Azincourt Energy options Harrier Uranium Project, Labrador
Azincourt Energy Corp. [TSXV: AAZ; OTCQB: AZURF] reported that it has entered into an assignment and amendment agreement with Koba Resources Limited, Uranidor Resources Limited, a wholly-owned subsidiary of Koba, and Dean Fraser, pursuant to which Koba has assigned its option to acquire a 100% interest in and to the mineral claims comprising the Harrier Uranium Project located within the Central Mineral Belt, Labrador, Canada.
Additionally, the company is also pleased to announce it has entered into a property option agreement with Koba and Uranidor, pursuant to which the Company has been granted an option to acquire a 100% interest in certain mineral claims adjacent to and nearby the Harrier Project. The Stake Claims and Harrier Project collectively, referred hereinafter as the Harrier Project.
The 48,975-hectare Harrier Project is adjacent to the southern boundary of the company’s Snegamook uranium project, increasing the overall project ground to 49,400 hectares. The Harrier Project includes 12 zones containing known uranium mineralization. Rock samples from ten zones have assayed in excess of 1.0% U3O8, including high-grade assays up to 7.48% U3O8. Across the entire Harrier Project, a total of only 89 holes have been drilled previously for 9,834 metres.
The Central Mineral Belt is a world class uranium district that hosts multiple significant uranium resources including Paladin Energy’s Michelin Uranium Project which comprises six deposits that together host 127.7Mlbs of U3O8; the Moran Lake C Deposit with an historical resource of 9.6 Mlbs of U3O8 and 11.8 Mlbs of V2O5, and the Anna Lake Deposit with an historical resource of 4.9 Mlbs U3O8.
“We’re very pleased to add Harrier to our project portfolio. It combines established uranium mineralization with exceptional blue-sky developmental opportunities,” said Alex Klenman, CEO. “The markets have changed in the past few years, and there is perhaps less appetite for pure greenfield exploration than in the past. Uranium discovery isn’t easy. This is a significant opportunity for Azincourt to dive directly into ground containing high-grade uranium. We’re eager to begin systematic exploration there and to realize the value we feel is waiting to be unlocked,” continued Klenman.
“We are very excited to expand our land position in the Central Mineral Belt with the addition of the Harrier Project,” commented Trevor Perkins, Vice President of Exploration. “The addition of this remarkable land package with known showings of uranium mineralization is an incredible opportunity to discover additional uranium deposits in an area that is significantly underexplored. The chance to discover new deposits within an emerging uranium camp is an outstanding opportunity for Azincourt,” continued Perkins.
Harrier Project Highlights: High-grade assay results, including 5.08% and 3.09% U3O8, have been returned from the Fish Hawk North Prospect. The prospect was discovered when an airborne radiometric anomaly was being investigated in 2006.
At the Brook Prospect, assay results up to 4.86% U3O8 were returned from rock samples in 2007 when investigating an area with low level airborne radiometric anomalies and anomalous uranium in lake sediment samples.
In 2024 at the Moran Heights Prospect high-grade samples of 7.2% (boulder) and 7.48% U3O8 (outcrop) were obtained. In addition, historical results include an outcrop sample that assayed 5.83% U3O8.
The Boiteau Prospect was discovered in 2008 when boulder samples returned very high grades, including 1.49% U3O8 and 1.10% U3O8.
The Minisinakwa Prospect was explored between 2006 and 2008. High-grade rock samples were collected from uranium rich boulders, with assays, including 3.48% U3O8, 2.66% U3O8, 2.56% U3O8 and 1.75% U3O8.
The Anomaly 7 Prospect was first discovered in the 1970s. Mineralization has been mapped over 3.5km of strike. In 2024 an outcrop sample returned 1.71% U3O8. In addition, historical rock samples have returned assays up to 2.12% U3O8.
The Anomaly 17 Prospect was also discovered in the 1970s when rock samples assaying up to 1.26% U3O8 were returned approximately 6km west-northwest of the Anomaly 7 Prospect. Only limited follow-up has been completed, and no drilling has ever been undertaken.
The Fish Hawk South Prospect was discovered in 2006 following investigation of airborne radiometric anomalies. Mineralization has been traced at surface over 430m with assays up to 1.49% U3O8 in rock sampling.
Mineralization at the Firestone Prospect has been mapped over 600m x 250m before it is concealed by cover. Rock assays up to 1.31% U3O8 have been returned.
During summer 2024, Koba investigated a series of airborne radiometric anomalies for the first time, identifying high-grade uranium at three of these anomalies, namely: The Goshawk Prospect is located 4.5 km east of the Boiteau Prospect, along a 1.25 km long radiometric anomaly. A float sample returned 3.68% U3O8 and 1.21% Pb.
The Falcon Prospect is located 6 km south-southwest of the Boiteau Prospect, along a 700-metre long airborne radiometric anomaly. A collected sample of float material returned 0.33% U3O8.
The Two Time East Prospect is an outcrop along a 1.2 km long airborne radiometric anomaly approximately 3 km north of the Fish Hawk North Prospect and 5 km east of Azincourt’s Snegamook Uranium Deposit. A sample from this outcrop returned a value of 0.36% U3O8.
The company is currently compiling additional details of historical drilling and recent groundwork at the 12 zones and will provide a more detailed technical summary in the near term.
Under terms of the Harrier Option and the Assignment and Amendment Agreement, the Company can acquire a 100% interest in the Harrier Project by completing a series of cash payments, completing a series of share issuances and incurring certain expenditures on the Harrier Project.
Following exercise of the Harrier Option, the Harrier Project will be subject to a 2% gross production royalty, half of which may be purchased back at any time for a one-time cash payment of $1,000,000 to the underlying optionor. In addition, following exercise of the Harrier Option, the Harrier Project will be subject to a one-half percent gross production royalty, half of which may be purchased back at any time for a one-time cash payment of $250,000 to Koba.
Pursuant to the terms of the Staked Option and the Staked Option Agreement, the Company can acquire a 100% interest in the Staked Claims by granting the aforementioned royalty to Koba with respect to the Harrier Project and by completing a series of cash payments and series of share issuances.
Following exercise of the Staked Option, the Staked Claims will be subject to a two percent gross production royalty, half of which may be purchased back at any time for a one-time cash payment of $1,000,000 to Koba.
Azincourt is currently active at its East Preston uranium project located in the Athabasca Basin, Saskatchewan, and its Snegamook uranium project, located in the Central Mining Belt of Labrador.