VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/19/13 -- Azincourt Resources Inc. (TSX VENTURE: AAZ) (the "Company" or "Azincourt") announces that further to its news releases dated April 30, 2013 and May 15, 2013, the Company has now received TSX Venture Exchange ("Exchange") approval to:
-- its option agreement with Fission Uranium Corp. ("FCU") dated April 29, 2013 whereby Azincourt can earn up to a 50% interest in FCU's Patterson Lake North project ("PLN");-- the technical report dated May 5, 2013 prepared by Allan Armitage, Ph.D., P.Geol. of GeoVector Management Inc. for the PLN project (which has been filed on SEDAR);-- a part-and-parcel private placement (more fully described below) whereby the Company raised $1,500,000 to be used to complete its first year work expenditures on the PLN project; and-- a finder's fee agreement dated April 29, 2013 whereby the Company has agreed to pay Pure Capital Holdings Inc. a fee in stages as it acquires incremental interests in the PLN project over time. In year one, the fee will be $136,250 payable following the Azincourt spending $2,000,000 to acquire the first 10% interest in the PLN project, payable by the issuance of 908,333 common shares of the Company, at a deemed price of $0.15 per share;
The PLN project is comprised of 10 contiguous claims totalling 27,408 hectares in the southwest portion of the Athabasca Basin, Saskatchewan. The Athabasca Basin is a premiere geologic district notable for hosting the world's richest uranium deposits, with a well established and politically stable, uranium exploration and mining sector. Recent discoveries of high-grade uranium in the southwestern region of the Athabasca Basin are considered by Azincourt to indicate the prospective merit of this under-explored area.
The Company has the right to acquire incremental interests in the PLN by making annual payments to FCU and incurring minimum work expenditures on the PLN project. To acquire the first 10% interest, the Company must pay FCU $500,000 ($100,000 paid to date and the balance to be paid on closing) and incur $1,500,000 of work on the PLN project.
PLN lies adjacent to the north of Fission's Patterson Lake South (PLS) joint venture property (Fission 50%, Alpha Minerals 50%), where recent drill results located 5.7km to the south, have identified high grade uranium in bedrock in 3 separate pods and have included a drill hole intersection of 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 lies within a large basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (greater than 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.