Historic Uranium Data Reveals Untapped Potential in Labrador's Central Mineral Belt

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Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) has completed the acquisition and compilation of historical data for the Snegamook uranium project, located in Newfoundland and Labrador. The project, which contains known uranium mineralization, is positioned near key discoveries in the region, including the Two Time, Moran, Kitts, and Jacques Lake deposits.

Historical drilling conducted by Silver Spruce Resources between 2006 and 2008 identified multiple uranium mineralized lenses over a 300-meter strike length and to a depth of 200 meters. The drill results reported uranium grades ranging from 225 to 771 parts per million (ppm) U3O8, with higher-grade zones, such as 0.11% U3O8 over three meters. A preliminary resource estimate was prepared in 2008 but was never finalized or filed under National Instrument 43-101 compliance. Azincourt aims to verify and expand upon these findings through further exploration and drilling efforts.

The Snegamook project consists of 17 contiguous mineral claims covering 423 hectares within Labrador's Central Mineral Belt, a historically significant uranium region. The belt hosts Paladin Energy Ltd.'s Michelin deposit, which holds a measured and indicated resource of 82.2 million pounds of U3O8. Despite historical discoveries, the region remains relatively underexplored, presenting opportunities for further resource delineation.

Vice-president of exploration Trevor Perkins highlighted the project's potential, stating in the news release, "Being able to get our hands on a uranium deposit that has not seen any attention in over 15 years is exciting. We are starting from a good position with regards to an understanding of what we may have and are excited to see if we can establish an initial resource estimate at Snegamook. The chance to improve a deposit within an emerging uranium camp is a significant opportunity for Azincourt."

Azincourt has acquired a range of historical exploration data, including airborne radiometric and magnetic surveys, geological mapping, and diamond drilling reports. The company has noted that while some digital geophysical data remains unavailable, the current dataset provides a strong foundation for upcoming exploration activities.

Uranium Exploration and Development Sector

On February 5, Oilprice.com reported that the Trump administration was considering classifying uranium as a critical mineral, which could unlock federal funding and streamline permitting for domestic uranium projects. This move follows a broader trend of governments reassessing nuclear energy as a key component of their clean energy strategies. According to the World Nuclear Association, demand for reactor fuel is projected to climb 28% by 2030 and could nearly double by 2040.

The long-term outlook for uranium remains strong despite recent price fluctuations. A March 3 report from Stockhead noted that while uranium spot prices declined 3.09% in January to approximately US$70 per pound, the sector's long-term fundamentals remained robust. Structural supply deficits and record-high nuclear generation expectations for 2025 have reinforced a positive outlook for uranium demand. The report highlighted that U.S. tariffs on uranium imports from Canada and China have created price dislocations, with a premium developing for uranium already held within the U.S. market.

According to a March 19 report from Technical Analyst Clive Maund, Azincourt Energy was in the early stages of a significant rally and was rated an "Immediate Strong Buy." 

The uranium sector has been experiencing a significant shift, driven by increasing global demand for nuclear energy and supply constraints.

According to a March 18 report from Kitco News, Scott Melbye, CEO of Uranium Royalty Corp. and executive vice president of Uranium Energy Corp., described the current state of nuclear energy as unprecedented. “The last three, four years and currently where we are today, I've never seen a better narrative around nuclear power, behind uranium," he said. He noted that nuclear power plants were being built at a faster rate than new uranium supply was coming online.

The demand for uranium has been further impacted by geopolitical developments. The United States recently imposed a ban on Russian uranium imports, a move that Melbye called "very important" as it removed a major source of competition for North American uranium producers. "We now know that we can build mines in the U.S. and we won't be undercut by Russian or Kazakhs going forward," he stated. This policy shift has prompted increased investment in uranium exploration and development projects, particularly in Canada and the U.S.

Third-Party Expert Analysis of Azincourt Energy

*According to a March 19 report from Technical Analyst Clive Maund, Azincourt Energy was in the early stages of a significant rally and was rated an "Immediate Strong Buy." Maund noted that Azincourt had "commenced the powerful breakout move" that had been anticipated in previous analyses. He described the company's positioning in Canada's uranium-rich jurisdictions as highly favorable, with its Snegamook and East Preston uranium projects offering significant exploration potential.

Maund emphasized the strategic importance of the Snegamook project, stating that the upcoming maiden drill program could be a key catalyst. He pointed out that "no exploration work has been undertaken there since 2008," making the verification and expansion of historical findings a critical next step. He also highlighted the East Preston project's location in the Athabasca Basin, an area known for hosting the world's highest-grade uranium deposits, as a strong factor supporting the company's long-term potential.

Discussing the stock's performance, Maund noted that Azincourt's recent breakout was occurring "on a four-year record volume," indicating increased investor interest. He stated that "we are at the stage where the biggest percentage gains of all are made," given that the price was emerging from a multi-year base pattern at a historically low level. He projected an initial price target of CA$0.10, followed by CA$0.15, with a longer-term target in the CA$0.35 to CA$0.40 range if the breakout continued.

Maund also addressed concerns regarding the company's share structure, noting that while Azincourt had a high number of outstanding shares, institutional, insider and family ownership reduced the available float. He stated that past stock dilution had already been factored into the market and did not diminish the stock's upside potential.

Strategic Exploration and Market Positioning for Azincourt Energy

Azincourt Energy's focus on the Snegamook uranium project aligns with its broader strategy of advancing uranium exploration in key Canadian jurisdictions. Within its investor presentation, the company has emphasized that the historical resource estimates provide a basis for further assessment, with the potential to establish a compliant initial resource estimate through future drilling programs.

Upcoming catalysts for the company include the verification of historical drill results, new drilling campaigns, and resource modeling efforts. The company is currently digitizing and examining historical data to support the design of its maiden drill program. The planned drilling will aim to confirm and expand known mineralization, potentially unlocking additional resource potential.

The broader uranium market outlook also factors into Azincourt's strategy. With 31 countries committing to tripling nuclear energy production by 2050, uranium demand is expected to increase significantly. Canada, as one of the largest global uranium suppliers, is positioned to play a key role in this shift. Azincourt's focus on acquiring and advancing uranium projects in emerging and underexplored districts aligns with this growing demand trend.

As exploration progresses at Snegamook, further updates on drilling results and resource evaluations will provide insight into the project's development trajectory and its role within the larger uranium sector.

Ownership and Share Structure

According to Refentiv, 0.12% of Azincourt is held by institutions and 0.81% is management and insiders. The rest is retail.

Azincurt Energy has a market cap of CA$3.93 million, 371.29 million free float shares, and a 52-week range of CA$0.0056 - CA$0.03.