Clay Zones With Uranium Anomalies Set for 1,500m Drill Test in Athabasca

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* Disclosure for the quote from the Clive Maund article published on March 19, 2025

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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) has announced its exploration plans for the East Preston uranium project in Saskatchewan's Athabasca Basin. The East Preston project is being advanced by Azincourt in addition to its recently acquired Snegamook Uranium Deposit - which the Company intends to advance to resource status in its recently announced 2025 work program.    

Azincourt intends to follow up on zones of clay alteration with elevated uranium levels first identified at East Preston during the 2023 and 2024 winter drilling seasons. This next phase will include a geophysical program in fall 2025 and a potential diamond drill program in winter 2026. 

Located on the southern edge of the western Athabasca Basin, East Preston lies along a conductive corridor situated between the PLS-Arrow trend and Cameco Corp.'s (CCO:TSX; CCJ:NYSE) Centennial deposit. The East Preston property spans 21,000 hectares, with Azincourt controlling an 86.5% interest. The company has identified three conductive, low magnetic signature corridors across the site, each with a strike length exceeding 25 kilometers. These features are considered prospective for basement-hosted unconformity-related uranium deposits, which are similar in structure and setting to NexGen Energy Ltd.'s (NXE:TSX; NXE:NYSE.MKT) Arrow deposit and Cameco's Eagle Point mine.

Drilling conducted between 2018 and 2024, supported by geophysical and ground-based surveys, has outlined structural disruption zones associated with graphite, sulfides, and carbonates. These zones have also exhibited hydrothermal alteration and anomalous uranium levels. The upcoming fall 2025 geophysical program is expected to include a radon flux survey over the K and H Zones. According to Azincourt, radon anomalies from similar surveys have previously assisted in uranium discoveries, including at the company's Snegamook Project in Labrador.

The proposed winter 2026 drill program would include up to 1,500 meters of diamond drilling across five holes, supported by a helicopter-based drill rig. This approach minimizes environmental disturbance by avoiding road construction. The company has budgeted CA$1.7 to US$2 million for the planned programs, with results from the radon survey expected to refine drill targeting.

VP of Exploration Trevor Perkins stated in a company news release, "This alteration zone indicates that we are on to something. A significant number of deposits in the Athabasca Basin have been found by identifying and chasing these types of alteration patterns." He added that short-term plans will focus on narrowing the area of interest through targeted surveys.

Permits for exploration at East Preston are in place through 2026. Azincourt emphasized ongoing consultation and cooperation with local communities, particularly the Clearwater River Dene Nation, to ensure environmental and social considerations remain central to the project's advancement.

Uranium Exploration and Critical Mineral Policy

Uranium exploration and production in the United States saw increased activity throughout 2024, driven by renewed policy support and changing global supply dynamics. According to Nuclear News on March 19, U.S. uranium production rose to its highest quarterly level since 2018, with 375,401 pounds of uranium concentrate (U3O8) produced in the fourth quarter alone. This growth followed the implementation of the Russian uranium import ban in May 2024 and was fueled by resumed operations at several dormant U.S. projects.

Companies responded to these developments by restarting or expanding uranium mining efforts. Nuclear News reported that Energy Fuels resumed ore transport to its White Mesa mill in Utah and produced over 157,000 pounds U3O8 in the fourth quarter of 2024. EnCore Energy's Alta Mesa project followed closely behind with 127,293 pounds U3O8 during the same period. Ur-Energy remained the top producer for the full year, with its Lost Creek in situ recovery (ISR) project in Wyoming leading its output.

Technical Analyst Clive Maund described Azincourt as being "in a powerful breakout move" and rated the company as an "Immediate Strong Buy."

The policy landscape continued to evolve in early 2025. On March 20, Robert Sinn reported that President Trump signed an executive order invoking the Defense Production Act to prioritize the domestic production and processing of critical minerals, including uranium.

The order enabled the U.S. International Development Finance Corporation and the Department of Defense to finance projects supporting mining and refining infrastructure. This initiative aimed to address national security concerns tied to reliance on foreign sources of critical minerals and allowed for expedited permitting on federal lands.

In the same report, Sinn highlighted that "Trump 2.0 is the first US administration that appears to be taking decisive, and urgent, action to bolster domestic production and processing of critical minerals." The executive order further proposed the reclassification of mine waste to accelerate recovery of previously overlooked materials like copper and uranium.

Meanwhile, market perspectives on uranium remained mixed but forward-looking. On March 28, The Armchair Trader analyzed the commodities and natural resources investment space, noting the long-term appeal of uranium exposure for funds like Geiger Counter. The fund's management pointed to global demand from ongoing reactor construction in China and developments in Japan as signs of enduring interest in nuclear energy. Keith Watson of Geiger Counter stated, "We believe the outlook for reactor fuel demand remains unchanged, underpinned by significant growth from ongoing reactor builds in China."

Despite uranium's volatility and recent short-term fund underperformance, Geiger Counter's long-term return of +105.33% over ten years reflected a belief in the strategic role of uranium in global decarbonization efforts. The fund maintained a diversified strategy, investing primarily in North American and Australasian companies across exploration, development, and production.

Across the broader mining sector, the supply side remained tight. In the same Armchair Trader article, Evy Hambro of BlackRock World Mining noted that "mining companies have focused on capital discipline in recent years, meaning they have opted to pay down debt, reduce costs and return capital to shareholders, rather than investing in production growth." This limited the emergence of new supply, creating long-term constraints that may affect all commodity categories, including uranium.

Positive Analyst Coverage Highlights Growth Potential

*On March 19, Technical Analyst Clive Maund provided a highly favorable assessment of Azincourt Energy Corp., highlighting the company's strategic positioning within Canada's most uranium-rich jurisdictions. Maund described Azincourt as being "in a powerful breakout move" and rated the company as an "Immediate Strong Buy." According to Maund, Azincourt's focus on its two principal projects — the East Preston Uranium Project in the Athabasca Basin and the Snegamook Uranium Project in Labrador — placed it near major uranium discoveries, a factor he considered significant to the company's potential.

Maund noted that East Preston is located "very close to other big projects in the Athabasca Basin," a region he referred to as home to "the largest and highest grade uranium deposits in the world." He emphasized the proximity of Azincourt's land position to several established uranium sites, which he argued "augurs well for significant discoveries" at East Preston.

The technical analysis also addressed the company's share structure, with Maund pointing out that although the number of shares outstanding (374 million) was high, "half the stock is owned by institutions, insiders, and family and friends," thereby reducing the float. He concluded that the high share count "has already been discounted by the market and factored in."

Maund underscored the significance of recent trading activity, stating that the stock had broken out on "a four-year record volume," indicating the early stage of a potential long-term uptrend. He projected initial price targets of CA$0.10 and CA$0.15, with a longer-term breakout target in the range of CA$0.35 to CA$0.40. 

Upcoming Catalysts and Exploration Outlook

Azincourt Energy's strategic focus remains on developing advanced uranium projects within Canada's most prolific mining regions, with East Preston playing a key role alongside the Snegamook Project in Labrador's Central Mineral Belt. The upcoming exploration activities at East Preston represent a continuation of the company's effort to delineate shallow basement-hosted uranium targets in areas previously shown to contain clay alteration zones, which are recognized pathfinders for mineralization.

The clay alteration zones at East Preston, particularly the dravite, kaolinite, and illite occurrences in the K and H Zones, have been described by the company's investor presentation as key vectors toward potential uranium deposits. The area has already demonstrated elevated uranium and favorable lithologies through nearly 15,000 meters of drilling conducted between 2014 and 2024. The regional illite anomaly, which now stretches over 10 kilometers, encompasses these high-potential zones and provides a geochemical framework for prioritizing drill targets.

Azincourt's exploration strategy in the Athabasca Basin focuses on using modern geophysics and structural data to identify trends analogous to nearby discoveries. With its land position adjacent to projects operated by companies such as NexGen Energy, Cameco, and Denison Mines, Azincourt's East Preston property is situated in an area with over US$20 billion in cumulative market capitalization from uranium developers.

The fall 2025 geophysical program and the potential 2026 drill campaign are positioned as key milestones for advancing the project's geological model. Any confirmation of mineralized zones may further de-risk the East Preston asset in a uranium market defined by increasing demand and supply constraints.

Ownership and Share Structure

According to Refentiv, 0.12% of Azincourt is held by institutions, and 0.81% is held by 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$0.045.