Azincourt Energy Elects Not to Retain 10% of Pln, Will Focus Athabasca Development Efforts at East Preston
AZINCOURT ENERGY ELECTS NOT TO RETAIN 10% OF PLN, WILL
FOCUS ATHABASCA DEVELOPMENT EFFORTS AT EAST PRESTON
Vancouver B.C., March 28, 2019 - AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”) (TSX.V: AAZ, OTC: AZURF) , announces that it has elected not to retain its ten
percent (10%) interest in the Patterson Lake North Property (“Patterson Lake”). The Company held
an interest in Patterson Lake through an option and joint venture arrangement (the “Joint Venture”)
with Fission Uranium Corp., and later Fission 3.0 Corp. In accordance with the terms of the Joint
Venture, the Company was required to fund a pro rata portion of any development at Patterson Lake,
in order to maintain its interest.
The Company is currently focusing its efforts and available capital on development of the East Preston
Uranium Project in the western Athabasca basin in Northern Saskatchewan. As a result, the Company
has elected not to fund its pro rata portion of planned expenditures at Patterson Lake. This election
allows for the Company to concentrate capital in the ongoing drilling and exploration program being
conducted at the East Preston Uranium Project. For further information regarding ongoing
development at East Preston, readers are encouraged to review the Company’s news release of March
20, 2019.
“Although we like the PLN project, Azincourt has elected to concentrate it’s resources on developing
the East Preston project,” said president and CEO, Alex Klenman. “We were unable to increase our
share of PLN, and therefore ultimately we felt the best course of action was to utilize our funds
elsewhere, particularly East Preston,” continued Mr. Klenman.
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.
Only one of the corridors has been drill tested to date, successfully intersecting structurally disrupted
graphitic metasedimentary rocks and anomalous pathfinder elements (including uranium) at the
Swoosh S6 target using a combination of Horizontal Loop EM (HLEM) and gravity as primary
targeting tools.
Figure 1: Project Location – Western Athabasca Basin, Saskatchewan, Canada
East Preston Geophysical Work - Winter 2018
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.
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 gravity along the previously known airborne
helicopter VTEM conductive trends.
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; they are clearly
upgraded/enhanced prospectivity targets because of the structural complexity.
Targets
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).
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 Azincourt Energy Corp., 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 lithium
exploration projects in the Winnipeg River Pegmatite Field, Manitoba, Canada, the 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
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com