Azincourt up 30% on uranium drilling update
Azincourt Energy Corp. [AAZ-TSXV, AZURF-OTC] shares rallied Friday after the company released an update on upcoming drilling programs at its uranium exploration projects in the Athabasca Basin, Saskatchewan.
The shares rose 30% or $0.015 on the news to $0.065 on volume of 1.18 million. That put Azincourt among the most actively traded stocks on the TSX Venture Exchange, Friday. The shares trade in a 52-week range of 25 cents and $0.045.
Azincourt is a Canadian resource exploration and development company with a focus on commodities, including uranium and lithium, that are key to the evolving clean energy sector
Its flagship asset is the East Preston uranium project in Saskatchewan, which the company is developing with partners Skyharbour Resources [SYH-TSXV] and Dixie Gold Inc. [DG-TSXV].
The company said preparations are well under way for a winter program at East Preston. The winter program, which is expected to begin in January, will consist of approximately 6,000 metres of drilling in at least 20 diamond drill holes.
The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone [A-G Trend] and the K-Zone through to the H and Q-Zones [K-H-Q Trend]. The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property-wide VTEM and magnetic surveys, and the 2019 through 2022 drill programs. The 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors.
Azincourt controls a 72.8% interest in the 25,000-hectare Eastern portion of the Preston project as part of a joint venture agreement with Skyharbour and Dixie Gold.
The Preston Project is one of the largest tenure land positions in the Paterson Lake region and is strategically located near NexGen Energy Ltd.’s [NXE-TSX, NYSE] high-grade Arrow deposit, Fission Uranium Corp.’s [FCU-TSE] Triple R deposit and the Spitfire high-grade discovery on the Hook Lake project, which is owned jointly by Cameco Corp. [CCO-TSX, CCJ-NYSE], Orano Canada Inc. (formerly known as Areva Canada Inc.) and Purepoint Uranium Group Inc. [PTU.V-TSX].
East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover. Therefore, they are relatively shallow targets but can have great depth extent when discovered.
Azincourt also said it is planning to drill its Hatchet Lake Project, which is located just outside the northeastern margin of the Athabasca Basin. The project is situated along the underexplored northeast extension of the Western Wollaston Domain, within the Wollaston-Mudjatik Transition Zone. This is a structural corridor that hosts the majority of the known high-grade uranium deposits and all of Canada’s operating uranium mines.
Azincourt has also signed a letter of intent with an undisclosed party to evaluate an exploration uranium project in northern Saskatchewan.