Up to 1000 meters of initial drilling planned to confirm and expand known uranium mineralization
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2025) - AZINCOURT ENERGY CORP.(TSXV: AAZ) (OTCQB: AZURF) ("Azincourt" or the "Company"), is pleased to announce that it has permitting for an exploration program at its recently acquired Snegamook uranium project (the "Project"), located in the Province of Newfoundland and Labrador.
SUMMARY:
Azincourt Energy has received permitting for and will begin exploration at its newly acquired Snegamook Uranium Project in Canada's Central Mineral Belt, near the historical Two Time Zone deposit (Indicated and Inferred resource of 5.55 Mlb U3O8, June 2008)*.
Historical drilling at the Snegamook Project revealed shallow-dipping uranium lenses with grades up to 0.11% U₃O₈, indicating strong potential for further discovery.
The Company's 2025 work program includes site reconnaissance, review of historical drill core, and up to 1,000 meters of helicopter-supported diamond drilling to confirm and expand known mineralization.
The Project is strategically located to the southeast of Snegamook Lake within Labrador's Central Mineral Belt and less than 1 km south of the Two Time Zone (Indicated and Inferred resource of 5.55 Mlb U3O8, June 2008)*, formerly held by Silver Spruce Resources Inc. as part of a larger land package, and consists of a mineral licence block comprised of 17 contiguous claims covering 423 hectares.
Drilling to follow up a radon gas anomaly identified the "Snegamook Zone" uranium occurrence located 1.3 km along strike to the southeast of the Two Time Zone (Figure 1, below). Four mineralized lenses were traced over a strike length of 300 meters and to a vertical depth of 200 meters. The lenses are shallow dipping (15 to 20 degrees west) and vary in width from five to 53 meters with values ranging from 225 to 771 ppm U3O8. Individual one-meter samples returned values up to 0.11% U3O8.
Figure 1: Snegamook and Two Time Zone mineralization map
Mineralization and related hydrothermal alteration appear to be structurally controlled within lineaments crosscutting the host intrusive gneissic units. The zones appear to be disrupted to the south and down dip by steeply dipping fault structures that displace the basement gneiss but remain open to the north.
Drilling to test a radon gas anomaly 500 meters to the south of the Snegamook Zone also intersected zones of mineralization with grades up to 0.11% U3O8 over 3 m and 0.11% U3O8 over 2 m.
The Company is proposing an initial program of site reconnaissance and assessment of historical core located at the site of the old exploration camp from 2008, to be followed by up to 1,000 m of diamond drilling to confirm the existing mineralization within the Snegamook Zone and begin to expand the unnamed showing identified to the south. The program is anticipated to utilize one helicopter supported drill rig based out of a temporary work camp in the area. All equipment and supplies would be staged out of Happy Valley - Goose Bay, approximately 100 km to the south. It is anticipated that the reconnaissance phase of the program will be undertaken in June with the diamond drilling conducted in late summer to early fall.
"We are excited to get on the ground at Snegamook and begin to expand this deposit" said Vice President, Exploration Trevor Perkins. "The Project has great potential, and historical work has just given a hint of what may be in store for us to discover," continued Mr. Perkins.
Figure 2: Snegamook Project Location Map - Central Mineral Belt, Labrador, Canada.
*The historical interpretation and drill intersections described here in have not been verified and are extracted from news releases issued by Silver Spruce Resources Inc on April 24, 2008, and August 12, 2008, as well as annual Management Discussion and Analysis documents filed on www.sedarplus.ca, and disclosure published on the website for Paladin Energy Limited (www.paladinenergy.com.au). The Company has not completed sufficient work to confirm and validate any of the historical data from the Snegamook occurrence. The Company considers the historical work a reliable indication of the potential of the Project and the information may be of assistance to readers.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, reviewed, and approved on behalf of the company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.
About Azincourt Energy Corp.
Azincourt is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects. The Company has been a uranium explorer for over a decade and is currently active at its majority-owned joint venture East Preston uranium project located in the Athabasca Basin, Saskatchewan.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
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