VANCOUVER, March 20, 2019 /CNW/ - Clean Commodities Corp. (TSX VENTURE: CLE) ("Clean Commodities" or the "Corporation") is pleased to announce that its option partner, Azincourt Energy Corp. ("Azincourt"), has commenced the first phase of its diamond drilling program at the East Preston Uranium Project, situated in the western Athabasca Basin of northern Saskatchewan.
Preston Uranium Project:
The Azincourt crew is on-site and has completed construction of the first two drill pads. Target number one, Pad B on L2400, targets the confluence of north and northeast-trending conductors (prospective structure) with a coincident gravity anomaly (potential alteration), and a positive airborne radiometric anomaly (potential mineralization indicator). Target number two, Pad E on l900, targets the on-strike extension of the Pad B conductor 1.5km to the southwest. An elevated conductor strength in this area coincides with a distinct flexural dislocation. These combined features outline a potential structural trap for the concentration of mineralized fluids. Additional targets are being prioritized as phase one drilling continues.
Azincourt's 2019 drill program, with 10-15 holes (2,000-2,500 meters) planned, will test high-priority targets within prospective conductor corridors defined by recent airborne geophysical surveys. Targets have been refined and prioritized based on encouraging fieldwork results, including coincident anomalies from ground gravity, airborne and ground EM and magnetics (graphitic conductors and structures), radon, soil, biogeochem, lake sediment, and geological mapping surveys. The program's primary drill target in the Five Island Lake region is considered to be one of the most prospective geological targets on the property.
East Preston VTEM Survey Completed:
Azincourt advises that Geotech Ltd. recently completed a helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and Magnetic survey over the southeastern portion of the East Preston Project. East Preston now has complete survey coverage over the entire project area.
VTEM Survey Grid – Completed January 2019:
The survey consisted of 498 line-km with 300 m line spacing and 1,000 m tie-line spacing – identical parameters to the previous VTEM™ Max survey, and ties directly into the previous flight lines, oriented NW-SE, perpendicular to the NE-SW trending structural and conductor trends of the basement rocks at East Preston. 100% of the East Preston ground has now been subject to VTEM Max survey.
Geotech is currently completing data processing prior to passing to Azincourt consultants for in-depth interpretation. This new survey data will be used to add targets for future exploration drill testing and does not impact the current planned drill campaign.
East Preston Geophysical Work - Winter 2018:
Azincourt completed a winter geophysical exploration program during January and February 2018 that generated a significant number of new drill targets within the previously untested corridors while refining additional targets near previous drilling along the Swoosh corridor.
The work included 51.5 km of grid preparation (line cutting/picketing), 46.1 km of horizontal loop electromagnetic (HLEM), and 40.6 km of ground gravity along the previously known airborne helicopter VTEM conductive trends.
2018 HLEM and Residual Gravity Survey Interpretation with Potential Drill Targets:
Ground-truthing work confirmed the airborne conductive trends and more accurately located the conductor axes for future drill testing. The gravity survey identified areas along the conductors with a gravity low signature, which is often associated with alteration, fault/structural disruption and potentially, uranium mineralization. The combination/stacking of positive features has assisted in prioritizing targets.
The Main Grid shows multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors, they are clearly upgraded/enhanced prospectivity targets because of the structural complexity.
East Preston Targets:
The targets are basement-hosted unconformity related uranium deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover; therefore they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco's Centennial deposit (Virgin River-Dufferin Lake trend).
East Preston Option Agreement:
Clean Commodities and Skyharbour Resources Ltd. ("Skyharbour") entered into an Option Agreement (the "Agreement") whereby Azincourt has an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Project. Under the Agreement, Azincourt has issued common shares and will contribute cash and exploration expenditure consideration totaling up to CAD $3,500,000 in exchange for up to 70% of the applicable property area over three years. Of the $3,500,000 in project consideration, $1,000,000 will be in cash payments split equally between Clean Commodities and Skyharbour, as well as $2,500,000 in exploration expenditures on the East Preston Project over the three-year period.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour's Head Technical Advisor, as well as a Qualified Person.
About Clean Commodities Corp.
Clean Commodities Corp. (TSXV:CLE) is an exploration company involved in a diverse portfolio of clean commodity assets including lithium and uranium projects. For more information, please visit www.cleancommodities.com.
Ryan Kalt, Chief Executive Officer
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Clean Commodities Corp.
For further information: Ryan Kalt, Chief Executive Officer, 604-652-1710, firstname.lastname@example.org, www.cleancommodities.com