10:21:49 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Azimut Exploration Inc
Symbol AZM
Shares Issued 82,193,844
Close 2022-10-03 C$ 0.60
Market Cap C$ 49,316,306
Recent Sedar Documents

Azimut, Mont Royal drill 18 m of 0.29% Ni at Wapatik

2022-10-03 11:53 ET - News Release

Mr. Jean-Marc Lulin reports

AZIMUT AND MONT ROYAL CONDUCT FOLLOW-UP DRILLING AND PROSPECTING AT WAPATIK FOR NICKEL-COPPER AND GOLD

Azimut Exploration Inc. is continuing exploration work on the Wapatik property after an encouraging maiden drilling program and second drilling phase (see the press release dated June 29, 2022).

Wapatik presents two main target types:

  • Nickel-copper mineralization related to an ultramafic intrusion;
  • Gold mineralization related to extensive shear zones on strike with the Patwon zone on the adjacent Elmer property (100-per-cent-owned by Azimut).

This press release reports on the following:

  • Drilling results received to date from the first and second phases totalling 11 holes (2,366.4 metres);
  • Final till sampling results from the 2021 survey;
  • The current follow-up program consisting of a third drilling phase (1,100 metres) and a prospecting program on newly defined quality targets.

The property, located in the Eeyou Istchee James Bay region of Quebec, is under option to Mont Royal Resources Ltd. Mont Royal can acquire an initial 50-per-cent interest in the property by spending $4-million in exploration expenditures over four years, and can earn a further 20-per-cent interest with an additional investment of $3-million and the delivery of a preliminary economic assessment over three years. Azimut is the operator.

Highlights

Nickel targets:

  • The maiden drilling program uncovered nickel-copper massive to semi-massive sulphide mineralization associated with an ultramafic intrusion (see the press release dated June 29, 2022):
    • Hole WAP22-003: 2.68 per cent nickel, 1.3 per cent copper and 0.09 per cent cobalt over 3.30 m (from 143.4 m to 146.7 m), including:
      • 3.63 per cent Ni, 0.48 per cent Cu and 0.12 per cent Co over one m;
      • 3.04 per cent Ni, 0.75 per cent Cu and 0.1 per cent Co over 1.1 m;
  • Follow-up drilling yielded the following encouraging results:
    • Hole WAP22-009: 1.16 per cent Ni and 3.85 per cent Cu over 0.8 m (from 152 m to 152.8 m);
    • Hole WAP22-007: 0.29 per cent Ni and 0.25 per cent Cu over 18 m (from 129 m to 147 m);
    • Hole WAP22-010: 0.27 per cent Ni and 0.41 per cent Cu over 15.75 m (from 60 m to 75.75 m):
      • 0.33 per cent Ni and 0.35 per cent Cu over 1.1 m (from 116.9 m to 118 m);
    • Hole WAP22-008: 0.34 per cent Ni and 0.43 per cent Cu over 1.71 m (from 129.54 m to 131.25 m);
    • Hole WAP22-011: 0.27 per cent Ni, 0.27 per cent Cu over three m (from 11.1 m to 14.1 m);
  • The intercept in hole 009 displays massive chalcopyrite, pyrrhotite and pentlandite mineralization hosted in a biotite-rich metasedimentary rock in contact with peridotite. The other intercepts are related to disseminated sulphides (mostly chalcopyrite, pyrrhotite and possibly pentlandite) hosted within the ultramafic intrusion, close to the contact with the surrounding metasediments. Assay results are still pending for several holes;
  • Results obtained to date clearly warrant additional drilling to test other identified targets within the intrusion. A total of five holes (1,100 metres) is planned. As previously indicated (see the press release dated April 19, 2022), 3-D magnetic inversion modelling indicates a potential for sulphide accumulation at the bottom of the intrusion with an interpreted basin-shaped geometry, which remains untested by the completed drilling. Pulse EM (electromagnetic) borehole surveys will be conducted to enlarge the search radius for each hole and provide information about the possible extension of any conductors encountered;
  • Other possible ultramafic targets have been identified on the property and will be subject to prospecting work over the next few weeks.

Gold targets

  • New gold targets have been defined at Wapatik following systematic property-wide evaluation that included a high-resolution magnetic survey, remote sensing analysis, lithostructural interpretation and an extensive till survey (154 samples) to characterize the gold grain counts of these samples (see the press release dated Oct. 25, 2021).
  • Excellent additional results have been recently received for the dense mineral fraction from the till survey previously mentioned. Twenty-two samples returned values higher than 0.5 g/t Au, including 14 samples with values higher than one g/t Au, with one maximum value of more than 30 g/t Au.
  • Seven prospecting targets will be subject to field examination this fall.

Drilling contracts and analytical protocols

Chibougamau Drilling Ltd. (Chibougamau, Que.) was the contractor for the drilling operations during the first and second phases. Core diameter was BTW. All core samples are sent to ALS Laboratories (Val d'Or, Que.). Samples are analyzed for a 48-element suite using ICP. High-grade nickel and copper are analyzed using four-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 (quality assurance/quality control) procedures to its drilling programs. All batches sent for analysis included certified reference materials, blanks and field duplicates. Overburden drilling management processed the till samples, yielding dense mineral fractions and gold grain counts. The dense fractions were analyzed by Actlabs (Ancaster, Ont.) using INAA for gold and 33 other elements.

About the Wapatik property

Wapatik is a 25-kilometre-long project covering a largely underexplored part of the Lower Eastmain greenstone belt in the geological La Grande subprovince of Archean age. It is on strike from the Patwon Gold zone, located approximately 35 kilometres to the west. It lies 10 kilometres north of the boundary with the geological Opinaca subprovince.

The property covers 220 claims (115 square kilometres) in a single block. The area has excellent infrastructure, including road access and power lines.

Dr. Jean-Marc Lulin (PGeo) prepared this press release as Azimut's qualified person under National Instrument 43-101. Mathieu Landry, PGeo, senior consultant, Brigitte Dejou, PEng, project manager, and Francois Bissonnette, PGeo, operations manager, all of Azimut, also reviewed the content of this press release.

About Azimut Exploration Inc.

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 substantial nickel position at the scale of this region.

The company uses a pioneering approach to big data analytics (the proprietary Aztechmine 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.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.