- Azincourt Energy (TSXV:AAZ) reported radioactive zones in the first two drill holes of its 2026 Snegamook uranium program, supporting efforts to confirm historical results and evaluate the potential for a future resource estimate
- The company plans roughly 2,000 metres of additional drilling, while laboratory assay results from the initial holes are expected in early 2027
- The update comes as long-term uranium contract prices have reached record nominal highs, with supply concerns in Kazakhstan continuing to support market interest in uranium projects
- Azincourt Energy stock (TSXV:AAZ) last traded at $0.03
Azincourt Energy (TSXV:AAZ) reported radioactive intersections in the first two holes of its 2026 drill program at the Snegamook uranium deposit in Labrador, as the uranium market continues to see strong long-term contract pricing.
The company said the initial drill holes were designed to confirm historical exploration results and support ongoing efforts to evaluate the potential for a future mineral resource estimate at the project.
Hole SN0045, drilled as a twin of historical hole SN-08-06, intersected multiple radioactive zones across a 30-metre interval. According to the company, the strongest radiometric result returned an estimated grade of 0.07% eU₃O₈ over 0.6 metres, including 0.14% eU₃O₈ over 0.2 metres.
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A second hole, SN0046, drilled from the same location at a steeper angle, encountered a 25-metre radioactive zone. The highest reported interval graded 0.05% eU₃O₈ over 0.5 metres.
The results are based on downhole radiometric measurements and remain preliminary. Samples from both holes have been submitted to ACTLabs in Ancaster, Ontario, for chemical analysis, with final assay results expected in early 2027.
The new intersections were reported near the location of historical hole SN-08-06, which previously returned 0.97% U₃O₈ over 0.5 metres based on historical sampling. Azincourt noted that the current radiometric estimates are not directly comparable to laboratory assay results.
The company plans to complete approximately 2,000 metres of drilling across six to seven holes during the current program. Earlier in the year, Azincourt also carried out prospecting work at its Harrier Project, which hosts the Snegamook deposit.
“This program has confirmed the mineralizing system and setting of the Snegamook uranium deposit,” Trevor Perkins, Azincourt’s vice president of exploration said in a news release. He added that the results “demonstrate the small footprint and variability of the high-grade veins within this style of deposit.” CEO Mark Tommasi added that the holes provide useful information for verifying historical drilling. “Our focus is on building a reliable geological dataset through drilling and historical core review to guide the next stages of exploration and assess the potential for a future mineral resource estimate.”
Historical exploration
Snegamook is located within Labrador’s Central Mineral Belt, a region that hosts several uranium deposits and advanced-stage exploration projects. Historical drilling completed in 2007 and 2008 outlined a uranium-bearing zone reported to range from 20 to 50 metres in width.
A preliminary resource estimate was prepared in 2008 but was never finalized or publicly filed. As a result, the project does not currently have a compliant mineral resource estimate.
More recent verification work has produced additional high-grade uranium samples. In 2025, a 10-centimetre check sample from historical hole SN-08-06 returned 2.71% U₃O₈. Earlier, a sample collected from the Brook Showing on the Harrier property returned 6.28% U₃O₈. The company has cautioned that both results came from selective sampling and may not be representative of broader mineralization.
The Central Mineral Belt is also home to projects controlled by companies including ATHA Energy Corp. and Paladin Energy Ltd., owner of the Michelin uranium project.
Uranium term prices set nominal record
Azincourt’s latest exploration update comes amid continued strength in uranium markets.
The long-term uranium contract price reached approximately US$96 per pound during late summer, surpassing the previous nominal record of US$95 per pound established in 2007. Month-end data from Cameco showed long-term prices of US$96.50 per pound in both August and September. Spot uranium prices were trading near US$90 per pound in mid-October.
Industry data cited by Cameco indicated utilities contracted approximately 116 million pounds of uranium in 2025. The company noted that contracting activity remained below estimated replacement rates, suggesting future demand for new supply could remain significant.
Executives at Cameco have also pointed to an ongoing focus among nuclear utilities on securing dependable long-term uranium supply as geopolitical and production concerns continue to influence the market.
Kazakhstan supply concerns remain in focus
Supply-side developments in Kazakhstan, the world’s largest uranium-producing nation, have also attracted market attention.
Kazatomprom reported in August that construction of a new sulfuric acid plant could face delays of six to twelve months after possible fossils were discovered during earthworks. Sulfuric acid is a key input for the in-situ recovery methods used by many Kazakh uranium operations.
Additional uncertainty emerged in September when Russia introduced a requirement for government approval of sulfuric acid exports through the end of the year. Although Russia has historically supplied most of Kazakhstan’s sulfuric acid imports, Kazatomprom said the measure does not amount to an export ban and indicated that suppliers expect to fulfill existing 2026 commitments.
The company has stated it does not currently expect a material impact on its 2026 production guidance.
Other uranium sector developments
Elsewhere in the sector, Paladin Energy reported strong operational results from its 75%-owned Langer Heinrich Mine in Namibia, producing 4.82 million pounds of uranium in fiscal 2026, while revenue increased 71% year over year to US$304.3 million.
ATHA Energy, another explorer active in Canada’s uranium sector, completed approximately C$63 million in financing earlier this year to support advancement of its Angilak uranium project in Nunavut.
In addition to Harrier, Azincourt’s project portfolio includes an option on the Sylvia Lake uranium project in Labrador and the East Preston uranium project in Saskatchewan’s Athabasca Basin.
For investors, upcoming laboratory assays from the Snegamook drilling campaign are expected to provide a clearer indication of how the newly intersected radioactive zones compare with the deposit’s historical uranium results and whether they support advancing toward an initial resource estimate.
Azincourt Energy Corp. is a Canadian resource company specializing in the strategic acquisition, exploration, and development of alternative energy and fuel projects, including uranium, lithium, and other critical clean energy elements.
Azincourt Energy stock (TSXV:AAZ) closed trading at $0.03 per share and has lost 25% since the start of the year.
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