Azincourt Extends Earn-IN FOR East Preston Uranium Project
AZINCOURT EXTENDS EARN-IN FOR EAST PRESTON
URANIUM PROJECT
Vancouver B.C., April 16, 2020 - 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 wester n Athabasca basin in Saskatchewan,
Canada. The Company is currently earning an intere st 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 th ese obligations has been extended through
until March 31, 2021. Following satisfaction of th ese 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 C EO, Alex Klenman. "The extension of the
agreement, if required, gives Azincourt some flexib ility, particularly in dealing with the impact of
COVID-19. With the time and capital already invest ed, 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-q uality drill targets, over a very expansive
footprint, in precisely the right geographical loca tion for uranium discovery. The development of
East Preston is a top priority for us, and this ext ension, given current circumstances, ensures we
have ample opportunity to complete the acquisition as intended," continued Mr. Klenman.
Since 2017 the Company has conducted multiple geoph ysical surveys that have delineated several
long linear conductors with flexural changes in ori entation and offset breaks in the vicinity of
interpreted fault lineaments - classic targets for basement-hosted unconformity uranium
deposits. These are not just simple basement condu ctors 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 g round is located along a parallel conductive
trend between the PLS-Arrow trend and Cameco's Cent ennial deposit in the Virgin River-Dufferin
Lake Trend.
Limited drilling (552m) in the winter of 2018-19 co nfirmed the prospectivity of the East Preston
project, as basement lithologies and graphitic stru ctures intersected are similar and appear to be
analogous to the Patterson Lake South-Arrow-Hook La ke/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 L akes area, testing multiple subparallel EM
conductors in the area of marked structural disrupt ion. 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 div ided evenly between the
Vendors. Completion of the issuance of the Conside ration Shares remains subject to the approval
of the TSX Venture Exchange. Following issuance, t he Consideration Shares will be subject to a
four-month-and-one-day statutory hold period in accordance with applicable securities laws
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 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 b een discovered on the property. The three
distinct corridors have a total strike length of ov er 25 km, each with multiple EM conductor trends
identified. Ground prospecting and sampling work c ompleted to date has identified outcrop, soil,
biogeochemical and radon anomalies, which are key p athfinder elements for unconformity uranium
deposit discovery.
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. Ground-truthing work
confirmed the airborne conductive trends and more a ccurately 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/st ructural 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 s imple basement conductors; but clearly
upgraded/enhanced prospectivity targets because of the structural complexity.
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).
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 we re found to be very similar and appear to be
analogous to the Patterson Lake South-Arrow-Hook La ke/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 Instrum ent 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 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 East
Preston uranium project in the Athabasca Basin, Sas katchewan, 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