TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC, June 29,
2023 /CNW/ - Azimut Exploration
Inc. ("Azimut" or the "Company") (TSXV: AZM)
(OTCQX: AZMTF) is pleased to publish the complete results from
all four (4) drilling programs undertaken on the Elmer
Property (the "Property") since the maiden program that
led to the discovery of the Patwon Gold Zone (see press release
of January 14, 2020).
The 100% owned Elmer Property is located in the Eeyou
Istchee James Bay region of Quebec.
A National Instrument 43-101 technical report, including a
maiden resource estimate, is well underway with the support of
InnovExplo, an independent mining consulting firm based in
Val d'Or, Quebec. The delivery of
this report is the next milestone for the project before
undertaking a new drilling program scheduled for the fall 2023.
Azimut has prioritized four extensive target areas (Patwon East,
Patwon West, Wolf, Gabbro) for follow-up drilling.
HIGHLIGHTS (see Figures 1 to 17 and Tables 1 to 5)
- Patwon is currently defined along a strike length of
600 metres, from the surface to a vertical depth of 860
metres (900 m along dip), with an
average estimated true width of 35 metres and a dip of 70°
to 75° to the north. The characteristics of this zone are further
described in Table 1. The broadness of the near-surface
mineralization may make it amenable to an open pit scenario.
Preliminary metallurgical tests indicate non-refractory
free-milling gold recoverable by a combination of gravity circuit
and conventional cyanide leaching (see press releases of
May 4 and November 21, 2021).
- Eleven drill sections at 50-metre increments cover the
mineralized zone (Figures 5 to 15). Patwon remains open at depth
and possibly along strike, as illustrated by the longitudinal
section in Figure 4.
- Azimut's diamond drilling from November
2019 to March 2023 consisted
of 242 drill holes for 76,162.68 metres. Of this
total, 137 holes (54,256.98 m)
delineated the Patwon Zone and 105 holes (21,905.70 m) tested exploration targets elsewhere
on the Property.
- A revised and complete list of results is provided in Tables 2
to 5 and on the following webpage: Elmer Drilling Data.
- Patwon North (formerly the North Zone), identified by
drilling, lies about 300 metres north of the Patwon Zone. It is a
narrow, discontinuous vein system subparallel to Patwon with a
minimum strike length of 460 metres. It has higher silver and
tellurium grades than Patwon. This new zone requires further
drilling but could potentially be included in an open pit
shell.
- Exploration drilling has focused on a prospective area 8
kilometres long by 3 kilometres wide (the "Priority
Corridor") to test 12 targets along strike and subparallel to
Patwon (see press releases of July
28 and September 9, 2022, and
January 17, 2023). The most
salient results include the recognition or confirmation of several
gold-bearing sectors (Figures 16 and 17):
Patwon East: A 1.5-kilometre-long
gold-bearing area encountered in 11 mineralized holes along
the eastern strike extension of the Patwon Zone. Best intercepts
include 1.35 g/t Au over 8.87
m, including 15.30 g/t Au over 0.57 m, in hole ELM22-225 and 122.0 g/t Au
over 0.5 m in hole ELM21-088.
Gabbro: A gold-bearing shear-related zone
at least 1.3 kilometres long, confirmed by drilling about
400 metres south of the Patwon Zone.
Patwon West and Wolf: Two areas
with encouraging drilling results that remain largely
underexplored.
Main drilling results by zone
Patwon Zone
The best 25 drilling results previously reported are:
Hole ELM19-002
5.15 g/t Au over 9.00 m (from 33.50 m to 42.50
m)
3.57 g/t Au over 77.30 m (from
58.70 m to 136.00 m)
Hole ELM19-003
27.36 g/t Au over 4.70 m (from 34.30
m to 39.00 m)
4.65 g/t Au over 29.00 m (from
65.50 m to 94.50 m)
2.34 g/t Au over 33.20 m (from
109.30 m to142.50 m)
Hole ELM19-004
4.16 g/t Au over 15.50 m (from 5.00
m to 20.50 m)
7.85 g/t Au over 5.50 m (from
25.50 m to 31.00 m)
3.78 g/t Au over 11.00 m (from
44.50 m to 55.50 m)
Hole ELM19-006
3.38 g/t Au over 25.30 m (from 69.20
m to 94.50 m)
1.49 g/t Au over
33.50 m (from 100.50 m to 134.00
m)
Hole ELM19-007
3.46 g/t Au over 44.10 m (from 30.00
m to 74.10 m)
Hole ELM20-009
1.54 g/t Au over 64.85 m (from 121.15
m to 186.00 m)
Hole ELM20-011
3.66 g/t Au over 22.75 m (from 45.75
m to 68.50 m)
Hole ELM20-026
3.59 g/t Au over 51.85 m (from 142.50
m to 194.35 m)
Hole ELM20-031
2.47 g/t Au over 36.10 m (from 172.50
m to 208.60 m)
Hole ELM20-034
9.99 g/t Au over 20.70 m (from 151.30
m to 172.00 m)
2.37 g/t Au over
7.40 m (from 202.60 m to 210.00
m)
3.95 g/t Au over
9.95 m (from 221.55 m to 231.50
m)
Hole ELM20-051A
3.85 g/t Au over 22.35
m (from 198.15 m to
220.50 m)
Hole ELM21-070
4.43 g/t Au over 46.05 m (from 264.45
m to 310.50 m)
Hole ELM21-071A
5.47 g/t Au over 33.60
m (from 329.40 m to
363.00 m)
4.08 g/t Au over 18.60 m (from 410.50
m to 429.10 m)
Hole ELM21-72
6.43 g/t Au over 40.60 m (from 287.90
m to 328.50 m)
Hole ELM21-86
24.04 g/t Au over 18.00 m (from 254.00
m to 272.00 m)
2.03 g/t Au over 4.50 m (from 295.00
m to 299.50 m)
44.40 g/t Au over
1.00 m (from 307.70 m to 308.70
m)
Hole ELM21-92
4.22 g/t Au over 39.50 m (from 266.00
m to 305.50 m)
8.75 g/t Au over 2.00 m (from 427.00
m to 429.00 m)
Hole ELM21-100
3.28 g/t Au over 39.35 m (from 173.00
m to 212.35 m)
Hole ELM21-125 (*)
1.08 g/t Au over 286.90 m (from 27.60
m to 314.15 m)
1.35 g/t Au over 75.00 m (from 390.70
m to 465.70 m)
(*): Hole drilled at a
low angle to the mineralized zone
Hole ELM21-127
1.45 g/t Au over 56.75
m (from 189.25 m to
246.00 m)
Hole ELM22-134
2.55 g/t Au over 39.00
m (from 532.80 m to
571.80 m)
Hole ELM22-146A
1.77 g/t Au over 12.75
m (from 429.65 m to
442.40 m)
3.89 g/t Au over 24.38 m (from 457.70
m to 482.08 m)
Hole ELM22-151A
2.32 g/t Au over 8.90 m
(from 731.60 m to 740.50 m)
2.10 g/t Au over 54.90 m (from 782.00
m to 836.90 m)
Hole ELM22-176
3.15 g/t Au over 10.70
m (from 748.00 m to
758.70 m)
2.03 g/t Au over 20.60 m (from 776.50
m to 797.10m)
Hole ELM22-204
2.45 g/t Au over 14.50
m (from 22.00 m to
36.50 m)
3.19 g/t Au over 30.15 m (from 298.50
m to 328.65 m)
Hole ELM22-208
1.67 g/t Au over 79.40
m (from 176.60 m to
256.00 m)
Several composite intervals, above and in Table 2, may differ
slightly from the previously reported intervals. This does not
represent a material change. The revised intervals were
re-calculated using an updated geometric interpretation that
subdivides the mineralized envelope into higher-grade subzones to
minimize internal dilution. Intervals are presented as core
lengths, and assays are not capped.
Additional drill holes, intended to further define the margins
of the Patwon Zone (see press release of January 17, 2023), returned the following
significant results:
Hole
ELM22-217
3.39 g/t Au over 4.50 m (from
337.0 m to 341.5 m)
Hole
ELM22-218
0.89 g/t Au over 12.00 m (from
31.0 m to 43.0
m), including:
1.22 g/t Au over 7.00 m
(from 31.00 m to 38.00 m)
Patwon North
The previously reported main mineralized intervals related to
this zone are:
Hole
ELM21-075
0.76 g/t Au over 7.50 m (from
27.00 m to 34.50 m), including:
3.30 g/t Au, 1.08 g/t Ag, 2.73 g/t Te over 1.20 m (from 29.50
m to 30.70 m)
Hole
ELM21-096
0.89 g/t Au over 1.10 m (from
39.90 m to 41.00 m)
Hole
ELM21-114
1.74 g/t Au over 3.25 m (from
111.85 m to 115.10 m)
Hole
ELM21-128
1.06 g/t Au over 0.95 m (from
29.88 m to 30.83 m)
Hole
ELM22-134
33.90 g/t Au, 40.80 g/t Ag, 58.10 g/t Te over 0.50 m
(from 259.60 m to 260.10 m)
Hole
ELM22-141
1.38 g/t Au, 0.72 g/t Ag, 1.96 g/t Te over 1.00 m (from 72.00
m to 73.00 m)
Hole
ELM22-143
0.86 g/t Au over 1.00 m (from
85.00 m to 86.00 m)
Hole
ELM22-176
0.96 g/t Au over 2.00 m (from
288.00 m to 290.00 m)
2.73 g/t Au, 2.25 g/t Ag, 3.81 g/t Te
over 3.00 m (from 298 m to 301 m),
including:
6.17 g/t Au, 4.18 g/t Ag, 8.33 g/t Te over 1.0 m (from 298.0
m to 299.0 m)
Hole
ELM22-177
82.10 g/t Au, 87.00 g/t Ag, 124.00 g/t Te over 0.50 m (from 264.00
m to 264.5 m)
Exploration Drilling
Azimut considers the 35-kilometre-long Elmer Property to be at
an early exploration stage, with strong potential for additional
significant gold discoveries. Azimut has systematically acquired a
large dataset to identify new targets, first within the Priority
Corridor surrounding the Patwon Gold Zone. The property-scale data
include a high-resolution magnetic heliborne survey (2,657
line-km), induced polarization ("IP") surveys (160 line-km),
prospecting (1,901 grab and channel samples), till surveys (391
samples), reverse circulation drilling (507 holes for a total of
6,681 m of bedrock sampling), and remote sensing analysis. A
complete lithostructural reinterpretation of the Property has been
conducted.
Figure 16 shows the main prospects within the Priority
Corridor. Figure 17 shows the main results from the 2020 to
2023 exploration drilling programs. Of the 105 exploration holes
(21,905.70 m) drilled since 2020,
30 holes (or 29%) cut mineralization grading more than
0.5 g/t Au over at least 0.5 metre along the core (the
hole numbers reported below in italics indicate new drill
results disclosed in this press release).
The most salient result is the recognition (11 mineralized
holes) of a 1.5-kilometre-long gold-bearing sector
("Patwon East") along the eastern strike extensions of the
Patwon Zone. This shear-related area remains entirely open along
strike and at depth, as shown on the longitudinal section (see
Figure 4). Gold intercepts appear generally well correlated with IP
anomalies.
From east to west, the best results include:
Hole
ELM22-225
1.77 g/t Au over 1.50 m (from
78.00 m to 79.50 m)
1.35 g/t Au over 8.87 m (from 88.73
m to 97.60 m), including:
15.30 g/t Au over 0.57 m (from
95.80 m to 96.37 m)
Hole
ELM22-202
4.29 g/t Au over 0.95 m (from
17.43 m to 18.38 m)
Hole
ELM22-170
0.80 g/t Au over 3.00 m (from
156.50 m to 159.50 m), including:
1.92 g/t Au over 1.00 m (from
157.50 to 158.50 m)
Hole
ELM20-025
0.53 g/t Au over 6.00 m (from
11.00 m to 17.00 m), including:
1.05 g/t Au over 1.50 m (from
11.00 m to 12.50 m)
1.21 g/t Au over 1.00 m (from
16.00 m to 17.00 m)
Hole
ELM22-200
0.28 g/t Au over 13.05 m (from
55.00 m to 68.05 m), including:
1.40 g/t Au over 1.10 m (from
62.00 m to 63.1 m)
0.91 g/t Au over 1.20 m (from
66.85 m to 68.05 m)
Hole
ELM20-022
3.38 g/t Au over 2.40 m (from
50.65 m to 53.05 m)
Hole
ELM22-198
0.93 g/t Au over 1.50 m (from
141.00 m to 142.50 m)
Hole
ELM21-088
122.0 g/t Au, 160.0 g/t Ag, 307.0 g/t Te over 0.50 m (from 119.10
m to 119.60 m)
Other drill-tested targets with encouraging results include:
Gabbro: Nine gold-bearing holes outlining a minimum
1.3-kilometre-long zone about 400 metres south of the Patwon
Zone related to a subparallel shear zone. Several high-grade
outcropping gold showings yielded up to 77.8 g/t Au from
grab samples. Note that grab samples are selective by
nature and unlikely to represent average grades. From east to
west, the best results include:
Hole
ELM22-192
0.62 g/t Au over 0.85 m (from
87.88 m to 88.73 m)
Hole
ELM22-191
1.21 g/t Au over 1.05 m (from
178.30 m to 179.35 m)
Hole
ELM22-183
1.06 g/t Au over 2.16 m (from
58.84 m to 61.00 m)
Hole
ELM22-185
1.38 g/t Au over 1.50 m (from
15.00 m to 16.50 m)
Hole
ELM22-187
0.40 g/t Au over 7.75 m (from
77.00 m to 84.75 m), including:
2.85 g/t Au over 0.75 m (from
84.00 m to 84.75 m)
Hole
ELM22-181
1.01 g/t Au over 1.93 m (from
165.87 m to 167.8 m)
Hole
ELM22-182
2.51 g/t Au over 0.50 m (from
8.00 m to 8.50
m)
Patwon West: Two gold-bearing drill holes along the
western sheared extensions of the Patwon Zone. Several high-grade
outcropping gold showings yielded up to 12.65 g/t Au from
grab samples. This sector is still largely underexplored (see
Figure 4). The results of interest are:
Hole
ELM20-043
1.90 g/t Au over 1.70 m (from
80.30 m to 82.00 m)
Hole
ELM20-045
0.52 g/t Au over 1.50 m (from
94.50 m to 96.00 m)
Wolf: Three gold-bearing drill holes delineate a minimum
800-metre-long zone about 2.5 kilometres northeast of the
Patwon Zone. This sector also displays several high-grade
outcropping showings, including 19.25 g/t Au over 1.00 m and 12.03 g/t Au over 1.75 m from channel samples, and up to
58.2 g/t Au from grab samples. The drilling results of
interest are:
Hole
ELM21-107
3.70 g/t Au over 0.70 m (from
25.60 m to 26.30 m)
Hole
ELM22-211
0.52 g/t Au over 1.50 m (from
123.50 m to 125.00 m)
Hole
ELM22-212
0.30 g/t Au over 17.0 m (from
55.00 m to 72.00 m), including:
2.55 g/t Au over 1.00 m (from
69.00 m to 70.00 m)
The Elmer Property
The Elmer Property comprises 515 claims (271.3 km2)
over a 35-kilometre strike length. The Property lies
285 kilometres north of the town of Matagami, 60 kilometres east of the village of
Eastmain, and 5 kilometres
west of the paved Billy-Diamond Highway, a major all-season paved
highway. The region benefits from excellent infrastructure,
including significant road access, a hydroelectric power grid and
airports.
Drilling Contracts and Analytical Protocols
During the fourth phase of drilling, the contractors were as
follows:
- RJLL Drilling Inc. of Rouyn-Noranda (Quebec) for the Patwon delineation phase up to
hole ELM22-177, using NQ core diameter.
- Chibougamau Drilling Ltd of Chibougamau (Quebec) to continue delineation drilling at
Patwon, using NQ as core diameter, and for exploration drilling
using BTW core diameter.
- Samples were sent to ALS Laboratories in Val-d'Or (Quebec), where gold is analyzed by fire assay
with atomic absorption and gravimetric finishes for grades above
3.0 g/t Au. Samples are also analyzed for a 48-element suite using
ICP. Azimut applies industry-standard QA/QC procedures to its
drilling programs. All batches sent for analysis include 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. Rock Lefrançois (P.Geo.),
Vice President Exploration, Brigitte
Dejou (P.Eng.), Project Manager, and Lise Chénard (P.Eng.),
Senior Consultant, have also reviewed the contents of this press
release.
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 advancing to the initial resource
stage in the James Bay region.
Azimut also controls a strategic land position for copper-gold,
nickel and lithium.
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. The Company maintains rigorous financial discipline and a
strong balance sheet, with 79.9 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 at the Elmer 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.
There are many factors that could cause such differences,
particularly volatility and sensitivity to market metal prices,
impact of change 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.