Azincourt Energy (AAZ.V) announced today an update on mobilization for the East Preston winter program in the Athabasca Basin.
Azincourt will be conducting an extensive drill program for the winter of 2023 which is expected to be complete in March. Terralogic Exploration will execute this program under the guidance and supervision of Azincourt’s VP of Exploration, Trevor Perkins.
This winter program will consist of up to 5,000 metres of drilling in 20 plus diamond drill holes. The goal and focus will be to evaluate the alteration zones and elevated uranium identified in the winter of 2022 program, with a focus on the G,K and H zones (shown below). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2022 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors.
Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.
The first drill holes will be placed on the south end of the G-Zone, to follow up alteration and cross structures intersected in Holes EP0030 and EP0037. When the second trill rig arrives on site, it will commence drilling on the K and H Zones where a significant alteration package has been identified.
The project has road access and this access will be maintained by C&C Road Maintenance. The opening of the winter road to access the property and campsite is complete, with camp construction ongoing. One drill has already arrived and is mobilizing to camp along the winter road, with drilling expected to commence on the weekend. A second drill is expected to arrive on site next weekend.
“We are excited to return to the property and continue drilling where our 2022 program left off. The previous program has shown that we have a significant alteration system present on the property,” said VP, Exploration, Trevor Perkins. “The next step is finding the extent of this system and identifying where within that system the alteration fluids are focusing and where we need to chase the increasing intensity. We need to focus in on the most responsive areas, and confirm what these anomalous areas have to offer,” continued Mr. Perkins.
Just like a few other uranium junior charts I have covered, Azincourt Energy remains broadly in a ranging pattern. However, we have had a recent interim breakout. There was a resistance, or price ceiling, at the $0.065 zone. Azincourt broke above this level on January 23rd 2023. Technically this is a breakout. The stock is now pulling back to retest the $0.065 zone which is normal breakout price action. For the bullish trend to remain, we should see buyers step in here to buy at the retest.
This would take us higher to our major resistance level at $0.085. Once we break and close above this level, we breakout of a long term range, and have more room to the upside.
With the winter drilling program underway, the stock will now have catalysts coming down the pipeline in the next few weeks to months. This type of fundamental news is what is required to get us those major range breakouts.