Azincourt Energy (AAZ.V) is a Canadian-based resource exploration and development company focused on the alternative fuels/alternative energy sector. Their core projects are in the clean energy space, with uranium exploration projects in the prolific Athabasca Basin, Saskatchewan, Canada, and lithium/uranium projects on the Picotani Plateau, Peru.
Today, the Company announced it has completed its preliminary phase of mineral exploration at its Big Hill Lithium Project in southern Newfoundland, Canada. The program was conducted under the guidance and participation of its project partner, Atlantis Battery Metals Corp.
The program was conducted over 21 days during a 29-day period by a team of five geologists and one prospector. Approximately 70 fresh, unaltered, bedrock samples were collected for lithium and associated element geochemistry in addition to basic petrography and petrology.
A significant pegmatite field was discovered in the southern edge of claim 035342M which spans for ~400m trending NNE. Coincidently, these pegmatites were identified around a government mapped mafic unit with an estimated age of Late Silurian.
“The first round of exploration on the Big Hill Project was successful in identifying pegmatites on the property,” said VP, Exploration Trevor Perkins. “The area is significantly underexplored and will require additional detailed work to examine the pegmatites identified, the extents of the systems, and determine if there are lithium bearing phases within the system. I was fortunate to spend a few days in the field with the team and recognize that we have barely scratched the surface on examining the property,” continued Mr. Perkins.
The Big Hill Lithium Project is a Lithium-Cesium-Tantalum (LCT) exploration property located in southwestern Newfoundland, Canada, along the south side of the Hermitage Flexure, approximately 5 km south of the Benton/Sokoman JV partnership discovery of the Kraken Lithium Pegmatite Field (1.04% Li2O over 15.23 metres, 8.4 metres of 0.95% Li2O, and 5.5 metres of 1.16% Li2O).
The Benton/Sokoman JV partnership has also discovered the cesium-tantalum-rubidium-lithium Hydra Dyke which is located 12 km northeast of the Kraken Lithium Pegmatite Field. Channel samples returned results as high as 8.76% Cs2O, 0.41% Li2O, 0.025% Ta2O5, and 0.33% Rb2O over 1.20 metres.
The Big Hill Lithium property consists of three contiguous exploration licences consisting of 100 claims each for a total of 300 claims covering 7,500 hectares. The property lies adjacent to the Kraken Lithium and the Hydra cesium discoveries. The three licenses were map staked for potential spodumene-bearing pegmatites based on a compilation of geological map information in the area and on their proximity to the high-grade, spodumene-bearing, Kraken lithium discovery by the Sokoman Minerals – Benton Resources Alliance in 2021, and the subsequent discovery of high-grade cesium in pegmatite from the Hydra Zone.
The Kraken lithium discovery is located approximately 6.5 kilometers north of license 035340M. The high-grade cesium discovery is located approximately 15 kilometers to the west of license 035342M.
Additional exploration is under consideration, potentially split into two phases:
Phase I
- Helicopter-assisted prospecting, geological mapping, and geochemical sampling.
- Preliminary geochemistry survey for LCT pegmatite lithium path-finder elements using a portable XRF unit to help minimize the potentially large number of samples.
- MMI geochemistry.
- Soil geochemistry.
- A glacial till survey to concentrate spodumene from tills.
Phase II (based on results from Phase I)
- High-resolution geophysical survey that may in part include, EM/Mag, radiometric, and lidar, surveys.
- A high-resolution drone survey should be carried out over targeted pegmatite areas to obtain low-altitude, high-resolution photography to assist more rapid ground mapping.
- Selected trenching should be considered in areas where overburden is thin, and pegmatites are shown to be covered.
- An initial 1,500 metres diamond drilling program
In my previous technical analysis rundown on Azincourt Energy, I mentioned the stock was ranging after printing new all time record lows at $0.03. I pegged the $0.045 zone as the resistance level the stock would have to break in order for the bulls to begin to build reversal momentum.
In the past few days, Azincourt Energy has taken out this resistance. Subsequent days show interesting price action on the retest. Buyers are stepping in to defend this zone as is evident by the major green candle printed on September 20th 2023. If the stock takes out recent highs at $0.05, the new uptrend will continue with the next major resistance coming in around $0.08.
