Azincourt Energy Acquires Lithman West Extension Lithium Project
- Growing lithium exploration portfolio now contains over 12,000 hectares of pegmatite-rich ground in the Winnipeg River Pegmatite Field
VANCOUVER, British Columbia, May 10, 2018 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V:AAZ) (OTC:AZURF) is pleased to announce in conjunction with its JV partner, New Age Metals (TSX.V:NAM), the acquisition of the Lithman West Extension Project, a 2725-hectare, land package, located 9.5 kilometers west of the world class Tanco Mine Site.
|
|||||
The new Lithman West Extension Project connects to the Company’s current Lithman West project on both the western and southern boundaries, making the combined Lithman West project now a total of approximately 3,741 hectares. Together, New Age/Azincourt now controls over 12,000 hectares (30,000+ acres) of lithium exploration property in the heart of the Winnipeg River Pegmatite Field, Manitoba.
The land package features the Bernic Lake Formation, the geological unit/formation that hosts the Tanco Pegmatite and several other lithium bearing pegmatites of the Bird River Greenstone Belt. Lithman West now covers over 12 kilometers of continuous strike length of the Bernic Lake Formation.
Figure 1: Lithman West Extension
http://resource.globenewswire.com/Resource/Download/1fcd2db5-1d21-4858-b0d3-230edd9074a7
In the area of the Lithman West Extension Project, several known occurrences of pegmatite exposures are present. The pegmatites in the southern portion of the project area are associated with what is deemed the Shatford Lake Pegmatite Group (one of ten pegmatite groups in the Winnipeg River Pegmatite Field). The Silverleaf Pegmatite on the Lithium One Project is also a part of the Shatford Lake Pegmatite Group and it is one of several pegmatites in the Pegmatite Group that contain lithium-bearing pegmatites.
“This is another key addition for us as we build our portfolio in Manitoba,” said president & CEO, Alex Klenman. “This is highly prospective ground with known lithium-bearing pegmatites and tremendous exploration upside. We are entering a very busy time here over the next few months with detailed mapping, sampling and drilling all taking place. We are anxious to build our story and deliver results,” continued Mr. Klenman.
The Lithman West Project acquisition and staking was focused on covering all the synvolcanic intrusive units (gabbros and diorites) which is the host rock unit of the Tanco Pegmatite, located to the east of the project. The Lithman West Extension covers the remainder of the Bernic Lake Formation westward extent from the Tanco Pegmatite.
The Tanco Pegmatite has been postulated to be situated in a limb of fold. The axial plane trace of this fold runs through both projects and therefore the potential of the area to host a similar pegmatite such as the Tanco Pegmatite is the exploration goal of the Lithman West and Lithman West Extension. There also are several other axial planes of regional folds that run through the project area.
Work permits for the Lithman West Expansion have been applied for with the province of Manitoba for surface exploration. Once the permits are granted, field crews will be mobilized. Exploration on the Lithman West Extension Project will consist of prospecting and sampling the known surface pegmatites and their surrounding areas with the objective to identify and confirm new drill targets.
The recent project acquisitions have made the New Age Metal/Azincourt Joint Venture the largest claim holder for Lithium in the Winnipeg River Pegmatite Field. At present, the Joint Venture has seven projects in the pegmatite field exploring for lithium-bearing pegmatites.
Terms
This addition to the original JV agreement with New Age Metals commits Azincourt to an additional $250,000 worth of exploration spend over the life of the partnership and has increased the 2018 exploration budget by $100,000. New Age Metals will also receive an additional 250,000 shares of Azincourt as part of the terms of the deal. For complete terms of the existing agreement please refer to the Azincourt news release dated January 15, 2018.
Work Program Update
Immediate exploration work will primarily focus on the Lithium 1 and Lithium 2 projects, with a field program that includes mapping of known pegmatite outcroppings. The Company will begin sampling specific areas over the next few weeks before drilling is scheduled to begin in June.
The initial drill program will include a minimum of 3,000 meters of diamond drilling primarily on the lithium-bearing Silverleaf Pegmatite at the Lithium 1 project, and at the lithium-bearing Eagle and FD5 Pegmatites at the Lithium 2 project.
Samples collected in 2016 at the Eagle Pegmatite returned a range of 0.02% to 3.04% Li2O, and up to 2.08% Li2O from the FD5 Pegmatite. Select sampling will concentrate on the Eagle and FD5 pegmatites at Lithium Two, and on the Silverleaf Pegmatite at Lithium One, which returned sample values as high as 4.33% Li2O during the 2016 exploration program.
Qualified Person
The contents contained herein that relate to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals. Mr. Galeschuk is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel properties, including uranium, lithium, cobalt and other elements.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“Alex Klenman”
Alex Klenman, President & CEO
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes “forward-looking statements,” including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.
For further information please contact:
Alex Klenman, President & CEO
Tel: 604-638-8063
info@azincourtenergy.com
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC
V6C 2V6