Azincourt Energy Advances Labrador Uranium Exploration With New Snegamook Drilling Results

Azincourt Energy Corp. (TSX.V:AAZ) (OTC:AZURF) (FSE:A0U0) is continuing to evaluate the resource potential of its Snegamook uranium deposit in Labrador, Canada, after new drilling results identified additional mineralized intervals and helped refine targets for the next phase of exploration.

The company has completed four diamond drill holes totaling 1,069 meters at Snegamook, part of its Harrier Project in Labrador’s Central Mineral Belt. The program is focused on verifying historical uranium discoveries and building the geological data needed to determine whether the deposit can support a maiden mineral resource estimate.

Recent results from two holes provided further evidence of uranium mineralization. Hole SN0048 intersected 19 meters grading 0.03% equivalent uranium oxide (eU₃O₈) within a broader 31.6-meter zone of elevated radioactivity. Hole SN0047 returned narrower mineralized intervals, including 0.8 meters grading 0.03% eU₃O₈. The results are helping the company assess the extent and continuity of mineralization identified in earlier drilling.

Azincourt’s current campaign builds on promising historical results at the property. Previous drilling at hole SN-08-06 returned 0.97% U₃O₈ over 0.5 meters, while a selective check sample collected from the same area in 2025 graded 2.71% U₃O₈ over 10 centimeters. The company cautions that the short sample is not necessarily representative of the grade or width of the broader mineralized interval. The latest program also includes a hole drilled alongside historical hole SN-08-24, which previously intersected 0.05% U₃O₈ over 20 meters.

One important caveat is that the latest reported grades are preliminary radiometric estimates derived from downhole gamma measurements, rather than laboratory assay results. Samples have been collected for laboratory testing, with results expected in early 2027. Reported intersection lengths are measured along the drill holes, and true widths have not yet been established.

The company now expects to complete approximately 1,800 meters of drilling across six to seven holes during the 2026 program. In addition to testing known mineralization, Azincourt is reviewing historical drill core and plans to work with an independent qualified person to evaluate the available data. The objective is to establish whether the historical results can be verified and whether sufficient geological information exists to support a compliant mineral resource estimate.

Snegamook’s location adds to its exploration appeal. The deposit sits approximately 1.3 kilometers southeast of the Two Time uranium deposit, where historical work outlined a resource of 6.1 million pounds of U₃O₈. Both areas contain uranium mineralization associated with altered and fractured rock formations, although the geological similarities do not establish the size or economic potential of the Snegamook deposit.

The broader Central Mineral Belt hosts several known uranium deposits, including Paladin Energy’s Michelin project, and has attracted renewed exploration interest as companies and governments focus on securing long-term uranium supplies. However, uranium production has not yet begun in the region, and further exploration is needed to establish the commercial potential of individual projects.

For Azincourt, the next key milestones are laboratory assay results, continued drilling, and verification of the historical data. A maiden resource estimate remains a potential future objective rather than an established outcome. The results of the ongoing work should provide a clearer picture of whether Snegamook can advance beyond exploration and become a more defined asset within the company’s uranium portfolio.

Uranium Stocks

Uranium stocks like Cameco Corporation (CCJ), Centrus Energy Corp (LEU), Uranium Energy Corp (UEC), and NexGen Energy (NXE) were flying high earlier this year but CCJ lost more than 40% since hitting its 52-week high in January. Centrus Energy (LEU)’s 52 week loss is around 75%. Uranium Energy (UEC) lost nearly two thirds of its value since hitting its 52-week high in January and finally NXE’s performance since January has been similar to CCJ’s.

Despite these heavy losses, these large uranium stocks aren’t really cheap. NXE and UEC have a negative EBITDA, CCJ is trading at a 40 EV/EBITDA ratio. LEU’s EV is 20 times its EBITDA, which is better than the others but it is still not cheap. We are aware that CCJ has a large hidden asset, but the stock isn’t a screaming buy.

The long-term potential of uranium miners is anchored by a structural, multi-decade macro thesis: a severe widening gap between surging demand and an inelastic supply pipeline. Uranium demand is shifting from linear growth to an accelerated release phase. Global uranium demand is projected to rise 28% by 2030 and nearly double by 2040. Investors know this which is why they are piling into early stage companies as well as currently unprofitable uranium stocks.

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