Azincourt Announces PLN Summer Drilling Begins on High Priority Targets from Winter Program
Drill Program follows encouraging previous drill results
Saskatoon, SK, June 16, 2014 - AZINCOURT URANIUM INC. ("Azincourt" or “the Company"; TSXV:AAZ), and its joint venture partner and operator, Fission 3.0 Corp (“Fission 3.0”; TSXV:FUU), are pleased to announce an approximate 1600m drill program at the PLN project in Canada’s Athabasca Basin. The program, consisting of four to five drill holes, follows the results of the winter 2014 program that has enabled the refinement of high priority drill targets. The drill contract has been awarded to Bryson Drilling, of Archeville, SK. The drill is being mobilized to the first drill site and drilling is expected to commence early this week. The full summer program includes geophysical survey activity and is budgeted at $1.5M.
- Diamond Drilling will test A1 and A4 conductors in the central PLN project area (see Summer Location of Proposed Work Map, below).
- DC Resistivity survey completed on Broach Lake Conductor system in southern PLN and currently in progress on the N Conductor system in northern PLN. These targets will be see their initial testing during the next planned drill program this winter.
Ted O’Connor, President and CEO of Azincourt, commented,
“We are excited to start the summer drill program following up the encouraging structure, alteration and geochemistry highlighted from the winter drilling, and to continue to evolve additional targets from the on-going DC Resistivity surveys on our joint venture with the excellent team at Fission 3.0.”
Drilling on A1 Conductor
- One hole testing the up-dip potential from PLN14-101 on the strong A1 conductor
- Two additional holes testing 400m and 800m north respectively along A1 conductor following trend of elevated pathfinder element geochemistry
- Fourth hole contingent on results of first three holes
- A1 EM Conductor Overview: The recently completed winter program tested the A1 conductor (see NR April 24, 2014) and found it to be an expression of a graphitic pyritic pelitic gneiss, an important type of lithology for hosting high-grade uranium in the Athabasca Basin. The conductor intersected in hole PLN 14-10, the northern-most hole along conductor A1, had elevated values of multiple elements known to often be associated pathfinders proximal to high-grade uranium mineralization of the style of basement and unconformity deposits in the Athabasca Basin. Such pathfinder elements include uranium (U), lead (Pb), molybdenum (Mo), cobalt (Co), boron (B), Copper (Cu), Nickel (Ni).
Drilling on A4 Conductor
- One 400m hole targeting a bright spot of high conductance near the conductor’s south end
- Conductor Overview: The A4 conductor was defined by a ground TDEM survey carried out in January 2014. To date it has been untested by drilling.
Broach Lake DC Resistivity Survey
- Two prospective east-northeast trending electromagnetic (EM) conductors were identified at Broach Lake from moving loop Time Domain Electromagnetic surveys (TDEM) carried out in February and March, 2014.
- 34.0 line-km DC Resistivity survey recently completed refining conductor targets for future drill testing
N Conductor DC Resistivity survey
- 76.5 line-km DC Resistivity survey currently in progress
- Results from the survey aim to further refine drill targets for testing in future programs
- The N Conductors in the NE part of the property were confirmed by a limited ground magnetotellurics (MT) and TDEM survey, interpreted as multiple parallel west-dipping conductors
Upon completion, all drill holes are radiometrically surveyed using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high grade mineralized zones.
Drill core samples are submitted for trace element lithogeochemical analysis to look for pathfinder element enrichment signatures indicative of alteration associated with uranium mineralizing processes. Samples have been submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron.
Patterson Lake North Property
The Patterson Lake North property (PLN) lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp. (TSX-V:FCU) where recent drill results have identified high grade uranium in 6 separate pods. (See Fission Uranium news release November 27, 2013.)
PLN was acquired by staking in 2004 and became part of the Fission 3.0 portfolio as part of the Fission Uranium/Alpha Minerals agreement from December 2013. It comprises 27,408 Ha, and is located about 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits at Shea Creek.
PLN is prospective for hosting structurally controlled high-grade unconformity uranium mineralization that is often associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by geophysical surveys.
Azincourt has a staged, four year option agreement with Fission 3.0 dated April 29, 2013 whereby Azincourt can earn up to a 50% interest in the PLN project through a combination of option payments and exploration work funding. Approximately $4.7 million has been spent on prior exploration of the property by Fission Uranium. Azincourt has completed Year 1 funding of the option and presently holds a 10% interest. Fission 3.0 is the operator and project manager.
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. President and CEO of Azincourt Uranium Corp., a qualified person.
Azincourt Uranium Inc. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Vancouver, British Columbia. Azincourt has advanced exploration projects and uranium resources in southeastern Peru and the PLN exploration project joint venture with Fission 3.0 in northern Saskatchewan.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Ted O’Connor, CEO and President
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:
Mario Vetro - Corporate Development and Investor Relations
Direct: 604 662 4955
Azincourt Uranium Inc.
800 - 789 West Pender Street
Vancouver, BC V6C 1H2
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