Azincourt Energy Corp.is a resource exploration and development company focused on building a portfolio of uranium and lithium projects for the alternative energy sector. Azincourt holds interests in two highly prospective uranium plays in Canada’s prolific Athabasca Basin: East Preston and Patterson Lake North. Azincourt has entered into a definitive property agreement with New Age Metals for a 100-percent interest in five lithium projects located in Manitoba, Canada. “The lithium market is obviously very strong right now, and the near-term future for lithium demand remains extremely positive, said Azincourt Energy Chairman, Ian Stalker. “Our decision to expand Azincourt’s focus to include lithium and other materials is something we feel strongly about. To get a foothold and exposure in this environment, at this time, is an important and strategic step for us.”
Azincourt has the option to acquire a 70 percent interest in the early-stage East Preston project, a joint venture with partner Sky Harbour Resources (TSXV:SYH). The property is a portion of the Preston Project, one of the largest tenure land positions in the Patterson Lake region. AREVA recently optioned nearly 50,000 hectares of the Preston Project. The Patterson Lake region also hosts the high-grade Arrow, Triple R and Spitfire uranium deposits. Azincourt has planned an upcoming geophysical program at East Preston with the goal of identifying drill targets. Azincourt also holds a 10 percent interest in the Patterson Lake North uranium project, a joint venture with Fission 3.0 as operator. The Patterson Lake North property is immediately adjacent to Fission Uranium Corp.’s Patterson Lake South property which hosts the high-grade Triple R uranium deposit. Geophysical work at Patterson Lake North has established drill-ready targets in three conductor systems on the property.
The uranium market has experienced a promising uplift in optimism at the close of 2017 on news that major producer Cameco plans to suspend production at its McArthur River mine and Key Lake milling operations by the end of January 2018, as well as by a new announcement from Kazatomprom that it will cut output further in 2018. Optimism is returning on the demand side as well. UxC projects that uncovered demand will increase significantly from 2018 upwards, reaching 54.9 million pounds in 2020 and over 179 million pounds U3O8 by 2030.
Azincourt Energy is managed by a team of proven mining professionals with a successful track record in building resource companies and identifying opportunities to increase shareholder value. Chairman Ian Stalker has more than four decades of experience in resource development and his expansive career includes directing 12 major mining projects from exploration to start-up, including gold, base metals, uranium and industrial minerals.
Azincourt has option to acquire 70-percent interest the East Preston project JV with Sky Harbour. Several high priority drill targets identified East Preston; portion of Preston Project, one of the largest tenure land positions in the Patterson Lake region. East Preston strategically located near high-grade Arrow, Triple R and Spitfire uranium deposits. AREVA recently optioned 49,635 hectares of the Preston Project:
- 10 percent interest in Fission 3.0’s Patterson Lake North project adjacent to Fission Uranium’s Patterson Lake South project (Triple R)
- Drill targets identified in 3 conductor systems at PLN
- Definitive agreement for 5 highly prospective lithium projects in Manitoba
- Seasoned management team, including industry vet Ian Stalker
- Management holds approximately 10 percent of shares
- Large Lithium Land Package, Manitoba
The Lithium One, Lithium Two, Lithman West, Lithman East and Lithman North projects are located in Manitoba, Canada. This 6,000-hectare land package represents the largest lithium claim holdings in the Bird River Greenstone Belt. The belt contains the Winnipeg River Pegmatite Field which hosts numerous lithium-rich pegmatites including the world-class lithium-cesium-tantalum (LCT) Tanco Pegmatite. Three of the five properties are drill-ready and the Lithium Two project hosts a historical estimate of 545,000 tonnes of 1.4 percent Li2O. The Lithman West and East projects are adjacent to the underground cesium-spodumene-tantalum Tanco Mine property.
The East Preston uranium project covers 25,329 hectares in the southwestern portion of the Athabasca Basin. The project is a part of Sky Harbour’s 121,249-hectare Preston Property, one of the largest tenure land positions in the Patterson Lake region. Preston is located to the south of and adjacent to NexGen Energy’s (TSXV:NXE) Rook 1 project (high-grade Arrow deposit) and proximal to Fission Uranium’s (TSX:FCU) Patterson Lake South project (high-grade Triple R deposit). Preston also shares its prestigious mining district with the Hooke Lake Project (Spitfire), a JV between AREVA, Cameco and Purepoint. AREVA recently optioned nearly 50,000 hectares of the Preston Project for up to $7.3 million in exploration expenditures. More than CDN$2million in exploration spending has gone into the East Preston Project since 2013 including airborne electromagnetic (VTEM) and magnetic and radiometric surveys. The work resulted in the identification of three prospective conductive, low magnetic signature corridors with a total strike length of over 25 kilometers. EM conductor trends were discovered for each corridor. Ground prospecting and sampling identified key pathfinder elements for unconformity uranium deposit discovery. Only one of the corridors has been drilled to date.
Azincourt plans to follow up on the previous exploration work at East Preston with a geophysical exploration program. The work program will include re-logging and sampling of the seven diamond drill holes completed in 2014, with additional ground electromagnetic survey work and ground gravity planned along the airborne conductive trends. This initial ground geophysical work is expected to delineate enough drill targets for several future drill programs.
The Patterson Lake North (PLN) project, located in the Athabasca Basin, is immediately adjacent to Fission Uranium Corp.’s Patterson Lake South (PLS) property and 5.7 kilometers to the north of the high-grade Triple R deposit. Exploration work at PLN conducted by project operator Fission 3.0 has identified that the property lies on the same structural corridor as PLS. Completed exploration work on the property includes airborne and ground geophysics as well as 2,130-meters of drilling in six holes. Significant pathfinder elements and uranium mineralization has been identified including hole PLN-019 which returned 0.5 meters at 0.047 percent U3O8 within 6 meters at 0.012 percent U3O8.
The Fission 3.0 technical team has made two major discoveries in three years. Chief geologist Ross McElroy himself has played a critical role in four of the last nine major discoveries in the region.
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