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Azincourt Energy Signs Definitive Agreement to Acquire Five Lithium Projects in Manitoba
VANCOUVER, British Columbia, Jan. 15, 2018 (GLOBE NEWSWIRE) --Azincourt Energy Corp. (“Azincourt” or the “Company”) (TSX-V:AAZ) is pleased to announce it has en
About this update from Azincourt Energy Corp
[{"type":"text","content":"VANCOUVER, British Columbia, Jan. 15, 2018 (GLOBE NEWSWIRE) --Azincourt Energy Corp. (“Azincourt” or the “Company”) (TSX-V:AAZ) is pleased to announce it has entered into a definitive property agreement with New Age Metals (TSX.V:NAM) (“the Optionor”), and its wholly-owned subsidiary, Lithium Canada Development Inc., pursuant to which it will acquire the option (the “Option”) to earn up to one-hundred percent (100%) in a series of five lithium exploration projects located in the Winnipeg River Pegmatite Field, Manitoba, Canada (collectively, the “Projects”). The agreement covers the Lithium One, Lithium Two, Lithman West, Lithman East and Lithman North projects. The land package included in this agreement represents the largest mineral claim holdings (6000 hectares) of projects for the lithium group or type of minerals in the Bird River Greenstone Belt, which contains the Winnipeg River Pegmatite Field. The Winnipeg River Pegmatite Field is host to numerous lithium-rich pegmatites in addition to the world-class Tanco Pegmatite, a highly fractionated lithium-cesium-tantalum (LCT) type pegmatite that has been mined at the Tanco Mine since 1969 for spodumene (a major rock unit for lithium (Li)), tantalum (Ta), cesium (Cs), rubidium (Rb), and beryllium (Be) ores. Three of the five projects are drill ready: Lithium Two Project * Historical estimate from drilling in 1947 defined 545,000 tonnes of 1.4% Li2O, drilled to a depth of 60 meters Field work in 2016 confirmed that the Eagle and FD5 Pegmatites contained significant surface spodumene 12 samples collected returned a range of 0.02% to 3.04% Li2O from the Eagle Pegmatite, and up to 2.08% Li2O from the FD5 Pegmatite The Eagle Pegmatite is ~1100 meters in length, up to 12 meters wide and open to depth Project is adjacent to Quantum Minerals Corp (TSX.V: QMC) Cat Lake Lithium Project (aka Irgon Lithium Mine) * Note: The mineral reserve estimate cited above as part of the Lithium Two project is presented as a historical estimate which does not conform to current NI43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101 stan...