AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”)
(TSX.V: AAZ, OTC: AZURF), is pleased to
announce that it has reached an agreement with Skyharbour Resources
Ltd. (TSXV:SYH) and Dixie Gold Inc. (formerly, Clean Commodities
Corp.) (TSXV:DG) (collectively, the “
Vendors”), to
extend the deadline for the remaining obligations owing in
connection with the acquisition of a seventy percent interest in
the East Preston Uranium Project, located in the western Athabasca
basin in Saskatchewan, Canada. The Company is currently
earning an interest in the 25,000-plus hectare Project as part of a
property option agreement previously entered into with the
Vendors.
Under the terms of the extension, the Vendors have
agreed to extend the deadline for the remaining obligations owing
to complete the acquisition of a seventy percent interest in the
Project, which include incurring a small portion of the remaining
expenditures on the Project and completion of a final payment of
CDN $400,000. The deadline for these obligations has been
extended through until March 31, 2021. Following
satisfaction of these obligations, the Company will hold a
seventy-percent interest in the Project.
"We're pleased both Skyharbour and Dixie Gold were
open to an extension, allowing us additional time to complete the
earn-in," said president and CEO, Alex Klenman. "The extension of
the agreement, if required, gives Azincourt some flexibility,
particularly in dealing with the impact of COVID-19. With the time
and capital already invested, and the successful exploration data
generated so far, we’re 100% committed to acquiring majority
interest at East Preston. Our work so far has generated a
significant inventory of high-quality drill targets, over a very
expansive footprint, in precisely the right geographical location
for uranium discovery. The development of East Preston is a
top priority for us, and this extension, given current
circumstances, ensures we have ample opportunity to complete the
acquisition as intended," continued Mr. Klenman.
Since 2017 the Company has conducted multiple
geophysical surveys that have delineated several 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 but are clearly
upgraded/enhanced prospectivity targets due to structural
complexity. The targets are similar to NexGen's Arrow deposit
and Cameco's East Point mine. The project ground is located along a
parallel conductive trend between the PLS-Arrow trend and Cameco's
Centennial deposit in the Virgin River-Dufferin Lake
Trend.
Limited drilling (552m) in the winter of 2018-19
confirmed the prospectivity of the East Preston project, as
basement lithologies and graphitic structures intersected are
similar and appear to be analogous to the Patterson Lake
South-Arrow-Hook Lake/Spitfire uranium deposit host rocks and
setting.
The Company followed up with a 2500m drill program
in January and February of this year that focused on prospective
targets in the Five Island Lakes area, testing multiple subparallel
EM conductors in the area of marked structural disruption. A
portion of the recent targeting was concentrated along the A-Zone
conductor, where 2019 drilling verified the presence of significant
graphite in strongly deformed (sheared) host rocks that offer both
fluid pathways and a reducing host rock conducive to uranium
deposition. Assays from the 2020 winter drill program are
pending with results expected later this month.
In consideration for the extension, the Company has
agreed to issue 5,000,000 common shares (the “Consideration
Shares”), at a deemed price of $0.05 per share, to be
divided evenly between the Vendors. Completion of the
issuance of the Consideration Shares remains subject to the
approval of the TSX Venture Exchange. Following issuance, the
Consideration Shares will be subject to a four-month-and-one-day
statutory hold period in accordance with applicable securities
laws
About East Preston
Azincourt is currently earning towards 70% 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 Inc. (TSX.V: DG). Extensive regional exploration
work at East Preston was completed in 2013-14, including airborne
electromagnetic (VTEM), magnetic and radiometric surveys. 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 Company completed a winter geophysical
exploration program in January-February 2018 that generated a
significant amount of new drill targets within the previously
untested corridors while refining additional targets near previous
drilling along the Swoosh corridor. Ground-truthing work
confirmed the airborne conductive trends and more accurately
located the conductor axes for future drill testing. The gravity
survey identified areas along the conductors with a gravity low
signature, which is often associated with alteration,
fault/structural disruption and potentially, uranium
mineralization. The combination/stacking of positive features has
assisted in prioritizing targets.
The Main Grid shows 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; but 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. 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).
In early 2019 the Company conducted a small initial
diamond drill program totaling 552 meters. The results confirmed
the prospectivity of the East Preston project, as basement
lithologies and graphitic structures intersected at East Preston
were found to be very similar and appear to be analogous to the
Patterson Lake South-Arrow-Hook Lake/Spitfire uranium deposit host
rocks and setting.
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. a director of the
Company, 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 uranium,
lithium, and other critical clean energy elements. The
Company is currently active at its joint venture East Preston
uranium project in the Athabasca Basin, Saskatchewan, Canada, and
the Escalera Group uranium-lithium project located on the Picotani
Plateau in southeastern Peru.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY
CORP.
“Alex Klenman”
Alex Klenman, President &
CEO
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:
Alex Klenman, President & CEOTel:
604-638-8063info@azincourtenergy.com
Azincourt Energy Corp.1430 – 800 West Pender
StreetVancouver, BC V6C
2V6www.azincourtenergy.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3fd4c282-dbc5-4724-a42b-b7c7e3901eba
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