Azincourt-Fission JV Defines Additional Drill Targets at PLNSource: Wall Street Journal
Link: https://online.wsj.com/article/PR-CO-20131118-901017.html?dsk=y
Azincourt-Fission JV Defines Additional Drill Targets at PLN
Ground Geophysics and Radon surveys to assist targeting for Winter Program
SASKATOON, SASKATCHEWAN--(Marketwired - Nov. 18, 2013) - AZINCOURT URANIUM INC. ("Azincourt" or the "Company") (TSX VENTURE:AAZ), and its joint venture partner and operator, Fission Uranium Corp. ("Fission") (TSX VENTURE:FCU), announces an update on its geophysical surveys and drill target selection at their Patterson Lake North (PLN) property in Canada's Athabasca Basin. A number of high priority drill targets have now been selected for the 2500m to 3000m winter drill program. Additional geophysical surveys will follow up results from October's MT survey to define additional targets.
Upcoming Winter 2014 Program Highlights
-- 8-10 drill targets to be tested in 2500m to 3000m of drilling. -- Radon survey sampling at Hodge Lake in central part of the property; additional radon sampling coverage also being considered for southern lakes. -- 3 to 5 regional lines of detailed EM survey will provide further resolution of conductors and orient a future summer 2014 resistivity survey. -- Drill holes to test following areas: -- North-northwest trending central conductive meta-sedimentary belt -- Geophysical anomalies under Hodge Lake -- Prospective north-northwest trending conductor
Survey/Geophysics Update
-- Further interpretation of VTEM Max Survey: indicates south part of 8km trend is possibly U-shaped (fold-nose) conductor. -- Preliminary interpretation of MT Survey Line: suggests north part of the 8 km trend consists of multiple conductors dipping to west; additional ground surveys planned.
Ted O'Connor, President and CEO of Azincourt, commented,
"We look forward to the 2014 drill program as follow up to the successful target development and prioritization work completed and planned at PLN using techniques proven effective by Fission at Patterson Lake South. This will enhance drill target selection for testing this winter and for the future"
North-South Conductive Package
A VTEM Max (versatile time-domain electromagnetic) airborne geophysics survey completed in August 2013, resulted in the discovery of an 8-km long north-south trending package of conductive basement rocks (see News Release dated October 8, 2013). A 5-km follow-up Internal Field Gradient Magneto-Tellurics (MT) ground geophysics survey test line over the northern portion of this package has been completed by EMPulse Geophysics Inc. at 100m stations. While final inversion results are pending, the preliminary interpretation suggests that the conductive package is comprised of a series of parallel west dipping basement EM conductors.
The southern part of this trend is interpreted to be a "U-shaped" west dipping folded feature.
A series of 3 to 5 regional lines of detailed EM survey are planned for the 2014 Winter program, to provide further resolution of the EM conductors and to orient a future summer 2014 resistivity survey. It should be noted that many structurally controlled high-grade uranium occurrences in the Athabasca Basin are related to hydrothermal alteration systems associated with basement EM conductors.
Drill Target Selection for Winter Drilling Program
Approximately 8-10 drill targets are planned for testing with the 2500m to 3000m 2014 winter diamond drill program. Drill targets are selected and prioritized based on the presence of EM basement conductors where a coincident resistivity low signature has been defined and often near an interpreted cross-cutting structural feature.
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 (see Figure 1 Map) (https://media3.marketwire.com/docs/912099I.pdf). 8 drill targets so far selected consist of:
-- 5 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. -- 2 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 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 targeting ground geophysics was completed on those grids in 2012. 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. -- One 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). -- Fission 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. Core drilling is scheduled to take place in January, 2014.
Patterson Lake North (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.
Patterson Lake North 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.
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 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.
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, 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.
Azincourt Uranium Inc.
Dwane Brosseau
Investor Relations
604 662 4955
dwane@azincourturanium.com
www.azincourturanium.com