Azincourt stock jumps on Uranium results

• Azincourt Energy (TSXV:AAZ) has received results from the 2023 drilling program at its East Preston Uranium Project
• The Vancouver-based miner collected a total of 687 samples throughout the program
• Analysis of the results shows uranium enrichment within the previously identified clay alteration zones along the K, and H- target zones
• Azincourt Energy Corp. closed trading at $0.030 per share

Azincourt Energy (TSXV:AAZ) has received results from the 2023 drilling program at its East Preston Uranium Project.

AAZ stock was up more than 16 per cent in early Thursday trading, but fell nearly as much, down 14 per cent by close.

The Vancouver-based miner collected 687 samples throughout the program.

Drilling consisted of 3,066 metres completed in 13 drill holes between February and March 2023. Drilling was focused on the G, K, H and Q zones.

Analysis of the results shows uranium enrichment within the previously identified clay alteration zones along the K and H- target zones.

The team called these significant results, as major uranium discoveries in the Athabasca Basin, such as McArthur River, Key Lake and Millennium, were primarily the result of drill testing of strong alteration zones related to conductor features. The next step is to identify and upgrade the strong alteration zones to identify the key areas along the conductor trends where more attention is required. The permitting process is underway for the 2024 – 2026 drill programs.

Trevor Perkins, Azincourt Energy vice president of exploration, said in a news release the alteration in the K and H Zones was encouraging.

“The associated elevated uranium present is also very promising and shows that we are vectoring towards something in this area. The identification of dravite and illite clays with the elevated uranium emphasizes that we are on the right track and getting close. This target area will be a top priority moving forward and based on results we may see the north-northwest trending structures taking on more significance for targeting on this trend and others on the property,” Perkins said in a statement.

The company’s CEO, Alex Klenman, added that the team is encouraged by the appropriate clay content in the alteration zones.

“If you’re hunting for a uranium deposit, this is what you need to see,” he said. “The elevated uranium values from the last two drill programs, combined with the confirmed presence of relevant clays and strong U/Th ratios, within these systems, are substantial developments in the progression of the project and should not be underestimated,” Klenman said in a statement. “Although we’d certainly welcome encountering significant mineralization we continue to be well within a practical discovery timeline. We are eager to continue moving the project forward and will begin formulating the next phase of drilling at East Preston. In the meantime, we’re active at the Big Hill lithium project in Newfoundland and are awaiting results of the current work program. A follow-up program is in the planning stage and will be announced shortly.”

Azincourt controls a 70 per cent interest in the 250-plus square kilometre East Preston project. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of more than 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date have identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.

Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy and fuel projects, including uranium, lithium, and other critical clean energy elements.

Azincourt Energy Corp. closed trading at $0.030 per share.

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*This story has been edited from its original posting to reflect its change in stock price.

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