Azincourt Energy has signed an assignment and amendment agreement with Koba Resources and its wholly owned subsidiary Uranidor Resources, along with Dean Fraser, to acquire a 100% interest in Koba’s Harrier uranium project in the Central Mineral Belt in Labrador, Canada.
The Harrier project spans 48,975ha and is situated next to Azincourt’s Snegamook uranium project, bringing the total project area to 49,400ha.
To acquire a 100% interest in the Harrier project, Azincourt will make a total cash payment of C$250,000 ($180,376) over four years, along with share issuances and exploration expenditures.
Post-acquisition, the project will be subject to a 2% gross production royalty, with the option to buy back half by paying C$1m to the optionor.
Additionally, the project is subject to a 0.5% gross production royalty, half of which can be bought back for a cash payment of C$250,000 to Koba.
In addition to this, Azincourt has also entered into a property option agreement with Koba and Uranidor to obtain complete ownership of certain mineral claims located adjacent to and in the vicinity of the Harrier project.
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By GlobalDataThe staked option for the adjacent claims will require a cash payment of C$50,000 and issuance of common shares, with a 2% gross production royalty, which can be bought back for a cash payment of C$1m to Koba.
Azincourt CEO Alex Klenman said: “We are very pleased to add Harrier to our project portfolio. It combines established uranium mineralisation with exceptional blue-sky developmental opportunities.
“The markets have changed in the past few years, and there is perhaps less appetite for pure greenfield exploration than in the past. Uranium discovery isn’t easy. This is a significant opportunity for Azincourt to dive directly into ground containing high-grade uranium. We are eager to begin systematic exploration there and to realise the value we feel is waiting to be unlocked.”
With 12 zones of known uranium mineralisation, the Harrier project has seen rock samples assay more than 1% triuranium octoxide, with some high-grade results reaching up to 7.48%.
The project has high-grade assay results from various prospects, with the Fish Hawk North Prospect, Brook Prospect and Moran Heights Prospect showing particularly high-grade samples.
In March 2025, Azincourt received the necessary permits to commence exploration drilling at the Snegamook uranium project in the Central Mineral Belt.
