Azimut Exploration Inc. (TSX-V: AZM) (OTCQX: AZMTF) is pleased to report the results from 15 additional mineralized holes from the Patwon Gold Zone on the Company’s 100% owned Elmer Property in the Eeyou Istchee James Bay region of Quebec (see Figures 1 to 4).
The current short-term objective for Elmer is to prepare a maiden mineral resource estimate following the receipt of the last assay results from the Patwon drilling program completed in December. In addition, exploration drilling has restarted at the untested targets delineated along strike or subparallel to the Patwon Zone. Assay results are pending for 36 exploration drill holes (8,699.1 m). Azimut considers the 35-km-long Elmer Property to be at an early exploration stage, with strong potential for additional significant gold discoveries.
HIGHLIGHTS (see Figures 2 to 6 and Tables 1 to 4)
|Hole ELM22-207||1.37 g/t Au over 97.7 m (from 244.0 to 341.7 m) including:|
|3.23 g/t Au over 17.0 m, and|
|3.09 g/t Au over 11.0 m, and|
|2.52 g/t Au over 8.0 m|
|Hole ELM22-204||2.45 g/t Au over 14.5 m (from 22.0 m to 26.5 m)|
|2.05 g/t Au over 7.0 m (from 92.3 m to 99.3 m)|
|1.46 g/t Au over 19.0 m (from 111.5 to 130.5 m)|
|3.12 g/t Au over 30.2 m (from 298.5 m to 328.7 m), including:|
|5.80 g/t Au over 12.8 m|
|Hole ELM22-208||1.28 g/t Au over 10.6 m (from 14.8 m to 25.4 m)|
|1.52 g/t Au over 6.0 m (from 49.0 m to 55.0 m)|
|1.06 g/t Au over 132.0 m (from 151.0 m to 283.0 m), including:|
|2.15 g/t Au over 59.0 m|
|Hole ELM22-209||1.10 g/t Au over 63.6 m (from 0.4 m to 64.0 m), including:|
|3.50 g/t Au over 15.7 m|
|0.92 g/t Au over 81.0 m (from 152.0 m to 233.0 m)|
|Hole ELM22-206||2.39 g/t Au over 15.0 m (from 309.5 m to 324.5 m)|
|Hole ELM22-161||1.82 g/t Au over 26.5 m (from 861.0 m to 887.5 m)|
|Hole ELM22-163A||2.22 g/t Au over 18.5 m (from 626.0 m to 644.5 m), including:|
|8.89 g/t Au over 4.2 m|
|Hole ELM22-168||1.47 g/t Au over 35.6 m (from 673.8 m to 709.4 m), including:|
|2.52 g/t Au over 12.9 m|
|Hole ELM22-169A||2.39 g/t Au over 9.5 m (from 837.9 m to 847.4 m), including:|
|4.90 g/t Au over 4.3 m|
|Hole ELM22-176||2.03 g/t Au over 20.6 m (from 776.5 m to 797.1 m), including:|
|5.35 g/t Au over 2.5 m, and|
|6.00 g/t Au over 4.4 m|
|· Hole ELM22-177||82.1 g/t Au, 87.0 g/t Ag, 124.5 m Te over 0.5 m (from 264.0 m to 264.5 m)|
|1.17 g/t Au over 23.2 m (from 560.0 to 583.2 m), including:|
|2.48 g/t Au over 6.8 m|
Most of the delineation drilling has been oriented at N150 to cut the shear veins at a high angle to roughly determine the shape of the mineralized enveloppe. To better assess the contribution of the NW-SE Riedel-type veins, Azimut recently drilled six (6) holes at a high angle to the Riedel vein set (holes ELM22-204 to -209 drilled at ~N215 and ~N040; see Table 4). The assays from these holes do not show a notable change in grade of the mineralized intervals and they confirm the overall excellent continuity of the zone.
|Hole ELM21-131||0.50 g/t Au over 1.25 m (from 75.5 m to 76.75 m)|
|Hole ELM22-170||0.80 g/t Au over 3.0 m (from 156.5 m to 159.5 m)|
|Hole ELM22-194||0.16 g/t Au over 29.9 m (from 65.5 m to 95.4 m)|
|0.14 g/t Au over 6.0 m (from 128.5 m to 134.5 m)|
|0.14 g/t Au over 5.8 m (from 146.0 m to 150.5 m)|
|Hole ELM22-198||0.93 g/t Au over 1.5 m (from 141.0 m to 142.5 m)|
|Hole ELM22-200||0.26 g/t Au over 13.1 m (from 55.0 m to 68.1 m) including:|
|1.40 g/t Au over 1.1 m|
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
RJLL Drilling Inc. of Rouyn-Noranda (Quebec) was the contractor for the delineation phase at Patwon up to hole ELM22-177. The core diameter was NQ.
Chibougamau Drilling Ltd of Chibougamau (Quebec) has carried out the drilling operations with two drill rigs, generally using a core diameter of BTW for the exploration holes and NQ for delineation drilling at Patwon.
Samples are sent to ALS Laboratories in Val-d’Or (Québec), 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.
Dr. Jean-Marc Lulin (P.Geo.) prepared this press release as Azimut’s Qualified Person under National Instrument 43-101. Brigitte Dejou (P.Eng.), Project Manager, and François Bissonnette (P.Geo.), Operations Manager, have also reviewed the contents of this press release.
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. Azimut is actively advancing its wholly-owned flagship Elmer Gold Project to the initial resource stage in the James Bay region. Azimut has also acquired a major nickel position in the region with its James Bay Nickel Project. Azimut is also proceeding with an in-depth review of the lithium potential on several of its properties.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMineTM expert system), enhanced by extensive exploration know-how. Azimut’s competitive edge is based on systematic regional-scale data analysis and concurrently active projects. Azimut maintains rigorous financial discipline and a strong balance sheet, with 79.3 million shares issued and outstanding.
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