Exploration Plans For East Preston And Hatchet Lake Projects

VANCOUVER - Agincourt Energy Corp plans for the fully funded upcoming fall and winter field season at the East Preston and Hatchet Lake projects in the Athabasca Basin, Saskatchewan, Canada.

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.

Drilling to date has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.

The Company is planning an extensive drill program for the fall and winter of 2022-2023. The program will consist of approximately 6,000 meters of drilling in 20+ diamond drill holes. The priority will be to continue to evaluate the alteration zones and elevated uranium identified in the winter of 2022.

The south end of the G-Zone responded well in the 2022 drill program. The structure and alteration within EP0030 and EP0037 warrant additional drilling to confirm target enhancement for follow-up in this area.

Drilling within the K-Zone will focus on expanding on the weak clay alteration and elevated uranium identified in EP0035. This is the only zone where alteration and structure resulted in poor ground conditions preventing completion of a drill hole. This is indicative of strong structure and alteration which are both good signs for possible uranium deposition. The alteration zone is still open along strike in both directions north and south.

Within the H-Zone, drilling will continue to evaluate the alteration zone and identify priority targets for additional focus. The thick structural package identified in this zone is a promising sign for extensive ground preparation to allow fluid pooling and uranium deposition. Holes will also be drilled between the H- and K- Zones to seek continuity between the zones and enhancement of the alteration and uranium present.

The Q-Zone remains untested, and the Company is eager to drill this zone during the 2023 program to evaluate the prospectivity of this target area.

“Up to this point, drilling has been quite wide spaced while we evaluate the various trends to identify the best areas to focus our efforts”, said VP, Exploration Trevor Perkins. “While this will continue in the upcoming program, we also plan to narrow our focus and begin vectoring within the alteration zones and follow where the alteration and geochemistry is leading.”

Mobilization is anticipated to begin in December, with drilling to commence in January 2023. While the A-G and K-H-Q trends are the primary focus, many additional trends and zones exist to the east and west of the primary trends on the East Preston property (Figure 2). These additional target areas will require ground geophysics to constrain conductor locations and drilling to properly evaluate their potential.

“We’re of course eager to get back on the ground at East Preston and follow up the promising results from last winter,” said CEO, Alex Klenman. “The more work we do, the more compelling East Preston becomes. We’ve gone from grass roots to the development of top tier exploration targets on what is a large and highly prospective property. We have the right rocks, the right geochemistry, the right structures, and we’ve now produced evidence that uranium is present within large alteration zones. Step by step, we continue to progress East Preston in a very positive way. This next drill program is another important step towards our goal of meaningful discovery.”

The Hatchet Lake Project is a recent addition wherein Azincourt can earn a 75% interest in the project from ValOre Metals Corp. Hatchet Lake sits just outside the northeastern margin of the Athabasca Basin, situated along the underexplored northeast extension of the Western Wollaston Domain (WWD) within the Wollaston-Mudjatik Transition Zone (WMTZ). This highly prospective structural corridor hosts the majority of known high-grade uranium deposits and all of Canada’s operating uranium mines.

The first program the Company is proposing for the project will consist of ground reconnaissance to verify targets, ground geophysics (Horizontal Loop Electromagnetic HLEM) to verify conductor locations, and a helicopter supported diamond drill program to be conducted in the fall of 2022. The drill program is expected to consist of up to 1,500 meters in 8-10 diamond drill holes.

Three target areas have been selected on the Hatchet Lake property for initial work. The priority drill targets are the SW Scrimes and Upper Manson areas, which are considered drill ready once some initial ground reconnaissance is completed. Drilling will focus on conductive packages with associated radioactive boulders to identify and vector towards potential sources for said boulders.

Geochemical anomalies highlight a variety of uraniferous host rocks that are coincident with identified conductive geophysical targets. Uraniferous rocks are typically referred to as containing uranium significantly above normal expected values. 24 radioactive rock samples with assay results up to 2.43% U3O8 have been identified in the area.

A priority target requiring more preparatory work has been identified, NE Scrimes, where a ground based HLEM geophysical survey will be conducted to help resolve a complex structural and conductive fold sequence prior to drill testing.

The estimated budget for this program will be a minimum of $1M CDN to meet earn-in obligations of the option agreement with ValOre Metals. Groundwork is anticipated to commence in September with drilling to take place in October and into November.

“Getting on the ground with this first program will be exciting, as this property has not had a good drill test,” said VP Exploration Trevor Perkins. “We are excited to see how the model holds up to the first drill hole, and will adjust as needed to maximize impactful discovery potential,” continue.“ Hatchet Lake is a tremendous second project for Azincourt,” said CEO, Alex Klenman. “We already know high grade mineralization is present. We know that is an under explored target, which really hasn’t utilized modern exploration techniques and knowledge applied in the past in terms of the drill targeting. We feel very strongly that based on what we know today, compared to what was known when the property was first explored, we have a very compelling opportunity for discovery. The next 8-12 months will be a busy and exciting time for Azincourt.”