Hole PLN14-019 returned significant radioactivity on the A1 conductor, 397ppm uranium over 0.5m within a broader 6m interval, while holes PLN14-020 and PLN14-021 intersected highly prospective results that pave way for two separate conductor trends, the companies said.

Azincourt Uranium president and CEO Ted O’Connor said: "The summer program has successfully proven the fertility of the central project area confirming shallow basement mineralization targets within 100-150 m of surface.

"At PLN, we continue to see the right geology, structure and alteration with excellent geochemistry and now, our first uranium mineralization."

Azincourt said that the A1 and A4-1 conductors on the PLN are discrete southwest-northeast trending parallel EM conductors, and form part of a larger arcuate approximately north-south trending conductive corridor towards Areva – UEX Shea Creek property where a series of mineralized uranium deposits are associated with the Saskatoon EM conductor system.