Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) reported that the earn-in period for its East Preston uranium project located in the western Athabasca Basin has been extended to March 31, 2021.
In a news release, Canada-based Azincourt Energy advised that "it has reached an agreement with Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) and Dixie Gold Inc. (DG:TSX.V; YWRLF:OTCMKTS) to extend the deadline for the remaining obligations owed in connection with the acquisition of a 70% interest in the East Preston uranium project located in the western Athabasca Basin in Saskatchewan, Canada." The firm noted that as part of a previously entered into option agreement with the two companies, it is presently working toward earning a 70% interest in the 25,000-hectare project.
Skyharbour and Dixie have agreed to extend the deadline for the remaining obligations owed by Azincourt Energy to complete the acquisition of a 70% interest in the East Preston project until March 31, 2021. Azincourt stated that these obligations include a small portion of the remaining project related expenses and a final payment of CA$400,000. The firm mentioned that in return for the extension, it has agreed to issue 5,000,000 common shares at a price of $0.05 per share, which will be split equally between Skyharbour and Dixie.
Azincourt's President and CEO Alex Klenman stated, "We're pleased both Skyharbour and Dixie Gold were open to an extension, allowing us additional time to complete the earn-in...The extension of the agreement, if required, gives Azincourt some flexibility, particularly in dealing with the impact of COVID-19."
"We're 100% committed to acquiring majority interest at East Preston. Our work so far has generated a significant inventory of high-quality drill targets, over a very expansive footprint, in precisely the right geographical location for uranium discovery. The development of East Preston is a top priority for us, and this extension, given current circumstances, ensures we have ample opportunity to complete the acquisition as intended," Klenman added.
Azincourt reported that it conducted a small initial diamond drill program at East Preston totaling 552 meters in early 2019 and claimed that the results confirmed the projects prospectivity as findings were found to be very similar and appeared to be analogous to the Patterson Lake South-Arrow-Hook Lake/Spitfire uranium deposit.
In January and February of this year, Azincourt followed up with a 2,500-meter drill program that focused on prospective targets in the Five Island Lakes area and advised that the results of assays from the 2020 winter drill program are expected to be received later this month.
Azincourt Energy is headquartered in Vancouver, B.C., and "specializes in acquiring, exploring and developing alternative energy/fuel projects including uranium, lithium and other critical clean energy elements."
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