AZINCOURT ENERGY CORP. (TSXV:AAZ) (OTCQB:AZURF) (“Azincourt” or the “Company“), is pleased to announce that it has completed the data acquisition and compilation of historic data available for its recently acquired Snegamook uranium project (the “Snegamook Project” or the “Project“), located in the Province of Newfoundland and Labrador.
SUMMARY
- The Snegamook Project contains known uranium mineralization and is strategically positioned near several major uranium discoveries, including Two Time, Moran, Kitts, and Jacques Lake.
- Historical drilling by Silver Spruce Resources at the Snegamook Project (2006-2008) indicated multiple lenses of uranium mineralization over a 300-metre strike length and to a vertical depth of 200 metres, with grades ranging from 225 to 771 ppm U3O8. Some zones contain higher-grade uranium concentrations (e.g., 0.11% U3O8 over 3m).
- A preliminary non-NI 43-101 compliant resource estimate was completed in 2008 but never officially filed.
- Azincourt aims to verify and expand historical mineralization through a new drill program, with the intention of re-evaluating the Snegamook deposit and establishing an initial resource estimate.
The Snegamook Project is strategically located to the southeast of Snegamook Lake within Labrador’s Central Mineral Belt and less than 1 km south of the Two Time Zone (Indicated and Inferred resource of 5.55 Mlb U3O8, June 2008)*, formerly held by Silver Spruce Resources Inc. as part of a larger land package. The Project consists of a mineral licence block comprised of 17 contiguous claims covering 423 hectares and is located near several large-scale uranium discoveries including the Two Time, Moran, Kitts, and Jacques Lake deposits. (Figure 1)
Figure 1: Snegamook Project Location Map – Central Mineral Belt, Labrador, Canada.
To view an enhanced version of this graphic, please visit:
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The Central Mineral Belt in Labrador also hosts Paladin Energy Limited’s recently acquired Michelin deposit (Measured and Indicated resource of 82.2Mlb U3O8).* Uranium was first discovered in the Central Mineral Belt in 1951 and despite hosting numerous large-scale uranium discoveries, it remains relatively under-explored. Readers are cautioned that past results or discoveries on properties in proximity to the Project are not necessarily indicative of the presence of similar mineralization on the Project.
Silver Spruce Resources conducted significant exploration work on the Snegamook Project between 2006 and 2008 consisting of airborne radiometric and magnetic surveys, follow-up prospecting, lake sediment and soil sampling, radon gas surveys, geological mapping, trenching, and diamond drilling. The success of this exploration program resulted in a preliminary resource estimate that has been made available to Azincourt. This resource estimate was never finalized or filed and consequently is not National Instrument 43-101 compliant.
Azincourt has made every effort to acquire all available historical data existing for the Project. Geophysical survey results for 2006 and diamond drilling results for 2007 were available through the online assessment report database from the Government of Newfoundland and Labrador. The Company was also able to acquire surveying data from Silver Spruce Resources, which included the 2008 diamond drilling data which was never filed for assessment. The digital geophysical data is not available however, the drilling data appears to be approximately 90% complete. The current dataset provides a good base on which to build.
Between 2007 and 2008, Silver Spruce completed 44 diamond drill holes in the Snegamook area, of which 35, totalling 10,017.6 m, were within the current Snegamook Project area. This drilling, to follow up a radon gas anomaly, identified the Snegamook Zone uranium occurrence located 1.3 km along strike to the southeast of the Two Time Zone. 17 drill holes intersected a 20 to 50 m wide section of uranium bearing brecciated and altered monzodiorite with moderate to strong chlorite, hematite and carbonate alteration, the same geological setting as the Two Time Zone. (Figure 2)
Figure 2: Snegamook and Two Time Zone mineralization map
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Four mineralized lenses were traced over a strike length of 300 meters and to a vertical depth of 200 meters. The lenses are shallow dipping and vary in width from five to 53 meters with values ranging from 225 to 771 ppm U3O8. Individual one meter sample values range from 50 to 1,110 ppm U3O8, with the widest section in drill hole SN-08-8 averaging 206 ppm U3O8 over 73 meters. Mineralization and related hydrothermal alteration appear to be structurally controlled within lineaments cross-cutting the host intrusive gneissic units. The zones appear to be disrupted to the south and down dip by steeply dipping fault structures that displace the basement gneiss but remain open to the north. (Figure 3)
Figure 3: Snegamook Zone cross section.
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Two drill holes tested a radon gas anomaly 500 meters to the south of the Snegamook Zone. (Figure 2) They intersected nine meters (210 to 219 m) of 552 ppm U3O8 and five meters (191 to 196 m) of 224 ppm U3O8. Higher grade zones, 0.11% U3O8 over 3 m and 0.11% U3O8 over 2 m, were located within the highlighted zone in SN-08-18.
In 2008 a preliminary resource estimate for the Snegamook Zone was prepared by Silver Spruce Resources, however it was never finalized in a report or filed. The company does not consider this resource estimate to be current or NI43-101 compliant, although it will provide a good base to assist in building a compliant estimate as the historical data is analysed, and more drilling is completed on the deposit. (Figure 4) describes the resource block model from the unpublished and non-compliant preliminary resource estimate.
Despite a recent increase in activity and discoveries in the Central Mineral Belt, the Project area remains relatively underexplored. Azincourt is currently planning a drill program to confirm and expand the historical mineralization.
“Being able to get our hands on a uranium deposit that has not seen any attention in over 15 years is exciting,” commented Vice President of Exploration Trevor Perkins. “We are starting from a good position with regards to an understanding of what we may have and are excited to see if we can establish an initial resource estimate at Snegamook. The chance to improve a deposit within an emerging uranium camp is a significant opportunity for Azincourt”, continued Mr. Perkins.
Figure 4: Snegamook Zone block model from 2008
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*The historical interpretation and drill intersections described here in have not been verified and are extracted from news releases issued by Silver Spruce Resources Inc on April 24, 2008, and August 12, 2008, as well as annual Management Discussion and Analysis documents filed on www.sedarplus.ca, and disclosure published on the website for Paladin Energy Limited (www.paladinenergy.com.au). The Company has not completed sufficient work to confirm and validate any of the historical data from the Snegamook occurrence. The Company considers the historical work a reliable indication of the potential of the Project and the information may be of assistance to readers.
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 C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.
About Azincourt Energy Corp.
Azincourt is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects. The Company has been a uranium explorer for over a decade and is currently active at both its Snegamook advanced exploration project in the Central Mining Belt of Labrador and its majority-owned joint venture East Preston uranium project located in the Athabasca Basin, Saskatchewan.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“Alex Klenman”
Alex Klenman, President & CEO
For further information please contact:
Alex Klenman, President & CEO
Tel: 604-638-8063
info@azincourtenergy.com
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
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.
Featured Image @ Freepik
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