VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V:AAZ) (OTC:AZURF) is pleased to announce in conjunction with it’s JV partner, New Age Metals (TSX.V:NAM), the acquisition of the Lithman East Extension Project, a 3072-hectare, pegmatite-rich land package in the heart of the Winnipeg River Pegmatite Field, Manitoba.
The new Lithman East Extension Project connects with two of the Company’s current lithium projects, namely Lithman East and Lithium One, to form an adjacent total project area of 7,867 hectares. The land package features the Bernic Lake Formation, the geological unit/formation that hosts the Tanco Pegmatite and several other lithium bearing pegmatites, and the Axial Pegmatite Group. Historical Government of Manitoba academic work on the Axial Pegmatites has shown them to be well fractioned and evolved.
Further technical details from the New Age Metals news release:
“The project is situated over several axial planes of regional folds, as is the Tanco Pegmatite. The giant world-class Tanco Pegmatite has been postulated to be situated in a limb of fold and is located along strike approximately 10 kilometers to the west of the project area. The axial plane trace of this fold runs through both the Lithman East Project while it’s postulated extension and other axial planes runs through the newly acquired Lithman East Extension Project. The exploration focus of the region is to find and explore lithium-bearing pegmatites with the possibility of discovering a pegmatite as large and as mineralogically rich as the Tanco Pegmatite.”
“This expansion of our project area in southeast Manitoba is strategically important,” said president & CEO, Alex Klenman. “The area is pegmatite rich, and the New Age team has done an excellent job adding value to the project. The lithium sector has cooled considerably since the start of the year, but this isn’t stopping us from executing the plans we have to build our market cap. When the sector turns, we are confident we will get credit for both this acquisition, and the current work we’re doing,” continued Mr. Klenman.
Work permits have been applied for with the province of Manitoba for surface exploration at the Lithium East Extension. Once the permits are granted, field crews will be mobilized. Exploration on the Lithman East Extension Project will consist of prospecting and sampling the known surface pegmatites and their surrounding areas.
The recent project acquisition of claims has made the New Age Metal/Azincourt Joint Venture the largest claim holder for Lithium in the Winnipeg River Pegmatite Field as well as the largest mineral claim holder in southeastern Manitoba.
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 and 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 3,000m 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
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/79a7cb62-0fc0-4d71-bbf0-1dd1828b469b