VANCOUVER, March 20, 2019 /CNW/ - Clean Commodities
Corp. (TSX VENTURE: CLE) ("Clean Commodities" or
the "Corporation") is pleased to announce that its option partner,
Azincourt Energy Corp. ("Azincourt"), has commenced the first phase
of its diamond drilling program at the East Preston Uranium
Project, situated in the western Athabasca Basin of northern Saskatchewan.
Preston Uranium
Project:
https://www.cleancommodities.com/preston-uranium-project
The Azincourt crew is on-site and has completed construction of
the first two drill pads. Target number one, Pad B on L2400,
targets the confluence of north and northeast-trending conductors
(prospective structure) with a coincident gravity anomaly
(potential alteration), and a positive airborne radiometric anomaly
(potential mineralization indicator). Target number two, Pad E on
l900, targets the on-strike extension of the Pad B conductor 1.5km
to the southwest. An elevated conductor strength in this area
coincides with a distinct flexural dislocation. These combined
features outline a potential structural trap for the concentration
of mineralized fluids. Additional targets are being prioritized as
phase one drilling continues.
Azincourt's 2019 drill program, with 10-15 holes (2,000-2,500
meters) planned, will test high-priority targets within prospective
conductor corridors defined by recent airborne geophysical surveys.
Targets have been refined and prioritized based on encouraging
fieldwork results, including coincident anomalies from ground
gravity, airborne and ground EM and magnetics (graphitic conductors
and structures), radon, soil, biogeochem, lake sediment, and
geological mapping surveys. The program's primary drill target in
the Five Island Lake region is
considered to be one of the most prospective geological targets on
the property.
East Preston VTEM Survey Completed:
Azincourt advises that Geotech Ltd. recently completed a
helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max)
and Magnetic survey over the southeastern portion of the East
Preston Project. East Preston now
has complete survey coverage over the entire project area.
VTEM Survey Grid – Completed January
2019:
http://azincourtenergy.com/wp-content/uploads/2019/02/Figure-1-VTEM-Survery-Grid-Jan-2019-AAZ.jpg
The survey consisted of 498 line-km with 300 m line spacing and 1,000 m tie-line spacing – identical parameters
to the previous VTEM™ Max survey, and ties directly into the
previous flight lines, oriented NW-SE, perpendicular to the NE-SW
trending structural and conductor trends of the basement rocks at
East Preston. 100% of the
East Preston ground has now been
subject to VTEM Max survey.
Geotech is currently completing data processing prior to passing
to Azincourt consultants for in-depth interpretation. This new
survey data will be used to add targets for future exploration
drill testing and does not impact the current planned drill
campaign.
East Preston Geophysical Work - Winter 2018:
Azincourt completed a winter geophysical exploration program
during January and February 2018 that
generated a significant number of new drill targets within the
previously untested corridors while refining additional targets
near previous drilling along the Swoosh corridor.
The work included 51.5 km of grid preparation (line
cutting/picketing), 46.1 km of horizontal loop electromagnetic
(HLEM), and 40.6 km of ground gravity along the previously known
airborne helicopter VTEM conductive trends.
2018 HLEM and Residual Gravity Survey
Interpretation with Potential Drill
Targets:
https://www.cleancommodities.com/preston-uranium-project
Ground-truthing work confirmed the airborne conductive trends
and more accurately located the conductor axes for future drill
testing. The gravity survey identified areas along the conductors
with a gravity low signature, which is often associated with
alteration, fault/structural disruption and potentially, uranium
mineralization. The combination/stacking of positive features has
assisted in prioritizing targets.
The Main Grid shows multiple long linear conductors with
flexural changes in orientation and offset breaks in the vicinity
of interpreted fault lineaments – classic targets for
basement-hosted unconformity uranium deposits. These are not just
simple basement conductors, they are clearly upgraded/enhanced
prospectivity targets because of the structural complexity.
East Preston Targets:
The targets are basement-hosted unconformity related uranium
deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point
mine. East Preston is near the
southern edge of the western Athabasca Basin, where targets are in a near
surface environment without Athabasca sandstone cover; therefore they are
relatively shallow targets but can have great depth extent when
discovered. The project ground is located along a parallel
conductive trend between the PLS-Arrow trend and Cameco's
Centennial deposit (Virgin River-Dufferin Lake trend).
East Preston Option Agreement:
Clean Commodities and Skyharbour Resources Ltd.
("Skyharbour") entered into an Option Agreement (the
"Agreement") whereby Azincourt has an earn-in option to acquire a
70% working interest in a portion of the Preston Uranium Project
known as the East Preston Project. Under the Agreement, Azincourt
has issued common shares and will contribute cash and exploration
expenditure consideration totaling up to CAD $3,500,000 in exchange for up to 70% of the
applicable property area over three years. Of the $3,500,000 in project consideration, $1,000,000 will be in cash payments split equally
between Clean Commodities and Skyharbour, as well as $2,500,000 in exploration expenditures on the
East Preston Project over the three-year period.
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 and approved by
Richard Kusmirski, P.Geo., M.Sc.,
Skyharbour's Head Technical Advisor, as well as a Qualified
Person.
About Clean Commodities Corp.
Clean Commodities Corp. (TSXV:CLE) is an exploration company
involved in a diverse portfolio of clean commodity assets including
lithium and uranium projects. For more information, please visit
www.cleancommodities.com.
Signed,
Ryan Kalt, Chief Executive
Officer
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results
may differ materially from those currently expected or forecast in
such statements.
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.
SOURCE Clean Commodities Corp.
