Skyharbour Resources (SYH.V) partner company Azincourt Energy (AAZ.V) announced today that they have received approvals for the upcoming winter drill program at the East Preston uranium project in the Athabasca Basin.
Azincourt Energy’s extensive winter program going into 2023 will consist of approximately 6,000 metres of drilling in 20+ diamond drill holes. The priority is to evaluate alteration zones and elevated uranium which was identified in the winter of 2022.
The focus will be on the K and H zones.
Key components of the program are road access, camp construction and diamond drilling. Preparing the access road is expected to commence immediately, with camp construction commencing by early January. Drill mobilization to site is expected in mid-January and the program is expected to be complete by the first week in April.
The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend). 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.
“We’re eager to continue to explore these highly prospective corridors,” said Azincourt’s CEO, Alex Klenman. “Each program to date has continued to vector in the right direction. Last year for the first time we were able to delineate substantial zones of hematite alteration, some of it almost 200 meters wide. We started to get into the clays and hit some elevated zones of uranium enrichment. These are incrementally positive results, and we are hopeful targeting specific areas within these zones will continue to get us closer to impactful discovery,” continued Mr. Klenman.
Skyharbour and Dixie Gold entered into an Option Agreement with Azincourt whereby Azincourt had an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Property. Azincourt has now earned their interest in the project by completing CAD $2.5 million in staged exploration expenditures and making a total of CAD $1 million in cash payments as well as issuing shares of Azincourt divided evenly between Skyharbour and Dixie Gold. Skyharbour retains a 15% interest in the East Preston Project.
Skyharbour Resources is currently up 1.41% at time of writing. The stock remains in its range and is looking for a breakout above $0.425.
Azincourt Energy is up 10% on the news. The stock has a similar structure to Skyharbour. The stock is currently holding a range and needs a breakout above $0.065. $0.045 remains a key support for the stock.