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Resource Company Extends Earn-In Deadline for Saskatchewan Uranium Project
News Update

Source:

Skyharbour Resources has extended the earn-in period for its East Preston uranium project located in the western Athabasca Basin to March 31, 2021.

Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) reported that the earn-in period for its East Preston uranium project located in the western Athabasca Basin has been extended to March 31, 2021.

In a news release, Canada-based Azincourt Energy advised that "it has reached an agreement with Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) and Dixie Gold Inc. (DG:TSX.V; YWRLF:OTCMKTS) to extend the deadline for the remaining obligations owed in connection with the acquisition of a 70% interest in the East Preston uranium project located in the western Athabasca Basin in Saskatchewan, Canada." The firm noted that as part of a previously entered into option agreement with the two companies, it is presently working toward earning a 70% interest in the 25,000-hectare project.

Skyharbour and Dixie have agreed to extend the deadline for the remaining obligations owed by Azincourt Energy to complete the acquisition of a 70% interest in the East Preston project until March 31, 2021. Azincourt stated that these obligations include a small portion of the remaining project related expenses and a final payment of CA$400,000. The firm mentioned that in return for the extension, it has agreed to issue 5,000,000 common shares at a price of $0.05 per share, which will be split equally between Skyharbour and Dixie.

Azincourt's President and CEO Alex Klenman stated, "We're pleased both Skyharbour and Dixie Gold were open to an extension, allowing us additional time to complete the earn-in...The extension of the agreement, if required, gives Azincourt some flexibility, particularly in dealing with the impact of COVID-19."

"We're 100% committed to acquiring majority interest at East Preston. Our work so far has generated a significant inventory of high-quality drill targets, over a very expansive footprint, in precisely the right geographical location for uranium discovery. The development of East Preston is a top priority for us, and this extension, given current circumstances, ensures we have ample opportunity to complete the acquisition as intended," Klenman added.

Azincourt reported that it conducted a small initial diamond drill program at East Preston totaling 552 meters in early 2019 and claimed that the results confirmed the projects prospectivity as findings were found to be very similar and appeared to be analogous to the Patterson Lake South-Arrow-Hook Lake/Spitfire uranium deposit.

In January and February of this year, Azincourt followed up with a 2,500-meter drill program that focused on prospective targets in the Five Island Lakes area and advised that the results of assays from the 2020 winter drill program are expected to be received later this month.

Azincourt Energy is headquartered in Vancouver, B.C., and "specializes in acquiring, exploring and developing alternative energy/fuel projects including uranium, lithium and other critical clean energy elements."

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Skyharbour Resources. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Skyharbour Resources, a company mentioned in this article.




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