Azincourt Energy options Big Hill lithium project from Atlantis Battery, Newfoundland
Azincourt Energy Corp. [AAZ-TSXV; AZURF-OTCQB] has entered into a definitive property option agreement, dated April 19, 2023, with Atlantis Battery Metals Corp., the optionor, an arm’s-length party, under which it was granted an option to acquire up to a 75% interest in three exploration licences covering 300 contiguous mineral claims located in Newfoundland collectively known as the Big Hill lithium project.
The Big Hill Lithium Project is a 7,500-hectare Lithium-Cesium-Tantalum (LCT) exploration property located in southwestern Newfoundland, Canada, along the south side of the Hermitage Flexure, approximately 5 km south of the Benton/Sokoman JV partnership discovery of the Kraken Lithium Pegmatite Field (1.04% Li2O over 15.23 metres, 8.4 metres of 0.95% Li2O, and 5.5 metres of 1.16% Li2O). The Benton/Sokoman JV partnership has also discovered the cesium-tantalum-rubidium-lithium Hydra Dyke which is located 12 km northeast of the Kraken Lithium Pegmatite Field. Channel samples returned results as high as 8.76% Cs2O, 0.41% Li2O, 0.025% Ta2O5, and 0.33% Rb2O over 1.20 metres.
Recent preliminary prospecting at Big Hill has identified four known target areas, based on extrapolation of bedrock geology, structural disaggregation of stratigraphic blocks, and apparent folding and late shear faulting. Similar structural elements are observed in the Kraken Lithium Pegmatite field although host rocks differ. These targets are known as the River, Road, MK, and Ridge Targets and will be the focus the initial exploration.
Initial soil and rock assay results, along with other geological information are expected by mid-June. Other information suggesting potential for lithium-bearing pegmatite mineralization comes from extrapolation and evaluation of multiple shear fault orientations projected onto the property. Strike length of the targets ranges from 1.5-5.5 km.
“We’re pleased to add this project to our portfolio. The potential at Big Hill is significant,” said president and CEO, Alex Klenman. “The area is underexplored for lithium, and thanks to the highly impactful Kraken find we feel it’s extremely prospective for additional, substantial discoveries. The project has size, numerous priority targets, and the potential for many more. With year-round access this project gives us the ability to be active outside of our normal, limited, winter drilling window at the East Preston uranium project in Saskatchewan.”
The optionor will act as operator throughout the option period, in conjunction and close collaboration with Azincourt’s management team.