VANCOUVER, British Columbia, Feb. 2022 (GLOBE NEWSWIRE) — AZINCOURT ENERGY CORP. (“Agincourt” or the “Company”) (TSXV: AAZ, OTCQB: AZURF)is pleased to provide an update on the 2022 exploration program for the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
Drilling at the East Preston project began on January 24and, and to date, 1,334 meters have been completed in 6 drill holes. After some initial start-up delays due to extremely cold weather, two rigs are now operational on the project. Four drill holes have been completed and two are in progress on the G-Zone. A drill is moved to the K zone. See Figure 2 for the corresponding locations.
Winter 2022 Diamond Drill Program
TerraLogic Exploration Inc. is executing the winter 2022 diamond drill program under the direction and supervision of Vice President, Agincourt Exploration, Trevor Perkins, P.Geo, and Jarrod Brown, M.Sc., P. Geo, chief geologist and project manager with TerraLogic Exploration. The program is planned for approximately 6,000 m of drilling in 30 to 35 drill holes. Drilling will focus on the AG and KHQ trends and will begin in the G zone where the 2021 drill program ended. The program continues to assess the G zone to the south and assess the KHQ trend. The program can be modified and the drill holes adjusted at any time depending on the results.
The 73 km winter road to access the property and camp facilities has been completed. Accurate Industries maintains the winter access road and facilitates transportation of fuel and supplies to camp for the duration of the program. Discovery Mining Services maintains and manages the exploration camp at Snoop Lake for the duration of the program. Full Force Drilling Ltd is supplying two diamond drill rigs and carrying out the drilling programme, which is expected to continue until mid-March. Heavy snowfall and blowing snow have resulted in additional time and effort being invested in maintaining access roads to ensure safe and consistent accessibility.
“It’s good that the drills are turning and the core is coming in,” said Vice President, Exploration Trevor Perkins. “There were a few start-up hiccups due to the extreme cold and the resulting impact on water lines and equipment, but that’s not unusual when working in this remote environment in winter in northern Saskatchewan. The drill program is now progressing well,” Mr. Perkins continued.
East Preston Targets
The primary target area for the 2022 program continues to be the conductive corridors from Zone A to Zone G (AG trend) and from Zone K to Zones H and Q (Trend KHQ) (Figures 1 and 2). The selection of these trends is based on a compilation of results from the 2018 to 2020 ground EM and gravity surveys, property-wide VTEM and magnetic surveys, and the 2019 to 2021 drill programs, the HLEM survey of 2020 indicates multiple potential conductors and complex structures along these corridors.
The 2019-2021 drilling programs on the AG trend confirmed that the geophysical conductors include structurally disturbed zones that host accumulations of graphite, sulphides and carbonates. Anomalous radioactivity has been shown to exist in these structurally disturbed conductive areas. The 2022 drill program will target similar structurally disturbed areas based on the presence and strength of corresponding electromagnetic, magnetic and gravity geophysical anomalies.
Licensing and community involvement.
Permits are in place to complete all planned work through the winter of 2022. Azincourt Energy continues to participate in regular meetings with the Clearwater River Dene Nation and other rights holders to ensure the concerns of local communities are taken into account. Azincourt looks forward to a close and continued working relationship with CRDN and other rights holders to ensure that all potential impacts and concerns are addressed and that communities can benefit from activities in the area through the support of local businesses, job opportunities and community sponsorship. programs and initiatives. Several members of the Clearwater River Dene Nation are directly employed on site or provide support and services to keep the camp and program running.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b381a70-d56e-4fa8-9713-755075bf3379
Agincourt closes a private placement
The Company is also pleased to announce that it has completed a non-brokered private placement of 5,575,000 Units (“Units”) of the Company at a price of C$0.07 per Unit for gross proceeds of C$390,250. (the “Offer”).
Each Unit consists of one common share and one common share purchase warrant (a “Warrant”). Each warrant entitles its holder to purchase one additional common share until February 9, 2025, at a price of C$0.10 per common share.
In accordance with securities legislation, all securities issued under the offering will be subject to a four-month hold period expiring on June 10, 2022.
Agincourt will use the gross proceeds of the Offering for the advancement of the Company’s projects and for general working capital purposes.
The final closing of this offering is subject to the receipt of all necessary regulatory approvals, including that of the TSX Venture Exchange.
About East Preston
Azincourt controls a 70% controlling interest in the more than 25,000 hectare East Preston project under a joint venture agreement with Skyharbour Resources (TSX.V: SYH) and Dixie Gold. Three potential low magnetic signature conductive corridors have been discovered on the property. The three distinct corridors have a total length of over 25 km, each with several identified EM conductive trends. Prospecting and ground sampling work to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key precursors to the discovery of unconformable uranium deposits.
The East Preston Project features several long linear conductors with flex orientation changes and offset failures near interpreted fault lineaments – classic targets for subsurface-hosted unconformity uranium deposits. These are not just basement conductors; these are clearly enhanced/reinforced prospectivity objectives due to the structural complexity.
The targets are subsurface-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 the targets are in a near-surface environment with no Athabasca sandstone cover – hence they are relatively shallow targets but can have great depth when uncovered. The project land is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
The technical information contained in this press release has been prepared in accordance with the Canadian regulatory requirements set forth in National Instrument 43-101 and reviewed on behalf of the Company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Agincourt Energy, and a Qualified Person as defined by National Instrument 43-101.
About Agincourt Energy Corp.
Agincourt Energy is a Canada-based resource company that specializes in the strategic acquisition, exploration and development of alternative energy/fuel projects, including uranium, lithium and other energy elements own reviews. The Company is currently active in its joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group’s uranium-lithium project located on the Picotani Plateau in southern -eastern Peru.
ON BEHALF OF THE BOARD OF DIRECTORS OF AZINCOURT ENERGY CORP.
Alex Klenman, President and 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 contains “forward-looking statements”, including forecasts, estimates, expectations and targets for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Agincourt. Investors are cautioned that 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. This 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 more information, please contact:
Alex Klenman, President and CEO
Agincourt Energy Corp.
1430 – 800 Pender Street West
Vancouver, BC V6C 2V6