TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC, April 24,
2023 /CNW/ - Azimut Exploration Inc. ("Azimut"
or the "Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased
to report the results of the third drilling phase comprising four
(4) holes (1,017 metres) on the Wapatik Property (the
"Property") in the Eeyou Istchee James Bay region
of Quebec. The objective was to follow up on previously
reported encouraging nickel results (see press releases of
June 29 and October 3, 2022). A comprehensive work
program for 2023 is under review, including a high-resolution
heliborne magnetic-electromagnetic survey, core drilling and
prospecting.
The Property is under option to Mont
Royal
Resources Limited ("Mont Royal") (ASX: MRZ). Mont
Royal can acquire an initial 50% interest in the Property by
spending $4 million in exploration expenditures over four (4)
years and a further 20% interest with an additional investment of
$3 million and the delivery of a
preliminary economic assessment over three (3) years. Azimut is the
operator.
HIGHLIGHTS (see Figures 1 to 3
and Tables 1 and 2)
- The three first phases of drilling in 2022 (holes WAP22-001 to
-015; 3,395.3 metres) led to the recognition of significant
nickel-copper mineralization related to an ultramafic intrusion 900
metres long by 400 metres wide. This intrusion ("W1") is
interpreted as a folded synvolcanic sill.
- Nickel-copper mineralization, encountered in 12 of the 15
holes, has now been delineated over a 750-metre strike
length. The system remains entirely open at depth and on
strike, and consists of two main horizons: a basal horizon
along or close to the contact with metasediments or paragneiss and
a middle horizon within the ultramafic intrusion (see Figure
3).
- Mineralization occurs as disseminated to semi-massive (locally
massive) sulphides with pentlandite, chalcopyrite and pyrrhotite.
The W1 intrusion comprises three main lithologies: peridotite,
pyroxenite and a late gabbroic phase.
- Salient drilling results from this third phase are:
Hole
WAP22-013: 0.15% Ni, 0.66% Cu,
0.012% Co, 7.18 g/t Ag over 3.3 m
(from 72.0 m to 75.3 m)
Hole
WAP22-014: 0.20% Ni, 0.13% Cu,
0.017% Co, 0.78 g/t Ag over 21.5
m (from 125.5 m to
147.0 m)
including 0.40 % Ni, 0.47% Cu, 0.025% Co, 2,46 g/t Ag over
2.0 m
0.52% Ni, 0.70% Cu, 0.020% Co, 3.27 g/t Ag
over 8.0 m (from 169.0 m to 177.0
m)
including 1.34% Ni, 1.21% Cu, 0.050% Co,
4.76 g/t Ag over 1.1 m
Hole
WAP22-015: 0.22% Ni, 0.20% Cu,
0.018% Co, 0.97 g/t Ag over 7.5 m
(from 47.0 m to 54.5 m)
- Previous drilling returned up to:
Hole WAP22-003: 2.68% Ni, 1.30%
Cu, 0.09% Co, 4.0 g/t Ag over 3.30
m (from 143.4 m to
146.7 m)
Hole WAP22-009: 1.16% Ni, 3.85%
Cu, 0.04% Co, 7.8 g/t Ag over 0.70
m (from 151.8 m to
152.5 m)
Management considers the nickel-copper results from the W1
intrusion very encouraging and warrant additional drilling. Two
other nickel-copper priority targets have also been identified: a
recently discovered intrusion ("W2") with comparable mineralization
at surface (see press release of October
27, 2022) and a potential third ultramafic intrusion in
the western part of the Property (see Figure 2).
Drilling Contract, Analytical
Protocols
Chibougamau Drilling Ltd (Chibougamau,
Quebec) was the contractor for the drilling operations. The
core diameter was BTW. All core samples were sent to ALS
Laboratories (Val-d'Or, Quebec).
Samples were analyzed for a 48-element suite using ICP. High-grade
nickel and copper were analyzed using 4-acid digestion and ICP-AES
finish. Gold, platinum and palladium were analyzed using lead-oxide
collection fire assay and ICP-AES finish. Azimut applies
industry-standard QA/QC procedures to its drilling programs. All
batches sent for analysis included certified reference materials,
blanks and field duplicates.
Qualified Person
Dr. Jean-Marc Lulin (P.Geo.)
prepared this press release as Azimut's qualified person within the
meaning of National Instrument 43-101. Mathieu Landry (P.Geo.), Senior Consultant,
Brigitte Dejou (P.Eng.), Project
Manager, and François Bissonnette (P.Geo.), Operations Manager, all
of Azimut, have also reviewed the content of this press
release.
About the Wapatik Property
Wapatik is a 25-kilometre-long project comprising one block
of 220 claims (115 km2) in an area with
excellent infrastructure, including road access and power lines. It
covers a largely underexplored part of the Lower Eastmain
greenstone belt of Archean age, on strike from Azimut's wholly
owned Elmer Property (Patwon Gold Zone), approximately 35
kilometres to the west.
About Mont
Royal
Mont Royal Resources Limited (ASX: MRZ) is an Australian company
that pursues various mining opportunities in the resources sector
with the aim of building shareholder value by acquiring, exploring,
evaluating and exploiting mineral resource project opportunities.
Mont Royal has a binding JV option
agreement with Azimut to earn up to 70% interest in the Wapatik
gold-copper-nickel project. Mont
Royal has also acquired 75% of Northern Lights Minerals'
536-km2 package in the Upper Eastmain greenstone belt.
The projects are prospective for precious (gold, silver) and base
metals (copper, nickel) in the James
Bay area, a tier-1 mining jurisdiction in Quebec, Canada. For further information
regarding Mont Royal, please visit
the ASX platform (ASX: MRZ) or the Company's website
www.montroyalres.com
About Azimut
Azimut is a leading mineral exploration company with a solid
reputation for target generation and partnership development. The
Company holds the largest mineral exploration portfolio in
Quebec. Its wholly-owned flagship
Elmer Gold Project is actively advanced to the initial
resource stage in the James Bay
region. Azimut also controls a strategic land position for
copper-gold, nickel and lithium. At least 10 work programs are
planned for 2023, including an aggressive lithium-focused field
assessment phase as early as possible after the winter season.
Azimut uses a pioneering approach to big data analytics (the
proprietary AZtechMine™ expert system), enhanced
by extensive exploration know-how. The Company's competitive edge
is based on systematic regional-scale data analysis and
concurrently active projects. Azimut is led by a team with a wide
range of national and international expertise in the mining
industry, including technical, financial and legal experience from
exploration to production. The Company maintains rigorous financial
discipline and a strong balance sheet, with 79.7 million shares
issued and outstanding.
Cautionary note regarding
forward-looking statements
This press release contains forward-looking statements, which
reflect the Company's current expectations regarding future events
related to the drilling results from the Wapatik Property. To the
extent that any statements in this press release contain
information that is not historical, the statements are essentially
forward-looking and are often identified by words such as
"consider", "anticipate", "expect", "estimate", "intend",
"project", "plan", "potential", "suggest" and "believe". The
forward-looking statements involve risks, uncertainties, and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward- looking statements.
Many factors could cause such differences, particularly volatility
and sensitivity to market metal prices, the impact of changes in
foreign currency exchange rates and interest rates, imprecision in
reserve estimates, recoveries of gold and other metals,
environmental risks including increased regulatory burdens,
unexpected geological conditions, adverse mining conditions,
community and non-governmental organization actions, changes in
government regulations and policies, including laws and policies,
global outbreaks of infectious diseases, including COVID-19, and
failure to obtain necessary permits and approvals from government
authorities, as well as other development and operating risks.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should
not be placed on these statements, which only apply as of the date
of this document. The Company disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise, other than
as required to do so by applicable securities laws. The reader is
directed to carefully review the detailed risk discussion in our
most recent Annual Report filed on SEDAR for a fuller understanding
of the risks and uncertainties that affect the Company's
business.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Azimut Exploration Inc.