Azincourt-Fission 3.0 JV Commences PLN Winter Program
Diamond drilling and Radon sampling now underway
SASKATOON, SASKATCHEWAN--(Marketwired - Jan 20, 2014) -
AZINCOURT URANIUM INC. ("Azincourt" or "the Company");
(TSX-VENTURE:AAZ), and its joint venture partner and operator,
Fission 3.0 ("Fission 3.0"); (TSX-VENTURE:FUU), are pleased to
announce that a $1.0M, 8 to 10 drillhole winter diamond drilling,
radon survey and ground geophysical program, focusing on high
priority targets, has commenced at their PLN Property. A Radon in
Water survey, using the same frozen ice conditions approach used
successfully at Fission Uranium Corp's adjacent Patterson Lake
South (PLS) project, is included in the program and will assist in
refining drill target locations over Hodge Lake, Harrison Lake and
Broach Lake target areas.
- 8 - 10 high priority drill targets planned in 2500m - 3000m of
drilling
- Drill holes to test following areas:
- North-northwest trending central conductive meta-sedimentary
belt
- Geophysical anomalies under Hodge Lake
- Prospective north-northwest trending conductor
- A radon in lake water survey to measure radon covering 3 areas
in 400 samples. The survey will comprise primarily samples of
measurements of radon in water at Hodge Lake, Harrison Lake and
Broach Lake
- Ground TDEM on the Broach Lake and Regional Side Line Moving
Loop EM.
Ted O'Connor, President and CEO of Azincourt, commented,
"We are excited to start the 2014 winter drill program as
follow up to the successful target development and prioritization
work already completed. PLN has favourable geology, similar to the
nearby Patterson Lake South discovery and the additional targeting
surveys planned for the project will use the same techniques proven
effective by Fission Uranium at PLS. The highly capable Fission 3.0
technical team and contractors carrying out the project work have
proven success and Azincourt looks forward to working closely with
our JV Partner to advance the project."
Drill
Program
Bryson Drilling has been awarded the contract to drill 8 to 10
diamond drill core holes in 2500 - 3000m. All holes are based on
geophysics targets. Three main areas will be tested:
- North-northwest trending central conductive meta-sedimentary
belt
- Geophysical anomalies under Hodge Lake in the southern project
area
- Prospective north-northwest trending conductor in
central/southern PLN
Initial targets will focus on the northwest-southeast (NW-SE)
trending A1, A1B and A3 basement EM conductors located in the
west-central area of the property. In addition drill targets along
the B basement EM conductor located in the central area of the
project area will be tested. Eight drill targets so far selected
consist of:
- Five drill holes to test the north-northwest trending central
conductive meta-sedimentary belt.
- Three high priority drill targets (PLN14-A, B and C) have been
selected on the NW-SE trending A1 EM conductor
- One high priority drill target (PLN14-D) has been selected on
the NW-SE trending A1B conductor in association with an interpreted
NE trending structure. The A1B conductor is interpreted to be a
faulted-off segment of the A1 conductor
- One high priority drill target (PLN14-E) has been selected on
the NW-SE trending A3 conductor. The hole targets an interpreted
cross-fault at its southern extent.
- Two drill holes (PLN14-F and PLN 14-G) will test the
geophysical anomalies on Grid B under Hodge Lake. The drill holes
on this grid will test the interpreted limbs of a suspected folded
graphitic pelitic geological unit (interpreted syncline) where they
are cross cut by interpreted structures with associated alteration.
These are both areas where historic drilling intersected anomalous
basement alteration and pathfinder geochemistry. The ground
geophysics was completed on those grids last year. MLTDEM and DC
Resistivity was completed on Grid B and MLTDEM on Grid G4.
- Radon survey sampling will be carried out over the Grid B on
Hodge Lake in the central part of the property to further refine
drill locations
- Drill hole PLN 14-H will test the prospective north-northwest
trending conductor that will be defined by the planned ground EM
survey (20 km grid).
- The Fission team plans to "pre-collar" the drill holes with an
RC drill, similar to its successful practice at the Patterson Lake
South project immediately to the south.
Radon
Sampling
An EIC (Electret Ionization Chamber) survey to measure radon,
will be conducted by RadonEx Exploration Management, of St Lazare,
Quebec. The survey will comprise primarily samples of measurements
of radon in water and at various locations, radon in water and lake
sediment. The survey will be used to help refine drill targets in
the various high priority areas.
Hodge Lake
Hodge Lake is located in the south-central part of the property.
Approximately 150 samples will be taken from a grid at 20m station
on 60m to 100m line spacing covering two parallel NNE trending EM
conductors, each 1.0km in length.
Harrison Lake
Harrison Lake is located in the west-central part of the
property. This area is host to multiple parallel southwest trending
EM conductors. Approximately 100 samples will be taken from a grid
at 20m stations on 60m line spacing.
Broach Lake
Broach Lake is located in the south-east part of the property.
Approximately 150 samples will be taken dependent first on the
results of the ground moving loop electromagnetic (EM) survey yet
to be completed.
Ground Geophysics (Time
Domain Electromagnetic (TDEM) Surveys)
Discovery Geophysics has been contracted to complete 65 line-km
of Time Domain Electromagnetic (TDEM) surveys on 3 separate
grids:
- A4 Extension- Located to the north-east of the A1 EM conductor.
A 15.0 line-km survey will be completed to follow-up an
approximately 2km long, northwest - southeast trending conductor
trend.
- Broach Lake - Located in the southwest side of the property. A
33.0 line-km survey covering is expected to commence later in
January.
- Regional Side - located in the north area of the property,
where a recently completed Magnetotellurics survey identified a
series of west dipping basement EM conductors. 17.0 line-km of
moving loop will cover this area and is expected to commence later
in January.
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:FCU) 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. 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 compliant uranium resources in Peru and the PLN
exploration project in Saskatchewan.
Common Shares are listed on the TSX Venture Exchange under the
symbol "AAZ".
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.Dwane BrosseauInvestor Relations604 662
4955dwane@azincourturanium.comwww.azincourturanium.com
Azincourt Energy (TSXV:AAZ)
Historical Stock Chart
From Jul 2024 to Aug 2024
Azincourt Energy (TSXV:AAZ)
Historical Stock Chart
From Aug 2023 to Aug 2024