Azincourt Energy Commences Phase One Drilling at East Preston Uranium Project, Athabasca Basin, Saskatchewan
AZINCOURT ENERGY COMMENCES PHASE ONE DRILLING AT EAST
PRESTON URANIUM PROJECT, ATHABASCA BASIN, SASKATCHEWAN
Vancouver B.C., March 20, 2019 - AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”) (TSX.V: AAZ, OTC: AZURF) , is pleased to announce phase one drilling has
commenced at the East Preston uranium project, in t he western Athabasca Basin, northern
Saskatchewan.
Crew is on site and has completed construction of the first two drill pads. Target number one, Pad B
on L2400, targets the confluence of north and north east-trending conductors (prospective structure)
with a coincident gravity anomaly (potential altera tion), and a positive airborne radiometric
anomaly (potential mineralization indicator).
Target number two, Pad E on 900, targets the on-str ike extension of the Pad B conductor 1.5km to
the southwest. An elevated conductor strength in t his area coincides with a distinct flexural
dislocation. These combined features outline a pot ential structural trap for the concentration of
mineralized fluids. Additional targets are being prioritized as phase one drilling continues.
Figure 1: 2018 HLEM and Residual Gravity survey interpretation with priority drill targets
Figure 2: Project Location – Western Athabasca Basi n, Saskatchewan, Canada
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 R esources (TSX.V: SYH), and Clean
Commodities Corp (TSX.V: CLE). Extensive regional exploration work at East Preston was
completed in 2013-14, including airborne electromag netic (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.
Only one of the corridors has been drill tested to date, successfully intersecting structurally
disrupted graphitic metasedimentary rocks and anoma lous pathfinder elements (including uranium)
at the Swoosh S6 target using a combination of Hori zontal Loop EM (HLEM) and gravity as
primary targeting tools.
East Preston Geophysical Work - Winter 2018
The Company completed a winter geophysical explorat ion 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.
The work included 51.5 km of grid preparation (line cutting/picketing), 46.1 km of horizontal loop
electromagnetic (HLEM), and 40.6 km of ground gravi ty along the previously known airborne
helicopter VTEM conductive trends.
Ground-truthing work confirmed the airborne conduct ive trends and more accurately located the
conductor axes for future drill testing. The gravit y 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 combinatio n/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 s imple basement conductors; they are clearly
upgraded/enhanced prospectivity targets because of the structural complexity.
Targets
The targets are basement-hosted unconformity relate d uranium deposits similar to NexGen’s Arrow
deposit and Cameco’s Eagle Point mine. East Presto n is near the southern edge of the western
Athabasca Basin, where targets are in a near surfac e environment without Athabasca sandstone
cover – therefore they are relatively shallow targe ts 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).
Financing Update - Tranche Close
The Company would also like to announce the closing of a C$362,650 second tranche of its non-
brokered private placement for aggregate gross proc eeds of C$1,216,250 (the “Offering”). In
connection with the second tranche closing, the Com pany issued 1,600,000 flow–through units (the
“FT Units) and 5,453,000 non flow-through Units (th e “NFT Units”) at a price of $0.05 per unit.
As previously announced, each FT Unit consists of o ne flow-through common share and one
common share purchase warrant and each NFT Unit con sists of one common share and one
common share purchase warrant. Each warrant will e ntitle the holder to purchase one additional
common share for a period of 5 years at a price of C$0.07 per common share (the “Warrants”).
The Company paid commissions to eligible finders un der the Offering totaling C$8,000 and issued
to such finders a total of 80,000 Finders Warrants on the same terms as the Warrants.
All securities issued or issuable under the Offerin g are subject to a four-month hold period expiring
on July 21, 2019 in addition to such other restrict ions as may apply under applicable securities laws
in jurisdictions outside of Canada.
Azincourt will apply the net proceeds of the Offeri ng to advance the company's East Preston project
and for general working capital purposes.
Closing of this offering is subject to the receipt of all necessary regulatory approvals including tha t
of the TSX Venture Exchange.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian
regulatory requirements set out in National Instrum ent 43- 101 and reviewed on behalf of the
company by Ted O’Connor, P.Geo. a director of Azinc ourt Energy Corp., as well as a qualified
person.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource compa ny specializing in the strategic acquisition,
exploration and development of alternative energy/f uel projects, including uranium, lithium, and
other critical clean energy elements. The Company is currently active at its joint venture lithium
exploration projects in the Winnipeg River Pegmatite Field, Manitoba, Canada, the East Preston and
Patterson Lake North uranium projects in the Athaba sca 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 r esponsibility for the adequacy or accuracy of
this release.
This press release includes “forward-looking statem ents”, including forecasts, estimates,
expectations and objectives for future operations t hat are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the con trol of Azincourt. Investors are cautioned that
any such statements are not guarantees of future pe rformance and that actual results or
developments may differ materially from those proje cted 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 & CEO
Tel: 604-638-8063
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com