Skyharbour Resources Ltd. (SYH:TSX.V; SA:NYSE.MKT) relayed in a news release that its partner Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) completed a ground-based geophysical survey at the East Preston uranium project in Saskatchewan's Athabasca Basin, which led to identification of several drill targets.
The horizontal loop electromagnetic (HLEM) survey was done over 40.5 line kilometers of six grid target areas, G1, G2, G3, K, Q and H, and demonstrated several conductors over them. Many are prime and ready for drilling.
"Unconformity-related uranium deposits associated with the Athabasca Basin are closely associated with basement conductive packages. The HLEM survey was utilized to refine and prioritize target areas where untested conductive corridors have been identified in existing property wide airborne VTEM survey results," the company noted.
"The goal of the survey was to expand the existing drill target inventory, and we were certainly successful in that regard," said Azincourt president and CEO Alex Klenman. "Adding drill targets increases the prospectivity of East Preston to an even greater degree."
With the capital Azincourt outlaid for this exploration program, it met the spending requirement of its joint venture (JV) agreement with Skyharbour and Dixie Gold. All that is left for Azincourt to complete its earn-in for a 70% interest in East Preston is to pay the final tranche by March 31, 2021.
"We're eager to complete the JV and continue drilling," Klenman added.
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