Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) announced in a news release that its partner Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) released winter 2020 phase 2 drill results from the East Preston uranium project in Saskatchewan's western Athabasca Basin and now is planning a follow-up work program.
During phase 2, Azincourt drilled nine diamond drill holes over 2,431 meters. It drilled three holes in each of three zones, A, B and Swoosh, over a total 7-by-2 kilometer area.
The results showed "promising basement lithologies and graphitic structures intersected along with associated anomalous rare earth element (REE) mineralization and favorable alteration," the release noted. The setting of the REEs is similar to that seen at the Wheeler River project in the eastern Athabasca Basin.
East Preston continues to show it has the required environment for the existence of uranium mineralization, according to the company.
"The winter results, combined with the number and strike extent of the existing, untested prospective conductor corridor system target areas, ensure that the East Preston project is advancing as we continue to vector towards our discovery goal," Ted O'Connor, the project's director and technical adviser, said in the release.
Many "graphitic conductive corridor trends" on the property remain untested, according to the news release, and the A and B zones warrant additional drilling. Thus, Azincourt is currently planning a summer 2020 work program.
It will include helicopter-borne ground geophysical surveys including horizontal loop electromagnetic and/or ground gravity method to more precisely locate, refine and prioritize for future drilling conductive corridors in several of those untested areas. When the surveys are carried out will depend on COVID-19 travel restrictions, though Azincourt is targeting late summer.
"The presence of Rare Earth Element mineralization, similar to Wheeler River, adds to the growing prospectivity of the project. This data is a positive development that demonstrates East Preston continues to reveal it has the necessary environment for uranium deposition," said Azincourt president and CEO Alex Klenman.
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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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