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Azincourt Energy JV Partner Signs Exploration Agreement With Sagkeeng First Nation
VANCOUVER, British Columbia, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Azincourt Energy Corp. (“Azincourt” or the “Company”) (TSX-V: AAZ, OTC: AZURF) is pleased to anno
About this update from Azincourt Energy Corp
[{"type":"text","content":"VANCOUVER, British Columbia, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Azincourt Energy Corp. (“Azincourt” or the “Company”) (TSX-V: AAZ, OTC: AZURF) is pleased to announce that its joint venture partner, New Age Metals (TSX.V: NAM), has signed an Exploration Agreement with the Sagkeeng First Nation, the result of which provides a clear path to the Company’s proposed drill programs at the Lithium One and Lithium Two projects. Figure 1 - Project areas under new Exploration Agreement with the Sagkeeng Nation The agreement is designed to promote a cooperative and mutually respectful relationship and ensure that Sagkeeng has been properly consulted and accommodated regarding mineral exploration activities undertaken by in Sagkeeng’s traditional territory. “We’re very pleased New Age Metals was able to reach an agreement with the Sagkeeng Nation and are grateful to Chief Henderson and the others who worked together to get this agreement in place,” said Alex Klenman, President & CEO. “This is a major step toward developing our lithium projects and we’re happy to be able to move forward in short order and complete our work commitments for year one of the joint venture agreement. We believe very strongly the projects have tremendous upside and are pleased to get the all important first phase drilling components completed,” continued Mr. Klenman. There is a total of eight projects totaling over 14,000 hectares in three distinct areas that comprise the AAZ-NAM joint venture lithium exploration and development agreement. Work programs this past summer and fall confirmed the presence of several hundred pegmatites across the various project locations. Sampling at the Lithium Two project, specifically the Eagle and FD5 Pegmatites, returned the presence of high-grade Li2O (Lithium Oxide). See Company news release of August 16, 2018 for more details. Lithium Two Project Channel samples obtained in the summer of 2018 at the Eagle Pegmatite returned values from 0.5 to 2.9% Li2O, with assays from the FD5 Pegmatite returning values from 0.9 to 3.3% Li2O. Several known Spodumene bearing pegmatites are present, including the 1100-meter long Eagle Pegmatite which was drilled in 1947 and contains an historic (non-43-101 compliant) tonnage estimate of 544,460 tonnes grading 1.4% Li2O* to the 61-meter level and remains open to depth. The FD...