Saskatoon, SK, October 8, 2013 – AZINCOURT URANIUM INC. (“Azincourt” or “the Company“; TSXV:AAZ), and its joint venture partner, Fission Uranium Corp. (“Fission”; TSXV:FCU) are pleased to announce initial results of the recently acquired VTEM max airborne geophysical survey and exploration plans at Patterson Lake North property (“PLN”) in the Athabasca Basin, as follows:
- VTEM Max survey identifies new north-south trending conductive basement package in northern PLN; this represents the possible extension of Saskatoon Lake Conductor system which hosts the Shea Creek uranium deposits.
- Follow up ground geophysical survey already underway on this new trend to accurately locate the conductor axis using Internal Field Gradient Magneto Tellurics (MT), which will improve target quality.
- Outcrop, historical drill core and soil sampling work completed by Athabasca Basin expert, Dr. Paul Ramaekers, to enhance knowledge of local and regional sandstone stratigraphy.
- Ground EM survey (20 km grid) is planned for central PLN targeting north-northwest trending central conductive metasedimentary belt coincident with known structural offset at the unconformity.
- Ground EM survey (10.5 km – 2 lines) planned for southern PLN targeting a prospective trend parallel to the PLS discovery trend. Additional targeting techniques successfully used by Fission at PLS are being planned, including lake sediment and water Radon sampling over conductors located under lakes in the shallow southern PLN project area.
- 2500-3000 m diamond drill program planned for winter 2014 on existing and some newly generated targets in the central and southern PLN project area.
A newly interpreted north-south trending package of conductive basement rocks has been identified in the northern portion of the property from the VTEM max survey. Immediate ground geophysical MT survey follow up work has already commenced.
The follow up MT survey is designed to better locate the basement conductor axis within a wider conductive basement package. This is important because structurally controlled high grade uranium deposits in the Athabasca Basin are generally associated within or proximal to such trends. For example, the UEX-Areva Shea Creek high-grade uranium deposits, located approximately 27 km to the north, are associated with the dominantly north-south trending Saskatoon Lake EM conductor. Similarly the PLS uranium occurrences are associated with the east-northeast PL-3B EM conductor. The MT survey is being carried out by EMpulse Geophysics Inc. using 100m spaced stations along a 5km test line.
Ted O’Connor, President and CEO of Azincourt, commented,
“It is great to see the VTEM max survey has had immediate results defining a new north-south conductor system and ground follow up has already started. Azincourt is looking forward to developing the target inventory at PLN and starting the drill program with Fission this winter.”
Key Survey Information
The VTEM (versatile time-domain electromagnetic) max survey consisted of a helicopter-borne 400m line-spaced survey totaling 303 line-km in the northern half of PLN. It was conducted by Aeroquest Airborne of Aurora, Ontario in August (see Azincourt news release August 20, 2013). Immediate ground MT follow up over the new north-south trending conductive basement rocks was recommended following preliminary processing and interpretation of the data by Living Sky Geophysics Inc. of Saskatoon.
In addition, other on-going work has focused on re-analyzing historic drill core on the property. Dr. Paul Ramaekers has recently completed drill core re-logging and Athabasca stratigraphic outcrop sampling and prospecting field work at PLN. A total of 56 soil and 16 outcrop samples were collected from throughout the project area and available historical diamond drill core was re-logged from the central project area. Additional stratigraphic drill core work is also planned using publicly available core stored at provincial drill core libraries. Dr Ramaekers remains one of the foremost geological authorities on the Athabasca Basin and his involvement and the results of his work will serve to increase the project team’s understanding of the local and regional Athabasca stratigraphy and will assist in standardizing sandstone logging procedures and interpretation.
PLN Project Plans
A drill program consisting of approximately 2500-3000 m (8-10 drill holes) is planned for winter 2014. Work up until that point will continue to focus on identifying and prioritizing additional targets. Plans are currently underway to complete small moving loop Time Domain Electromagnetic (SMLTEM) ground geophysical surveys in the central and southern PLN project area. The central survey (20 line km grid) will target interpreted structural offsets in the unconformity coincident with a NW-trending basement conductor with low magnetic response also identified from the VTEM max survey interpreted to represent metasedimentary basement rock. The southern survey (10.5 km in 2 lines) will target the interpreted extension of the Carter Corridor: a conductive, low magnetic trend sub-parallel to the PLS discovery trend (Figure 3 link). The SMLTEM surveys will be completed ahead of the drill program and will generate more precise conductor targets for drill testing this winter.
Radon sampling of water and lake bottom sediments is being considered for lakes located proximal to basement conductors in the southern PLN project area. These techniques were used by Fission at PLS where they proved highly successful for prioritizing drill targets leading to discovery.
Fission is the operator for the PLN project and work will be completed using its existing technical and operational teams as well as contractors and infrastructure.
The total budget for the target generation and winter drill programs planned at PLN has been set at $1.5 million, with approximately $1 million to be spent on the winter drill program.
PLN is immediately adjacent to Fission’s joint venture PLS property (Fission 50% / Alpha 50%) and 5.7km north of where Fission has discovered high-grade uranium mineralization in bedrock in four separate pods. Prior to Azincourt’s earn-in, Fission spent $4.7 million, principally on airborne and ground geophysics with some diamond drilling.
High grade uranium occurrences in the Athabasca Basin generally occur within metasedimentary basement terrains with metapelitic lithologies and are associated with reactivated structural traps with hydrothermal alteration. These lithological-structural corridors can be prospective for hosting high grade uranium deposits. Modern geophysical surveys are capable of distinguishing and identifying lithology, structural features and alteration zones. Proper interpretation of these survey results can be used to effectively target drill holes.
PLN Property Setting
PLN lies within a large basin scale north-east NE trending gravity low structural corridor coincident with the Clearwater Domain (granite and felsic gneisses) that also incorporates the adjacent PLS property. The former Cluff Lake uranium mine and the UEX-Areva Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 5.7 km to the south, also lies within this structural corridor. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
PLN Property
PLN was acquired by staking in 2004 and became part of the Fission Uranium Corp. portfolio as part of the Fission Energy/Denison Mines agreement in April 2013. It comprises approximately 27,000 Ha, and is located about 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits at Shea Creek.
Azincourt has a staged, four year option agreement with Fission 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.
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.
Updated maps can be found using the links in this news release, additional information can be found on the Company’s website at: http://azincourtenergy.com
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. 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”
Ted O’Connor, CEO and President
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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.
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