Azincourt Uranium: Joint venture between Azincourt and Fission 3.0 launches winter program at PLN
Diamond drilling and radon sampling are underway
Saskatoon (Saskatchewan), 20. January 2014. AZINCOURT URANIUM INC. (TSX-V: AAZ) ("Azincourt" or the "Company") and its joint venture partner and operator Fission 3.0 (TSX-V: FUU) ("Fission 3.0") are pleased to announce that at their PLN has now begun eight to ten hole winter diamond drill holes, radon surveys, and a total 1,0 million total geophysical ground program, with a focus on priority targets. A radon-in-water survey under the same ice conditions used in the adjacent Patterson Lake South ("PLS") project by Fission Uranium Corp. has been successfully applied, is part of this program and will help define more accurately drill site locations in the Hodge Lake, Harrison Lake and Broach Lake target areas.
• Eight to ten priority drill targets planned for drilling on 2.500 to 3.000 meters
• The drill holes will test the following areas:
o the north-northwest central conductive metasedimentary belt
o the geophysical anomalies under Hodge Lake
o the promising north-northwest ladder
• 400 Sampling radon-in-seawater radon survey in three areas. This survey will primarily include waterborne radon sampling at Hodge Lake, Harrison Lake and Broach Lake.
• Ground TDEM surveys at Broach Lake and Regional Side Line Moving Loop EM.
Ted O'Connor, President and CEO of Azincourt said:
"We look forward to launching the 2014 winter program to continue the successful targeting and prioritization work already completed.
PLN has a favorable geology similar to that of the nearby Patterson Lake South discovery. The additional goal-setting investigations planned for this project use the same techniques that have proven to be efficient in PLS by Fission Uranium.
The highly skilled technical teams of Fission 3.0 and its contractors working on this project have an impressive track record. Azincourt is already looking forward to working closely with our joint venture partner to further develop the project. "
drilling program
Bryson Drilling has been contracted to drill eight to ten diamond core holes on 2.500 to 3.000 meters.
All holes are based on geophysical targets.
Three main areas are being tested:
• the north-northwest central conductive metasedimentary belt
• Geophysical anomalies under Hodge Lake in the southern project area
• a promising north-northwest ladder in the central south of PLN
The initial targets will be focused on the northwest-southeastern ground EM leaders A1, A1B and A3 in the mid west of the property.
In addition, drill holes along the underground EM conductor B will be tested in the central area of the project area.
The eight drill targets selected so far consist of:
• Five drill holes to test the north-northwest central metasedimentary belt
o Three priority drill targets (PLN14-A, B and C) were selected on the north-west to south-east EM leader A1.
o A priority drill target (PLN14-D) has been selected on the northwest-southeastern conductor A1B, which is associated with an interpreted northeast trending structure. The A1B conductor is interpreted as a broken segment of the A1 conductor.
o A priority drill target (PLN14-E) has been selected on the northwest-southeast heading A3. The borehole targets an interpreted, transverse fracture at its southern end.
• Two holes (PLN14-F and PLN14G) will test the geophysical anomalies in grid B at Hodge Lake. The drill holes in this grid will test interpreted legs of a suspected fractured graphitic, pelitic geological (syncline-interpreted) unit where they are intersected by interpreted structures with associated alterations. These are two areas that have historically intersected anomalous subsidence and geochemical trace elements. The geophysical soil investigations were carried out in the previous year in these grids. In grid B MLTDEM and DC tests of the resistance were carried out, in grid G4 only MLTDEM investigations.
o Radiation survey sampling will be carried out in grid B at Hodge Lake in the middle part of the property to better define the drill site.
• PLN14-H hole will test the promising north-northwest conductor to be defined as part of the planned EM (20 kilometer grid) ground surveys.
• Fission's team plans to "pre-drill" the holes with an RC drill. This approach has already proved successful in the Patterson Lake South project, which is located just south.
Radon sampling
Radon Measurement Electret Ionization Chamber ("EIC") survey will be conducted by RadonEx Exploration Management of Saint-Lazare, Quebec.
This survey will primarily include radon measurements in water and at different locations, as well as radon-in-water and lake sediment measurements. The study will help to better define drill targets in the different priority areas.
Hodge Lake
Hodge Lake is located in the middle south of the property. 20 samples will be taken in a grid with 60 meter stations at 100 to 1,0 meters intervals, comprising two EM conductors each running parallel to the north-northeast with a length of 150 kilometers each.
Harrison Lake
Harrison Lake is located in the mid west of the property. This area is home to several parallel south-west EM conductors. 20 samples will be taken in a grid with 60 meter stations at 100 meter intervals.
Broach Lake
Broach Lake is located in the southeastern part of the property. Depending on the results of the not-yet-completed Ground Moving Loop Electromagnetic ("EM") study, approximately 150 samples will be taken.
Geophysical Soil Investigations (Time Domain Electromagnetic Investigations ("TDEM"))
Discovery Geophysics has been commissioned to perform Time Domain Electromagnetic ("TDEM") surveys on 65 kilometers (as the crow flies) in three separate grids:
1. Extension A4 northeast of the EM-Manager A1. An 15 kilometer (straight-line) survey will be conducted to track a roughly two-kilometer northwest-southeast section of conductor.
2. Broach Lake in the southwestern part of the property. An 33,0 kilometer (crow flies) comprehensive investigation is expected to begin in late January.
3. Regional Side in the northern part of the property, where a recent underground magneto-magnetic survey has identified a number of westward-descending underground EM conductors. Moving loop surveys on 17,0 kilometers (as the crow flies) are being conducted in this area and are expected to begin in late January.
Patterson Lake North Property
The Patterson Lake North ("PLN") Property is located adjacent to and to the north of the Patterson Lake South Property, owned by Fission Uranium Corp. (TSX-V: FCU), where high-grade uranium has been identified through recent drilling in six separate lenses (see 27 News Release from Fission Uranium, November 2013).
PLN was acquired by staking in 2004 and became part of the Fission 2013 portfolio under the December 3.0 agreement between Fission Uranium and Alpha Minerals.
It covers 27.408 hectares and is located approximately 30 kilometers south of the uranium deposits Anne and Collette of UEX / AREVA at Shea Creek.
PLN is a promising area for structurally-limited, high-grade, and discordant uranium mineralization, which is often associated with graphene shear zones within underground claystone metasedimentary lithologies.
These structures have unique properties that can be identified by geophysical investigations.
Azincourt signed on 29. April 2013 is a four-year option agreement with Fission 3.0, which will allow Azincourt to acquire a stake of up to 50 percent in the PLN project through a combination of option payments and exploration funding. Approximately $ 4,7 million was spent on previous exploration in the property by Fission Uranium. Fission 3.0 acts as operator and project manager.
Qualified expert
The technical information contained in this news release has been prepared in accordance with Canadian National Instrument 43-101 regulatory requirements and has been prepared by Ted O'Connor, P.Geo. President and CEO of Azincourt Uranium Corp., audited in his capacity as a Qualified Person.
About Azincourt Uranium Inc.
Azincourt Uranium Inc. is a Canadian resource company specializing in the strategic acquisition, exploration and development of uranium properties. Its headquarters are in Vancouver, British Columbia.
Azincourt has advanced exploration and uranium resources in Peru and the PLN exploration project in Saskatchewan.
The ordinary shares are listed under the symbol "AAZ" on the TSX Venture Exchange.
FOR THE BOARD OF AZINCOURT URANIUM INC.
"Ted O'Connor"
Ted O'Connor, CEO and President
THE TSX VENTURE EXCHANGE AND ITS REGULATORY BODIES (IN WHICH TSX VENTURE EXCHANGE STATES AS A REGULATION SERVICES PROVIDER STATEMENTS) HAVE NO RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS MESSAGE.
This press release contains "forward-looking statements," including forecasts, estimates, expectations, and goals regarding future operations. These are subject to a number of assumptions, risks and uncertainties, many of which are beyond Azincourt's control. Investors are cautioned that such statements are not a guarantee of future performance and that actual results or developments may differ materially from those anticipated in the forward-looking statements. Such forward-looking information is based on the assessment of up-to-date information that the Company has made to the best of its knowledge and belief. No warranty can be given for forward-looking statements, and future results may be materially different.
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