New Drilling to Probe 0.11% U₃O₈ Zone Near Historic Labrador Discovery

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Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) has received permitting and initiated preparations for its first exploration program at the Snegamook Uranium Project, located in the Central Mineral Belt of Newfoundland and Labrador, Canada. The company plans to conduct up to 1,000 meters of helicopter-supported diamond drilling aimed at verifying and expanding known zones of uranium mineralization identified during previous exploration campaigns. This will follow initial site reconnaissance and assessment of historical core located at the site of the old exploration camp. 

The Snegamook Project comprises 17 contiguous mineral claims covering 423 hectares, situated approximately one kilometer south of the historic Two Time Zone uranium deposit. That deposit, previously held by Silver Spruce Resources Inc., reported an indicated and inferred resource of 5.55 million pounds (Mlb) of U₃O₈ as of June 2008*. Historical drilling at Snegamook uncovered four shallow-dipping uranium lenses over a 300-meter strike length and to a depth of 200 meters, with one-meter samples returning grades up to 0.11% U₃O₈. The lenses range in width from five to 53 meters and demonstrate structurally controlled mineralization within the region's gneissic host rocks.

Further exploration in 2008 to test a radon gas anomaly 500 meters south of the main zone resulted in intersections of up to 0.11% U₃O₈ over two to three meters. According to the company, this work supports the presence of multiple mineralized zones along strike from known resources. The upcoming program includes a review of historical core, reconnaissance, and the drill campaign itself, which will be staged from a temporary work camp near Happy Valley–Goose Bay, roughly 100 kilometers to the south.

"We are excited to get on the ground at Snegamook and begin to expand this deposit," said Trevor Perkins, Vice President of Exploration, in a company news release. "The Snegamook Project has great potential, and historical work has just given a hint of what may be in store for us to discover."

Azincourt noted that while the historical results from Silver Spruce Resources have not been independently verified, they provide a reliable indication of the Snegamook Project's potential.

Uranium Sector Activity Highlights Rising Production and Policy Support

Uranium production in the United States increased throughout 2024, with fourth-quarter uranium concentrate output reaching 375,401 pounds U₃O₈, marking the highest quarterly total since 2018, according to the U.S. Energy Information Administration, as reported by Nuclear Newswire on March 19. This increase was attributed to a combination of renewed domestic mining, geopolitical shifts, and federal policy actions, such as the Russian uranium import ban, signed into law in May 2024.

Energy Fuels led U.S. production for the fourth quarter of 2024, generating 157,525 pounds of U₃O₈, all attributed to that period. The company's White Mesa Mill in Utah remained the only operating conventional uranium mill in the United States. According to the Nuclear Newswire report, Energy Fuels also advanced preparations for production at its Nichols Ranch project in Wyoming, stating it could be brought online "within one year of a 'go' decision, as market conditions warrant."

On the pricing front, Livewire reported on March 20 that while the spot uranium price had fallen to US$63.75 per pound from earlier 2024 highs near US$100, the contract (or term) price held firm at a multi-year high of US$80 per pound in February. Cameco CEO Tim Gitzel addressed this disparity during the company's quarterly earnings call, stating, "It's completely discretionary, and it's non-fundamental," referring to the spot market. He added that less than 40% of the uranium needed by utilities through 2040 had been secured, leaving roughly 2.1 billion pounds still to be purchased—"putting an awful lot of pressure on supply in the mid-2030s."

Gitzel further stated that the supply gap was not based on speculative future demand but on the current requirements of the world's operating nuclear fleet and the 62 reactors under construction. "Those potential developments only add to the positive outlook for nuclear energy, which is already strong," he said.

Further underscoring this federal support, President Trump signed an executive order on March 20 invoking the Defense Production Act to accelerate the development of domestic critical minerals, including uranium. As reported by Robert Sinn in Market Update on March 21, the order authorized financing, permitting prioritization, and even the construction of refining facilities on Department of Defense land. The administration described uranium as one of the minerals vital to "technological and energy applications" and explicitly classified reliance on foreign sources as a national security threat.

According to the executive order, federal agencies were required to submit lists of pending mineral production projects and identify priority items for immediate approval within 10 days. Sinn noted that this level of urgency had not previously been seen from the U.S. government and emphasized the opportunity it presented to expand domestic uranium supply chains.

Azincourt and The Potential in Underexplored Uranium Districts

Azincourt's investor presentation highlights that the 2025 program at the Snegamook Project is the first phase of what it characterizes as a broader effort to unlock value from underexplored uranium districts in Canada. The company holds the option to acquire 100% ownership of the Snegamook Project and controls a majority interest (~87%) in its East Preston Project, located in Saskatchewan's Athabasca Basin — considered one of the world's premier uranium mining jurisdictions.

The Central Mineral Belt, where the Snegamook Project is located, contains multiple large-scale uranium deposits, including Paladin Energy's Michelin deposit, which hosts a measured and indicated resource of 82.2 Mlb U₃O₈. Despite exploration dating back to the 1950s, the region remains significantly underexplored. Azincourt's acquisition of the Snegamook Project in October 2024 positioned the company near advanced exploration assets owned by major sector players.

As part of its strategy, Azincourt is digitizing historic data and reassessing prior drill core to inform targeting decisions. The company's investor materials cite proximity to existing infrastructure, a pro-mining jurisdiction, and a growing global uranium supply deficit as reasons for optimism about project timing. According to Azincourt, 31 countries have committed to tripling nuclear energy capacity by 2050, a development expected to intensify demand for uranium.

At East Preston, recent drill programs have identified key pathfinder elements and alteration zones, including dravite and illite clay, which are commonly associated with uranium mineralization. Results from the 2024 winter drill program confirmed anomalous uranium enrichment in multiple zones and expanded a regional clay alteration footprint to over 10 kilometers in length.

Azincourt's strategy is centered on advanced-stage exploration projects with historical mineralization situated in politically stable jurisdictions with established uranium production histories. With its two-asset portfolio in place and drilling now underway at the Snegamook Project, the company is positioned to advance both properties amid rising global interest in nuclear energy.

Technical Analyst Issues Strong Buy Rating on Azincourt

*On March 19, Technical Analyst Clive Maund published a positive assessment of Azincourt Energy Corp., describing the company as being in "a powerful breakout move" following a multi-year base formation. According to Maund, the breakout was supported by record-high four-year volume, and he stated that the move "is just getting started," referencing technical indicators suggesting significant upward momentum in the share price.

Maund focused on the company's two principal uranium projects, located in Canada's Central Mineral Belt and the Athabasca Basin, noting their proximity to major uranium deposits. He explained that Azincourt's 100% interest in the 423-hectare Snegamook Uranium Project and 87% interest in the 20,674-hectare East Preston Project positioned the company near what he called "some of the world's largest mining companies."

He emphasized that no exploration work had taken place at Snegamook since 2008 and that Azincourt's upcoming maiden drill program marked a significant step forward. Maund added that the East Preston Project, located in what he referred to as the "largest and highest grade uranium deposits in the world," offered considerable discovery potential.

Despite the company's high share count of approximately 374 million, Maund stated that "the large number of shares in issue has already been discounted by the market and factored in." He noted that with about half of the shares held by insiders, institutions, and close associates, the actual float available to public investors was smaller, which he suggested could limit selling pressure.

Regarding valuation, Maund identified a series of short- and medium-term price targets based on technical chart patterns. He wrote, "The first target for the advance now underway is CA$0.10. The second target is CA$0.15, and the third target on breakout from the giant base pattern is the CA$0.35 – CA$0.40 area." These values equated to approximately US$0.074, US$0.11, and US$0.26 to US$0.29, respectively, based on the exchange rate at the time of writing.

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.

Azincourt 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.