azincourt Uranium Inc.
Ted O'Connor
President and CEO
604 638 8063
ted@azincourturanium.com
www.azincourturanium.com
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