Azincourt Uranium is a Canadian uranium exploration company. The company’s principal asset includes the option to earn up to a 50% interest in Fission Uranium Corp.’s Patterson Lake (PLN) project in Canada’s Athabasca Basin. Comprising approximately 27,000 hectares, this highly prospective property lies in an under-explored area of the Athabasca. It is immediately adjacent to Fission Uranium’s PLS property – host to a major new high grade discovery – and is located about 30 km south of the UEX/AREVA Anne and Collette uranium deposits near Shea Creek.
A $1.5 million exploration program has been budgeted by Azincourt Uranium for year one. It will include approximately 2500 meters of drilling in addition to advanced airborne EM geophysical survey coverage. Azincourt Uranium anticipates that radon surveys, similar to those that led to Fission Uranium’s PLS discovery, will be used to develop high priority drill targets by detecting subsurface uranium occurrences.
Azincourt Uranium’s high profile management team is headed by CEO, Ted O’Connor, the former director of Cameco’s Corporate Development group. In this role Mr. O’Connor was responsible for directing and exploring for high growth uranium projects throughout North America, Australia, South America and Africa. Ian Stalker (former CEO of UraMin) and Dev Randhawa (Chairman and CEO of Fission Uranium) have recently been appointed as directors.
- Asset Location: Canada’s Athabasca Basin in Saskatchewan is the world’s largest source of high grade uranium – supplying 19% of global requirements.
- Major Discovery Nearby: Fission Uranium Corp.’s high grade uranium discovery is just 5.7km south of PLN. This discovery includes high grade uranium in bedrock in 3 separate pods, including drill hole intersections as large as 6 m at 35.0% U3O8 in 49.5 m at 6.26% U3O8.
- Management and Board: The highly experienced board, management and technical teams have a strong and proven track record of success in the uranium exploration space.
- Exploration Highlights: Prior exploration on PLN includes airborne and ground geophysics and first-pass drilling of select targets. Areas of PLN are drill-ready and other areas have been identified for further ground geophysical surveys and analysis.
- Joint Venture with Leading Exploration Team: Azincourt Uranium’s joint venture partner is Fission Uranium Corp. The Fission technical team has made two major discoveries in the last three years in the Athabasca Basin.
PLN is adjacent to the north of Fission’s Patterson Lake South (PLS) joint venture property (Fission 50%, Alpha Minerals 50%), where recent drilling has identified high grade uranium in bedrock in 3 separate pods. The discovery zones are located just 5.7km south of PLN and include drill hole grades and intersections as large as 6m at 35.0% U3O8 in 49.5M at 6.26% U3O8 (PLS 13-053) (see Fission Energy Corp. news release dated April 24, 2013).
PLN is prospective for hosting structurally controlled high-grade uranium mineralization that is often associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by geophysical surveys.
PLN lies within a large basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (>60M lbs U3O8 produced) and the UEX-Areva Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 5.7km to the south, also lies within this structural corridor. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
To date Fission has spent ~$4.7M on exploration on PLN ranging from airborne to ground geophysics to a first-pass drilling of a few select targets. Portions of PLN are currently drill-ready and other areas have been identified for further ground geophysical surveys and interpretation.