Azincourt Energy (AAZ.V), a Canadian uranium explorer, announced results today from its winter 2022 drill program at its flagship East Preston project located in the storied Athabasca Basin.
The company completed 5,004.5 metres of drilling in 19 drill holes between January and March 2022. The program focused on the A-G and K-H-Q trends and started in the G-Zone where the 2021 drill campaign ended.
Azincourt collected 420 samples during the program which were analyzed by the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan.
Trevor Perkins, VP Exploration, commented, “The analysis from drill core is encouraging. The uranium enrichment within the alteration zones is a sign that uranium bearing fluids were present within the alteration system. We have the alteration system, and uranium moving around within it. The next step is identifying the areas of concentration within the system where significant uranium is dropping out.”
Uranium enrichment was spotted within previously identified alteration zones along the G, K, and H target zones.
Average expected uranium and uranium/thorium values for the primary rock types in the G Zone alterations are 2-3 ppm and ratios of 0.25-0.3. A sample from Hole EP0037 returned 14.6 ppm U and a U/Th ratio of 1.5, approximately five times the expected values.
A sample from EP0041 in the H Zone returned 12.5 ppm U and a 0.5 U/Th ratio, while a sample taken from K Zone, where expected values were 0.5-1.5 ppm U and U/Th ratios of 0.25-0.5, returned 5.4 ppm U and 1.2 U/Th ratio.
These elevated levels have given Azincourt confidence that uranium-bearing fluids were present in the alteration zones identified. As a result of this, the company intends to further examine the alteration system to determine the extent of alteration, areas of fluid concentration and strong uranium enrichment.
President and CEO, Alex Klenman, added, “The results of this drill program continue to support our exploration model at East Preston. The alteration zones are considerable in both size and scope. The results now confirm uranium is present within these alteration zones, which is a significant and critical step in the exploration process. We are eager to get the next round of drilling completed as the knowledge gained from this winter’s program will aid immensely in vectoring toward areas of more significant mineralization.”
The company continues to review and interpret results of the winter 2022 campaign and will prepare an extensive follow-up program in winter 2022-2023 to evaluate alteration and structure in the G, K and H Zones as well as having a first look at the Q Zone.
In other news, Azincourt announced it was planning to complete its maiden drill program at the 13,711-hectare Hatchet Lake Project, located on the northeastern side of the Athabasca Basin. High-grade uranium mineralization has already been identified at Hatchet with grades up to 2.43% uranium.
The company plans to conduct a webinar to discuss the drill results in more detail today at 11 am PST. Interested parties can register and attend here.
Azincourt currently trades at $0.045 CAD per share for a market cap of $10.27 million.
Considering the company’s assets, continuing positive assay results and the growing demand for uranium, Azincourt presents a potentially low entry on a powerful growth story. Please remember to do your due diligence before making any investment decision.
–Gaalen Engen
