Canada's Azincourt Uranium Project Intersects 19-Meter Mineralized Zone in Drilling

en.Wedoany.com Reported - On October 22, Canadian mineral exploration company Azincourt Energy announced the latest drilling results from the Snegamook uranium project in Labrador. Drill hole SN0048 returned an average grade of 0.03% radioactive equivalent U₃O₈ over a 19-meter interval within a 31.6-meter radioactive anomaly zone. The company's 2026 drilling program has completed 4 holes totaling 1,069 meters, and is using new holes to verify historical mineralization data and assess the conditions for preparing the project's first mineral resource estimate.

Drill hole SN0048 is located approximately 2 meters from historical hole SN-08-24 (drilled in 2008), and was drilled to a depth of 275 meters. Between 78.85 meters and 110.45 meters, the hole recorded a 31.6-meter radioactive anomaly zone, within which the 19-meter interval from 78.85 meters to 97.85 meters averaged 0.03% equivalent grade, including two higher-grade sub-intervals of 0.3 meters and 1 meter at 0.05% equivalent grade. Historical hole SN-08-24 previously returned an assayed U₃O₈ grade of 0.05% over a 20-meter interval.

Another hole, SN0047, was drilled to a depth of 254 meters, primarily to test the up-dip extension of mineralization from historical hole SN-08-06. Multiple radioactive anomalies were recorded between 67.55 meters and 97.05 meters, including a 0.8-meter interval averaging 0.03% equivalent grade, which contains a 0.3-meter sub-interval at 0.06% equivalent grade. The company stated that mineralization in the core from this hole is not visually prominent, and the anomalies were primarily identified through downhole gamma surveys.

The two new holes in this round totaled 529 meters of drilling. Due to the timing of drilling commencement at the end of September, Azincourt Energy has adjusted its 2026 Snegamook drilling program to approximately 1,800 meters across 6 to 7 holes. Drilling is being carried out by Quesnel Brothers Diamond Drilling, with field operations based at the Florence Lake exploration camp, approximately 170 kilometers north of Goose Bay, Labrador.

All uranium grade data disclosed to date are calculated from downhole radiometric measurements and represent preliminary equivalent grades, not final laboratory assay results. Core samples have been sent to ACTLabs in Ontario, with analytical results expected in early 2027. The company will combine drilling data, review of historical core, and technical work by an independent qualified person to assess whether conditions are met for preparing an initial resource estimate in accordance with Canada's NI 43-101 standards.