Azincourt Uranium (AAZ.V) has announced an update on its summer drill program at its Patterson Lake North project in Canada’s very prospective Athabasca Basin. Four holes have been drilled in this summer program, and the fourth hole – which is currently still in progress- seems to be the most fascinating one, as it encountered approximately half a meter of anomalous radioactivity with a peak of 1450 counts per second. Hole 19 was an angle hole, drilled based on the results of hole 18 which didn’t show any uranium mineralization but revealed a very interesting alteration and favorable structures. This shows the team on the ground at Patterson Lake North is able to be flexible and knowledgeable about what they are looking for.
Even though no further mineralization is expected to be found, Azincourt is continuing drilling at hole 19 because according to CEO Ted O’Connor the hole was still in structurally disrupted altered basement rocks and as this was the second hole of a cross section, drilling will continue until fresh rock is encountered. Once hole 19 will be finished, Azincourt plans to drill a fifth hole which will conclude the 2014 summer drill program as the campaign envisaged a 1600 meter drill program.
Once the drill program will have been finalized and all results are in, we will provide a further update through a Q&A with CEO O’Connor wherein we will also discuss the sale of the Peruvian project to Macusani Yellowcake (YEL.V).
Disclosure: The author holds a long position in Azincourt Uranium. Azincourt is a sponsor of the website. Please see our disclaimer for current positions.