Azincourt Uranium (AAZ.V) has announced an update on its sole asset, the Patterson Lake North Uranium project in Canada. The upcoming winter drill program will obviously focus on the recently intersected uranium mineralization at PLN. Azincourt is planning a 3,200 meter drill program which will cost approximately $1.5M. This additional $1.5M should be sufficient to meet the requirement to spend $3M in exploration expenditures at Patterson Lake North to gain a 20% stake in the project from Fission 3.0 (FUU.V).
The distribution of the shares of Macusani Yellowcake (YEL.V) has now been completed and every shareholder has received 1.31415 shares of Macusani per share of Azincourt Uranium they held. As the combination of the distribution and the current share price of Macusani is higher than the share price of Azincourt before the distribution, this move was definitely accretive for the Azincourt shareholders.
The company has also been cutting costs and the annual overhead is now 48% lower than in Q1 of this year. As Azincourt plans to spend $1.5M this winter, we are expecting a placement relatively shortly, consisting of a hard dollar and flow-through part.
Disclosure: The author holds a long position in Azincourt Uranium. Azincourt is a sponsor of the website. Please see our disclaimer for current positions.