Nuclear power is increasingly recognized as a sustainable and environmentally friendly source of energy. It has the potential to improve the energy industry’s sustainability and help preserve our planet for future generations. Unlike fossil fuels, nuclear power does not produce greenhouse gasses or pollution. It is also a very efficient way to generate electricity, with a single nuclear plant providing enough power for millions of homes.
In addition, nuclear power plants have a very long lifespan and can continue to produce electricity for decades. Nuclear power offers a clean and sustainable solution as we face the challenges of climate change and the need to move away from fossil fuels. There has been some pushback from nations on nuclear energy. In the aftermath of Fukushima, all of Japan’s nuclear reactors were shut down, and the country’s uranium industry came to a standstill.
However, now Japan is preparing to restart several idled nuclear reactors and even build new ones. Dealing with sky-high prices of fossil fuels and a global power crisis, the country has decided that securing its future energy needs requires a return to nuclear energy. This change marks a major inflection point for the uranium industry, which will be closely watching Japan’s progress in the months and years to come.
Other areas of the world are also changing their tone on nuclear power. Europe is dealing with an energy crisis with the ongoing war between Russia and Ukraine. Germany is planning to delay its phasing out of nuclear plants, and France plans to build six new nuclear power plants. Nuclear power is also being increasingly seen as a “green” technology as unlike burning hydrocarbons, it does not emit carbon into the atmosphere. Uranium mining companies are poised to benefit from this renewed interest in nuclear energy.
Azincourt Energy Corp. (TSXV: AAZ | OTCQB: AZURF) has two projects in Canada that can potentially contain large deposits of uranium and other minerals. The company is actively engaged in exploring these two projects.
The East Preston Project and the Hatchet Lake Project are both progressing for potentially discovering uranium and other mineral deposits. Azincourt controls a majority 72.8% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold. In July Azincourt announced that drilling at the East Preston Project resulted in the identification of uranium enrichment within alteration zones. The company completed the drilling program over the course of the winter 2021-22 season.
This new information points to the likely presence of uranium-bearing fluids within the alteration system. Their next step is identifying the extent of the alteration, and areas of fluid concentration and strong uranium enrichment. The company plans to conduct an announced 6,000m drilling program in fall to winter 2022-23 to better understand the project’s potential.
The Hatchet Lake project is Azincourt’s other proespective property. Azincourt entered into an option agreement with ValOre Metals Corp. in November, 2021, to earn up to a 75% interest in the Hatchet Lake property. Hatchet Lake is located outside the northeastern margin of the Athabasca Basin along the Western Wollaston Domain (WWD) within the Wollaston-Mudjatik Transition Zone (WMTZ). This entire area is already inhabited by all of Canada’s operating uranium mines.
The surrounding areas are largely unexplored, which makes this a great potential opportunity for Azincourt. Based on previous work from Hathor Exploration Ltd. and Rio Tinto, there is a possibility that Hatchet Lake has multiple shallow, unconformity-related basement uranium targets. The company plans to carry out a geophysics and 1,500 m drill exploration program in fall 2022 at Hatchet Lake in order to better understand and advance the project.
It is early days in the exploration of Hatchet Lake and East Preston for Azincourt, but as CEO and President Alex Klenman recently stated: “Our treasury is extremely strong, and we’re fully funded to execute all of our exploration plans over the next year, and beyond. We’re going to be very active and plan to be aggressive with the drills.”