Canada-based Azincourt Energy has signed an option agreement with 1177865 B.C. to acquire three uranium-lithium exploration projects – Escalera, Lituania and Condorlit in Peru.
The projects to be acquired are located in the Picotani volcanic field in Carabaya and San Antanio De Putina provinces in the Puno region in southeastern Peru.
Spread over a combined area of 7,400 hectares, the projects are prospective exploration targets for volcanic hosted supergene/surficial uranium and lithium on the Picotani Plateau, said Azincourt Energy.
While the Escalera project is made up of six concessions spread over 5,500 hectares, the Lituania concession covers 899.97 hectares, and the Condorlit concession spans 999.97 hectares.
Azincourt Energy president & CEO Alex Klenman said: “The Macusani-Crucero-Picotani area is emerging as an important uranium district, in addition to the recent lithium discoveries also made in the area. We have been interested in getting a foothold in the area for some time.
“The uranium sector is clearly gearing up and we feel the timing on this is excellent. With this addition, and our East Preston and Patterson Lake North projects in the Athabasca, we feel we are well positioned for what is potentially ahead in this space.”
According to Azincourt Energy, the surface rock samples were collected last year from the Escalera project and processed by ALS Minerals had returned values of up to 3,560 ppm uranium and 153 ppm lithium. Historical rock samples collected from the Escalera concessions are said to have yielded unverified values of up to 6,812 ppm uranium.
Azincourt Energy said that it will plan and launch a mapping and sampling program at the concessions in order to draw a longer-term exploration strategy. Apart from that, the Canadian resource company will continue to assess other potential additions to its project portfolio in Peru and in other countries.
In June, the company acquired the Cat Lake Lithium Project in Manitoba, Canada alongside its joint venture partner New Age Metals. The Cat Lake Lithium Project comprises nine claims, which are spread over nearly 2000 hectares located directly north of its Lithium Two Project.