East Preston Uranium Project Highlights
- Azincourt may acquire a 70% interest the Eastern portion of the Preston Project consisting of approximately 25,329 contiguous hectares.
- The Preston Project is one of the largest tenure land positions in the Paterson Lake region and currently consists of 121,148 hectares strategically located near NexGen Energy Ltd’s high-grade Arrow deposit, Fission Uranium Corp’s Triple R deposit and AREVA/Cameco/Purepoint’s joint venture (Spitfire).
- AREVA recently optioned 49,635 hectares of the Preston Project for up to $7.3 million in exploration expenditures (see Skyharbour News Release dated March 9, 2017).
- Over CDN$2 million in exploration expenditures on the East Preston Project over the past three years.
- Several high priority drill targets identified within multiple prospective exploration corridors delineated through recent geophysics and ground evaluation.
Patterson Lake North Uranium Project, Athabasca Basin, Saskatchewan, Canada
The highly prospective Patterson Lake (PLN) project JV with Fission 3.0.
Prior exploration on PLN includes airborne and ground geophysics and first-pass drilling of a few select targets. 3 separate target areas of PLN are drill-ready with other areas identified for future ground geophysical surveys.
The Athabasca Basin in Saskatchewan, Canada, is the world’s largest source of high grade uranium and supplies over 19% of global uranium requirements.
Fission Uranium Corp.’s high-grade uranium discovery at PLS is just 5.7km south of PLN. The two properties are immediately adjacent. The PLS discovery includes high-grade mineralization 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.
Leading Technical Team
Fission 3.0 is the Operator at PLN. The Fission technical team has made two major discoveries in three years. The team is led by chief geologist Ross McElroy who has been instrumental in four of the last nine major discoveries in the Athabasca Basin.
Management and Board
Experienced board, management and technical teams with a history of success and a track record of delivering shareholder value.
2013-14 Exploration Program
$1.5 million was spent in Year 1 on airborne and ground EM geophysical surveys and diamond drilling.
2014-15 Exploration Program
$3 million to be spent in Year 2 with $1.5 million already spent on resistivity surveys and summer drilling. Summer drilling intersected weak uranium mineralization and highly anomalous pathfinder elements in the rights basement rocks, structure and alteration. The additional $1.5 million will be spent on diamond drilling at 3 separate target areas.