Azincourt Energy Confirms Priority Targets FOR Upcoming Drill Program at East Preston Uranium Project
AZINCOURT ENERGY CONFIRMS PRIORITY TARGETS FOR
UPCOMING DRILL PROGRAM AT EAST PRESTON URANIUM PROJECT
Vancouver B.C., December 4, 2019 - AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to provide an update on plans for the 2020
winter diamond drilling program at the 25,000+ hectare East Preston Uranium Project, located 50km
southeast of Patterson Lake, in the Western Athabasca Basin, northern Saskatchewan, Canada.
Drill target prioritization has now been completed, based on the compilation of results from the 2019
winter drill program, the 2018 and 2019 ground-based EM and gravity surveys, and property-wide
helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and magnetic surveys.
The upcoming approximately $1.2M drill program will focus on prospective targets in the Five Island
Lakes area with 2000-2500m (up to 15 holes) of diamond drilling at 8-to-10 pad locations. The
majority of proposed holes will test multiple subparallel EM conductors (A-zone and B-zone
conductor corridors), in an area of marked structural disruption. Portions of the A-zone were drilled
during the 2019 winter campaign verifying that the conductor hosts significant graphite in strongly
deformed (sheared) host rocks that offer both fluid pathways and a reducing host rock conducive to
uranium deposition.
Initial drilling is also proposed for the Swoosh zone, a 7+ km long east-west structural lineament with
strongly anomalous, spatially consistent geochemical anomalies (lake sediments, radon, soil) and
coincident magnetic and gravity geophysical anomalies. Two holes are proposed for this area near
the upstream terminus of the geochemical anomalies. This zone is located along strike - approximately
5km southwest of the A-zone.
“East Preston is a large and highly prospective uranium exploration project with a comprehensive
inventory of compelling drill targets, and we’re eager to begin testing the target zones,” said President
& CEO, Alex Klenman. “Earlier this year a number of factors prevented us from drilling as much as
we had planned. The timing of funding, a late start, and the early onset of warmer weather cut short
our efforts. However, this upcoming campaign has the benefit of not only adequate funding already
in place, but also, we’re significantly ahead of the permitting and preparation process than we were
last time. We will test a number of priority targets this time, so we’re excited to get going,” continued
Mr. Klenman.
Figure 1: 2020 Drill Targets – East Preston Uranium Project
Figure 2: Project Location – Western Athabasca Basin, 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 Resources (TSX.V: SYH), and Clean Commodities
Corp (TSX.V: CLE). 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 & CEO
Tel: 604-638-8063 email: [email protected]
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com