Azimut Exploration Inc. (TSX-V: AZM) is pleased to report the discovery of substantial gold mineralization in multiple drill hole intersections, including frequent high-grade intervals, in all seven holes of its maiden diamond drilling program on the 100% owned Elmer Property in the James Bay region of Quebec. Significant additional drilling will be required to define the true width and extent of this discovery. The Patwon Prospect is part of a larger 7-kilometre-long high-potential target zone on the Property (see Figures 1 to 3). A ground geophysics survey (induced polarization) is currently underway over the discovery area and its vicinity to prepare for a more comprehensive upcoming drilling program.
The results from this initial phase of drilling indicates that gold-bearing mineralization occurs in three different orientations: 1) along an extensive set of veins oblique to the schistosity; 2) parallel to the schistosity; and 3) as flat-lying veins. Drill holes were oriented to intersect the three types of veins.
Azimut’s management considers these results to be among the most significant gold exploration results in the James Bay region since the 2004 discovery of the Éléonore deposit by Virginia Gold Mines. The Éléonore mine is currently owned and operated by Newmont.
HIGHLIGHTS (see Tables 1 and 2, Figures 1 to 8)
|Hole ELM19-001||0.62 g/t Au over 101.3 m (from 13.5 m to 114.8 m) including:|
|0.78 g/t Au over 32.0 m (from 27.4 m to 59.4 m)|
|2.45 g/t Au over 8.0 m (from 85.0 m to 93.0 m)|
|Hole ELM19-002||3.15 g/t Au over 102.0 m (from 34.0 m to 136.0 m) including:|
|5.15 g/t Au over 9.0 m (from 33.5 m to 42.5 m)|
|1.10 g/t Au over 28.5 m (from 58.7 m to 87.2 m)|
|10.1 g/t Au over 20.5 m (from 96.5 m to 117.0 m)|
|including 12.43 g/t Au over 6.0 m (from 99.5 m to 105.5 m)|
|and 107.0 g/t Au over 1.0 m (from 116.0 m to 117.0 m)|
|3.22 g/t Au over 11.0 m (from 125.0 to 136.0 m)|
|Hole ELM19-003||2.84 g/t Au over 108.2 m (from 34.3 m to 142.5 m) including:|
|27.36 g/t Au over 4.7 m (from 34.3 m to 39.0 m)|
|including 254.0 g/t Au over 0.5 m (from 34.3 to 34.8 m)|
|4.65 g/t Au over 29.0 m (from 65.5 m to 94.5 m)|
|including 16.0 g/t Au over 6.5 m (from 78.0 m to 84.5 m)|
|2.2 g/t Au over 7.6 m (from 109.3 m to 116.9 m)|
|1.66 g/t Au over 6.0 m (from 121.0 m to 127.0 m)|
|1.08 g/t Au over 11.0 m (from to 131.5 m to 142.5 m)|
|Hole ELM19-004||1.68 g/t Au over 97.0 m (from 5.0 m to 102.0 m) including:|
|4.16 g/t Au over 15.5 m (from 5.0 m to 20.5 m)|
|7.85 g/t Au over 5.5 m (from 25.5 m to 31.0 m)|
|including 80.0 g/t Au over 0.5 m (from 25.5 m to 26.0 m)|
|3.78 g/t Au over 11.0 m (from 44.5 m to 55.5 m)|
|including 59.5 g/t Au over 0.5 m (from 51.2 m to 51.7 m)|
|Hole ELM19-005||1.54 g/t Au over 54.1 m (from 28.4 m to 82.5 m) including:|
|29.8 g/t Au over 0.5 m (from 28.4 m to 28.9 m)|
|2.53 g/t Au over 13.5 m (from 50.0 m to 63.5 m)|
|3.91 g/t Au over 5.6 m (from 74.8 m to 80.4 m)|
|including 37.0 g/t Au over 0.5 m (79.9m to 80.4 m)|
|Hole ELM19-006||1.15 g/t Au over 129.0 m (from 5.0 m to 134.0 m) including:|
|3.38 g/t Au over 25.3 m (from 69.2 m to 94.5 m)|
|including 121.0 g/t Au over 0.5 m (from 70.2 m to 70.7 m)|
|1.49 g/t Au over 33.5 m (from 100.5 m to 134.0 m)|
|including 64.9 g/t Au over 0.5 m (from 104.6 m to 105.1 m)|
|Hole ELM19-007||1.93 g/t Au over 82.0 m (from 21.0 m to 103.0 m) including:|
|3.46 g/t Au over 44.1 m (from 30.0 m to 74.1 m)|
|including 13.09 g/t Au over 6.6 m (from 34.4 m to 41.0 m)|
|and 25.35 g/t Au over 1.9 m (from 45.4 m to 47.3 m)|
Based on previously reported surface information (see press releases of July 16, September 19, October 22 and November 28, 2019), the objectives of the 996-metre core-oriented drill program were to:
The drilling program provided the following critical preliminary information:
The Elmer Property and the adjacent wholly owned Duxbury Property provide Azimut with a controlling position over a 35-kilometre-long segment of a prospective greenstone belt. Both properties were staked following the Company’s predictive modelling for gold in the James Bay region using its proprietary AZtechMineTM expert system.
Elmer comprises 276 claims covering 145.4 km2 over a 22-kilometre strike length. Duxbury, located to the east, covers a further 13 km along strike. The projects are located 285 kilometres north of Matagami, 60 kilometres east of the municipality of Eastmain, and 20 kilometres west of the paved James Bay Road. The region benefits from quality infrastructure that includes major access roads, a hydro-power grid and airports.
Drilling contract and analytical protocol
The drilling contract was awarded to Chibougamau Drilling Ltd based in Chibougamau, Quebec. The hole diameter is BTW. Drilling took place from November 19 to November 30, 2019.
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 drill core shipments to the laboratory.
This program has been made possible thanks to the financing completed in fall 2019 which involved the following six Quebec institutional funds: Capital régional et coopératif Desjardins, CDPQ Sodemex Inc., Fonds de solidarité FTQ, Fonds régionaux de solidarité FTQ Nord-du-Québec, SIDEX s.e.c. and Société de développement de la Baie James.
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut’s qualified person under National Instrument 43-101. The field program is under the direction of François Bissonnette, P.Geo., Operations Manager, and Dr. Martin Tuchscherer, P.Geo., Chief Geologist.
Azimut is a mineral exploration company whose core business is target generation and partnership development. The Company uses a pioneering approach to big data analytics (the proprietary AZtechMineTM expert system) enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline and has 58.5 million shares outstanding.
Azimut holds the largest mineral exploration portfolio in Quebec. The Company’s edge against exploration risk is founded on systematic regional-scale data analysis and multiple concurrently active projects. This includes two regional strategic alliances with SOQUEM for six (6) gold properties in the James Bay region and three (3) major gold-copper properties in the Nunavik region.
Azimut’s other high-potential properties in the James Bay region comprise:
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