VANCOUVER, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (AAZ.V) (AZURF) is pleased to announce that due to the positive outcome of its recent exploration program at the East Preston project, Athabasca Basin, Saskatchewan, the Company has paid the required $150,000 to enter year two of its current joint venture agreement with Skyharbour Resources (SYH.V) and Clean Commodities Corp (CLE.V).
Numerous, high-quality drill targets were generated upon completion of the Company’s recent HLEM and Gravity geophysical surveys at East Preston. Detailed interpretation work is currently underway to delineate priority targets for future drill testing.
The East Preston geophysical program consisted of 51.45 km of grid preparation, 46.05 km of horizontal loop electromagnetic (HLEM), and 40.6 km of gravity. The HLEM data was collected using a 200 m transmitter-receiver separation, and 50 m station intervals. The survey was designed to accurately identify the location of multiple conductive systems in this shallow depth to basement environment. Uranium deposits are often associated close to basement conductive trends and represent a first order criterion for discovery.
Figure 1 displays the gridded 7040 Hz in-phase HLEM data, which is considered to be representative of the entire data set. The most prospective trends, based solely on conductivity, are labelled as C1 and C2. However, there are zones of mineralization within the Athabasca Basin that are not directly related to graphite content; therefore, the weaker trends should not be dismissed. Lineaments interpreted from the airborne magnetic data are also displayed, which appear to offset the HLEM conductive trends.
The gravity survey recorded measurements at 50 m station intervals. Subtle gravity low anomalies can highlight areas of alteration and structural disruption. Gravity highs may represent basement topography, which are also associated with uranium deposits. This initial ground geophysical program has confirmed the interpretation of the airborne data and has yielded drill targets within previously untested corridors.
“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,” said Ted O’Connor, P.Geo. “These are not just simple basement conductors, they are clearly upgraded/enhanced prospectivity targets because of the structural complexity. There is no shortage of drill targets for year two testing," continued Mr. O’Connor.
“We’re happy to move forward at East Preston,” said Alex Klenman, president & CEO. “As previously stated, the recent work we completed established numerous high-quality drill targets. We’re going to prioritize the best locations and get to work furthering the development of East Preston. We are eager to advance the uranium side of our business and East Preston is a great project. Many feel the uranium market overall is heading in a positive direction and we believe our timing here is excellent,” continued Mr. Klenman.
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 lithium, uranium, cobalt 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, and at its East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
Alex Klenman, President & CEO
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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
Azincourt Energy Corp.
430 – 800 West Pender Street
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