Azincourt Announces PLN Summer Drilling Begins on High Priority Targets from Winter Program
16 6월 2014 - 4:00PM
Marketwired
Azincourt Announces PLN Summer Drilling Begins on High Priority
Targets from Winter Program
Drill Program follows encouraging previous drill results
SASKATOON, SASKATCHEWAN--(Marketwired - Jun 16, 2014) -
AZINCOURT URANIUM INC. ("Azincourt" or "the Company")
(TSX-VENTURE:AAZ), and its joint venture partner and operator,
Fission 3.0 Corp ("Fission 3.0") (TSX-VENTURE:FUU), are pleased to
announce an approximate 1600m drill program at the PLN project in
Canada's Athabasca Basin. The program, consisting of four to five
drill holes, follows the results of the winter 2014 program that
has enabled the refinement of high priority drill targets. The
drill contract has been awarded to Bryson Drilling, of Archeville,
SK. The drill is being mobilized to the first drill site and
drilling is expected to commence early this week. The full summer
program includes geophysical survey activity and is budgeted at
$1.5M.
- Diamond Drilling will test A1 and A4 conductors in the central
PLN project area (see Summer Location of Proposed Work Map:
http://media3.marketwire.com/docs/952067-SLMap.pdf).
- DC Resistivity survey completed on Broach Lake Conductor system
in southern PLN and currently in progress on the N Conductor system
in northern PLN. These targets will be see their initial testing
during the next planned drill program this winter.
Ted O'Connor, President and CEO of Azincourt, commented,
"We are excited to start the summer drill program following
up the encouraging structure, alteration and geochemistry
highlighted from the winter drilling, and to continue to evolve
additional targets from the on-going DC Resistivity surveys on our
joint venture with the excellent team at Fission 3.0."
Program Details
Drilling on A1 Conductor
- One hole testing the up-dip potential from PLN14-101 on the
strong A1 conductor
- Two additional holes testing 400m and 800m north respectively
along A1 conductor following trend of elevated pathfinder element
geochemistry
- Fourth hole contingent on results of first three holes
- A1 EM Conductor Overview: The recently completed winter program
tested the A1 conductor (see NR April 24, 2014) and found it to be
an expression of a graphitic pyritic pelitic gneiss, an important
type of lithology for hosting high-grade uranium in the Athabasca
Basin. The conductor intersected in hole PLN 14-10, the
northern-most hole along conductor A1, had elevated values of
multiple elements known to often be associated pathfinders proximal
to high-grade uranium mineralization of the style of basement and
unconformity deposits in the Athabasca Basin. Such pathfinder
elements include uranium (U), lead (Pb), molybdenum (Mo), cobalt
(Co), boron (B), Copper (Cu), Nickel (Ni).
Drilling on A4 Conductor
- One 400m hole targeting a bright spot of high conductance near
the conductor's south end
- Conductor Overview: The A4 conductor was defined by a ground
TDEM survey carried out in January 2014. To date it has been
untested by drilling.
Broach Lake DC Resistivity Survey
- Two prospective east-northeast trending electromagnetic (EM)
conductors were identified at Broach Lake from moving loop Time
Domain Electromagnetic surveys (TDEM) carried out in February and
March, 2014.
- 34.0 line-km DC Resistivity survey recently completed refining
conductor targets for future drill testing
N Conductor DC Resistivity survey
- 76.5 line-km DC Resistivity survey currently in progress
- Results from the survey aim to further refine drill targets for
testing in future programs
- The N Conductors in the NE part of the property were confirmed
by a limited ground magnetotellurics (MT) and TDEM survey,
interpreted as multiple parallel west-dipping conductors
Upon completion, all drill holes are radiometrically surveyed
using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for
more accurate measurements in high grade mineralized zones.
Drill core samples are submitted for trace element
lithogeochemical analysis to look for pathfinder element enrichment
signatures indicative of alteration associated with uranium
mineralizing processes. Samples have been submitted to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited
Facility) of Saskatoon. All samples sent for analysis will include
a 63 element ICP-OES, uranium by fluorimetry and boron.
Patterson Lake North Property
The Patterson Lake North property (PLN) lies adjacent and to the
north of the Patterson Lake South property, owned by Fission
Uranium Corp. (TSX-VENTURE:FUU) where recent drill results have
identified high grade uranium in 6 separate pods. (See Fission
Uranium news release November 27, 2013.)
PLN was acquired by staking in 2004 and became part of the
Fission 3.0 portfolio as part of the Fission Uranium/Alpha Minerals
agreement from December 2013. It comprises 27,408 Ha, and is
located about 30 km immediately south of the UEX/AREVA Anne and
Collette uranium deposits at Shea Creek.
PLN is prospective for hosting structurally controlled
high-grade unconformity uranium mineralization that is often
associated with basement graphitic shear zones within clay altered
metasedimentary basement lithologies. These features have unique
characteristics that can be identified by geophysical surveys.
Azincourt has a staged, four year option agreement with Fission
3.0 dated April 29, 2013 whereby Azincourt can earn up to a 50%
interest in the PLN project through a combination of option
payments and exploration work funding. Approximately $4.7 million
has been spent on prior exploration of the property by Fission
Uranium. Azincourt has completed Year 1 funding of the option and
presently holds a 10% interest. Fission 3.0 is the operator and
project manager.
Qualified Person
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the company by
Ted O'Connor, P.Geo. President and CEO of Azincourt Uranium Corp.,
a qualified person.
About Azincourt Uranium Inc.
Azincourt Uranium Inc. is a Canadian based resource company
specializing in the strategic acquisition, exploration and
development of uranium properties and is headquartered in
Vancouver, British Columbia. Azincourt has advanced exploration
projects and uranium resources in southeastern Peru and the PLN
exploration project joint venture with Fission 3.0 in northern
Saskatchewan.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Ted O'Connor, CEO and President
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
This press release includes "forward-looking statements",
including forecasts, estimates, expectations and objectives for
future operations that are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Azincourt. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or
developments may differ materially from those projected in the
forward-looking statements. Such forward-looking information
represents management's best judgment based on information
currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially.
Azincourt Uranium Inc.Mario VetroCorporate Development and
Investor Relations604 662
4955mario@azincourturanium.comwww.azincourturanium.com
Azincourt Energy (TSXV:AAZ)
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