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Azincourt Energy Elects Not to Retain 10% of PLN, Will Focus Athabasca Development Efforts at East Preston
VANCOUVER, British Columbia, March 28, 2019 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), announces that i
About this update from Azincourt Energy Corp
[{"type":"text","content":" VANCOUVER, British Columbia, March 28, 2019 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), announces that it has elected not to retain its ten percent (10%) interest in the Patterson Lake North Property (“Patterson Lake”). The Company held an interest in Patterson Lake through an option and joint venture arrangement (the “Joint Venture”) with Fission Uranium Corp., and later Fission 3.0 Corp. In accordance with the terms of the Joint Venture, the Company was required to fund a pro rata portion of any development at Patterson Lake, in order to maintain its interest. The Company is currently focusing its efforts and available capital on development of the East Preston Uranium Project in the western Athabasca basin in Northern Saskatchewan. As a result, the Company has elected not to fund its pro rata portion of planned expenditures at Patterson Lake. This election allows for the Company to concentrate capital in the ongoing drilling and exploration program being conducted at the East Preston Uranium Project. For further information regarding ongoing development at East Preston, readers are encouraged to review the Company’s news release of March 20, 2019. About East Preston Azincourt is currently earning towards 70% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Clean Commodities Corp (TSX.V: CLE). Extensive regional exploration work at East Preston was completed in 2013-14, including airborne electromagnetic (VTEM), magnetic and radiometric surveys. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery. Only one of the corridors has been drill tested to date, successfully intersecting structurally disrupted graphitic metasedimentary rocks and anomalous pathfinder elements (including uranium) at the Swoosh S6 target using a combination of Horizontal Loop EM (HLEM) and gravity as primary targeting ...