Azimut Exploration Inc. (TSX-V: AZM) is pleased to report the results of thirty-two diamond drill holes totalling 5,448.6 metres on the Eleonore South Property (Azimut-Goldcorp-Eastmain JV). This phase completes the 2017-2018 diamond drilling program of fifty (50) holes for 9,891.6 metres. Located in the James Bay region of Quebec, Eleonore South is adjacent to the property that hosts the major Eleonore gold mine owned and operated by Goldcorp (see Figure 1). A new work program is being prepared and will soon be announced.
From 2016 to 2018, Azimut has been the operator of surface exploration work and diamond drilling programs (76 holes totalling 15,134 m) that revealed a large tonalite-hosted gold-bearing system with the following key features:
In addition, gold zones in the metasediments around the intrusion, such as the JT Prospect, define a semi-circular area approximately 5.5 kilometres across with considerable exploration upside (see Figures 2 and 3).
New Drilling Highlights
|Hole ES18-92a:||5.7 g/t Au over 2.9 m|
|Hole ES18-93:||3.8 g/t Au over 4.2 m||including 20.1 g/t Au over 0.7 m|
|Hole ES18-95:||13.58 g/t Au over 2.5 m||including 33.0 g/t Au over 1.0 m|
|Hole ES18-98:||8.56 g/t Au over 8.4 m||including 71.4 g/t Au over 1.0 m and 18.01 g/t Au over 3.9 m|
|Hole ES18-99:||2.58 g/t Au over 7.8 m||including 17.4 g/t Au over 0.9 m|
|Hole ES18-100:||42.37 g/t Au over 7.0 m||including 294.0 g/t Au over 1.0 m|
|Hole ES18-101:||6.06 g/t Au over 3.5 m||including 13.6 g/t Au over 1.5 m|
|Hole ES18-102:||1.68 g/t Au over 5.0 m|
|15.7 g/t Au over 0.6 m|
|Hole ES18-108a:||1.12 g/t Au over 33.6 m||including 18.5 g/t Au over 1.5 m|
|0.69 g/t Au over 84.8 m||including 1.17 g/t Au over 10.9 m and 1.23 g/t Au over 16.1 m|
|Hole ES18-109:||1.69 g/t Au over 3.6 m|
|0.65 g/t Au over 30.0 m|
|Hole ES18-111:||1.41 g/t Au over 9.4 m||including 5.64 g/t Au over 1.0 m and 2.18 g/t Au over 5.6 m|
|Hole ES18-51ext:||0.57 g/t Au over 143.1 m||including 5.0 g/t Au over 4.0 m, 14.05 g/t Au over 1.0 m, 0.81 g/t Au over 28.5 m, and 1.16 g/t Au over 6.7 m|
|Hole ES18-112:||0.71 g/t Au over 43.4 m||including 1.17 g/t Au over 19.3 m and 10.2 g/t Au over 1.0 m|
|Hole ES18-113:||2.18 g/t Au over 3.0 m|
|1.13 g/t Au over 9.9 m||including 5.92 g/t Au over 1.0 m|
|0.62 g/t Au over 16.0 m|
|Hole ES18-118:||0.64 g/t Au over 25.1 m|
|Hole ES18-119:||10.4 g/t Au over 1.5 m|
Native gold has been identified in 18 of the 32 drill holes (see Figure 4).
The objectives of this diamond drilling phase were to (see press release of February 27, 2018):
The Moni Trend has now been drilled with twenty (20) holes totalling 2,351.2 metres, including twelve holes totalling 754.8 metres focused on the Moni Prospect. This includes the extension of hole ES16-48 by 107.2 metres (final depth of 258 m for ES18-48ext). One hole was abandoned (ES18-92 at 14.6 m). The northeast-striking Moni Trend is in the tonalite intrusion, about 500 metres from the metasedimentary contact.
The results of the closely spaced holes on the Moni Prospect indicate good geometric continuity for the northeast-striking quartz-feldspar pegmatitic vein, which starts at surface and has been tested to a vertical depth of 40 metres along a 60-metre strike length (see Figures 5 and 6). The best results include 42.37 g/t Au over 7.0 m (hole ES18-100), 8.56 g/t Au over 8.4 m (hole ES18-98) and 13.58 g/t Au over 2.5 m (hole ES18-95). These drilling results correlate well with channel results returning up to 79.5 g/t Au over 5.87 m and 79.6 g/t Au over 4.25 m (see press release of October 17, 2017).
The veining encountered during this detailed drilling phase shows variable width. Several holes testing the Moni Prospect intersect a brittle post-mineralization fault causing strong fragmentation and local core loss within some of the gold-bearing pegmatitic veins.
Gold values obtained in these veins are generally related to the presence of visible gold. The dense drilling test below known surface mineralization was a useful tool for establishing the potential for continuity of gold mineralization in a Moni Type vein system. The results increase the confidence for successful drilling of similar veins.
Other drill intercepts along the Moni Trend returned encouraging values that may indicate multiple subparallel high-grade veins within a 200-metre-wide corridor:
The vein systems at the Moni Prospect and within the currently defined Moni Trend remain open at depth and laterally, warranting additional trenching and drilling.
The Contact Trend has been drilled with twelve (12) holes totalling 3,097.4 metres. This includes the extension of hole ES16-51 by 116.7 metres (final depth of 366 m for ES18-51ext). One hole was abandoned (ES18-108 at 57.0 m). Drilling confirms the presence of consistent gold mineralization along a zone at least 1.2 kilometres long and 150 to 300 metres wide, adjacent to the contact with the surrounding metasedimentary rocks.
The recent drilling phase shows a reasonably good geometric continuity of gold mineralization identified in 2017 in three drill hole clusters (see Figures 3, 7 and 8). These zones remain open down dip and along strike. From northeast to southwest, the clusters yielded the following results:
Drilling also investigated an untested area between two drill hole clusters centred on ES18-111 and ES18-113, respectively. Three holes have been drilled within a 500-metre interval. Salient results are: 0.71 g/t Au over 43.4 m including 10.2 g/t Au over 1.0 m (hole ES18-112) and 0.48 g/t Au over 15.4 m (hole ES18-117).
Exploration Model and Upside
Drilling Contract and Analytical Protocol
The drilling contract was awarded to Chibougamau Drilling Ltd based in Chibougamau, Quebec. The hole diameter is BTW. Drill core samples were sent to ALS Minerals in Val-d’Or, Quebec. Gold was analyzed by fire assay with atomic absorption and gravimetric finish for grades above 3.0 g/t Au. Samples were also analyzed for a 48-element suite using ICP. Azimut applied industry-standard QA/QC procedures to the program. Certified reference materials, blanks and field duplicates were inserted in all batches of drill core sent to the laboratory.
About the Eleonore South Joint Venture Property
The Eleonore South Property is a three-way joint venture between Azimut, Eastmain Resources Inc. (TSX: ER) and Les Mines Opinaca Ltée, a wholly-owned subsidiary of Goldcorp Inc. (TSX: G; NYSE: GG). Ownership in the Property is as follows: Azimut 26.6%, Eastmain 36.7% and Goldcorp 36.7%.
The 2017-2018 program is operated by Azimut under the supervision of Dr. Jean-Marc Lulin and the field direction of François Bissonnette, both professional geologists. This press release was prepared by Jean-Marc Lulin, acting as Azimut’s qualified person under National Instrument 43-101.
About Azimut Exploration
Azimut is a mineral exploration company whose core business is centred on target generation and concurrent partnership development. Targeting is performed using a pioneering proprietary approach to Big Data analytics, enhanced by extensive exploration knowledge. The Company maintains rigorous financial discipline and has 48.5 million shares outstanding.
Azimut holds a strategic position for gold and base metals in Quebec, including one of the largest exploration portfolios in the James Bay region (21 properties covering 4,421 claims or 2,297 km2).
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