Azincourt Energy Signs Definitive Agreement to Acquire Five Lithium Projects IN Manitoba
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
AZINCOURT ENERGY SIGNS DEFINITIVE AGREEMENT TO
ACQUIRE FIVE LITHIUM PROJECTS IN MANITOBA
Vancouver, BC – January 15, 2018 - Azincourt Energy Corp. (“Azincourt” or the “Company ”)
(TSX-V: AAZ) is pleased to announce it has entered into a definitive property agreement with
New Age Metals (TSX.V: NAM) (“the Optionor”), and i ts wholly-owned subsidiary, Lithium
Canada Development Inc., pursuant to which it will acquire the option (the “Option”) to earn up
to one-hundred percent (100%) in a series of five l ithium exploration projects located in the
Winnipeg River Pegmatite Field, Manitoba, Canada (collectively, the “Projects”).
The agreement covers the Lithium One, Lithium Two, Lithman West, Lithman East and Lithman
North projects. The land package included in this agreement represents the largest mineral claim
holdings (6000 hectares) of projects for the lithiu m group or type of minerals in the Bird River
Greenstone Belt, which contains the Winnipeg River Pegmatite Field.
The Winnipeg River Pegmatite Field is host to numer ous lithium-rich pegmatites in addition to
the world-class Tanco Pegmatite, a highly fractiona ted lithium-cesium-tantalum (LCT) type
pegmatite that has been mined at the Tanco Mine sin ce 1969 for spodumene (a major rock unit
for lithium (Li)), tantalum (Ta), cesium (Cs), rubidium (Rb), and beryllium (Be) ores.
Three of the five projects are drill ready:
Lithium Two Project
• * Historical estimate from drilling in 1947 defined 545,000 tonnes of 1.4% Li2O, drilled
to a depth of 60 meters
• Field work in 2016 confirmed that the Eagle and FD5 Pegmatites contained significant
surface spodumene
• 12 samples collected returned a range of 0.02% to 3.04% Li2O from the Eagle Pegmatite,
and up to 2.08% Li2O from the FD5 Pegmatite
• The Eagle Pegmatite is ~1100 meters in length, up to 12 meters wide and open to depth
• Project is adjacent to Quantum Minerals Corp (TSX.V : QMC) Cat Lake Lithium Project
(aka Irgon Lithium Mine)
* Note: The mineral reserve estimate cited above as part of the Lithium Two project is presented
as a historical estimate which does not conform to current NI43-101 standards. A qualified
person has not done sufficient work to classify the historical estimate as current mineral
resources or mineral reserves. Although the histori cal estimates are believed to be based on
reasonable assumptions, they were calculated prior to the implementation of National
Instrument 43-101 standards. These historical estim ates therefore do not meet current standards
as defined under sections 1.2 and 1.3 of NI 43-101; consequently, the issuer is not treating the
historical estimate as current mineral resources or mineral reserves.
Lithium One Project
• Field work in 2016 sampled several historical pegmatites
• Grab samples of the pegmatitic granites and pegmati tes in the project area returned
values from 0.00 to 4.33% Li2O with the high values obtained at the Silverleaf Pegmatite
• Several of the other pegmatites in the project area yielded lithium values from lepidolite
and spodumene
• Approximately 40 pegmatites are estimated to exist north of Greer Lake with around 100
to the south of the lake
• The Silverleaf Pegmatite was excavated and mined fo r spodumene in the 1920’s, with
surface exposure of 80 m X 45 m
• Several drill ready targets
Lithman West Project
• Historical rock and soil geochemical anomalies
• Anomalies have not been drill tested
• Drill ready
The Lithman West and East projects are adjacent to the Tanco Mine lease property. Tanco Mine
is an underground cesium, spodumene and tantalum mi ne. The mine has the largest known
deposit of pollucite and is also the world's larges t producer of cesium. The pegmatite ore body
now mined by the Tanco Mine was discovered in the l ate 1920s. Major minerals found in the
mine include spodumene (lithium bearing), amblygoni te (lithium bearing), pollucite (cesium
bearing), and beryl (beryllium bearing) and a host of tantalum bearing minerals.
The additional projects contained in this agreement , Lithman East (adjacent to Tanco) and
Lithman North, represent prospective exploration ar eas that require additional ground work to
determine drill targets.
“This definitive agreement highlights Azincourt Ene rgy’s continued determination to be part of
the solution to the increasing demand for battery m etals, for today and tomorrow’s EV
revolution,” stated Chairman Ian Stalker. “We conti nue to look to unlock shareholder value from
previously worked properties that have distinct pro mise and where our team can add input from
their collective experience. We are also please to be working with the New Age Metals team and
look forward to utilizing their knowledge of the projects to date.
“The work that will commence on these properties, a long with the work underway on our
uranium focused properties, shows the Company’s com mitment to this energy demanding
environment,” continued Mr. Stalker.
“Our corporate strategy is to identify, acquire and develop highly prospective projects that will
add immediate value in addition to presenting measu rable upside”, said Alex Klenman, president
and CEO. “The addition of the Manitoba lithium prop erties is but one step in this process. We
are currently conducting due diligence on additional projects in the clean energy-clean fuel space
that would expand our portfolio and continue to add value,” continued Mr. Klenman
Terms
Pursuant to terms of the Option, the Company can ac quire a fifty percent (50%) interest in the
Projects by: (i) completing a series of cash paymen ts totaling $200,000 over an eighteen-month
period, (ii) issuing 1,000,000 common shares over a thirty-six-month period, and (iii) completing
a minimum of $2,100,000 of exploration expenditures on the Projects prior to August 31,
2020. Once the Company has acquired this interest, it can acquire a further ten percent (10%)
interest in the Projects by completing the issuance of a further 1,000,000 common shares, and
incurring further exploration expenditures of at le ast $750,000 prior to October 31, 2021. The
remaining forty percent (40%) interest in the Projects can be acquired by completing the issuance
of a further 1,000,000 common shares, and incurring expenditures of at least $1,000,000 prior to
October 31, 2022.
Once the Company has acquired a one-hundred percent (100%) interest in the Projects, it will
grant to the Optionor a two percent (2%) net smelte r returns royalty on commercial production
from the Projects. In addition, the Projects are subject to an existing one percent (1%) royalty on
lithium production from the Projects which can be p urchased for a one-time cash payment of
$250,000.
All securities issued in connection with the property option will be subject to a four-month-and-
one-day statutory hold period. The property option remains subject to the approval of the TSX
Venture Exchange.
Figure 1 – Project Location Map
The contents contained herein, which relates to Exp loration Results or Mineral Resources, is
based on information compiled, reviewed or prepared by Carey Galeschuk, Principal Consulting
Geoscientist for New Age Metals. Mr. Galeschuk is a Qualified Person, as defined by National
Instrument 43-101 and has reviewed and approved the technical content of this news release.
About Azincourt Energy Corp.
Azincourt Energy Corp. is a Canadian-based resource company specializing in the strategic
acquisition, exploration and development of alterna tive energy/fuel projects, focusing on
uranium, lithium, cobalt, and other critical energy & fuel elements.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“J. Ian Stalker”
J. Ian Stalker, Chairman
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 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 t he control of Azincourt. Investors are
cautioned that any such statements are not guarante es 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-lookin g statement can be guaranteed and actual
future results may vary materially.
For further information please contact:
J. Ian Stalker
Tel: 604-638-8063