Dark Streaming/Mobile Old Site Home Products Help Contact Us Your Account System Status
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS
17:04:59 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



Azimut Exploration Inc
Symbol AZM
Shares Issued 79,908,844
Close 2023-06-29 C$ 1.20
Market Cap C$ 95,890,613
Recent Sedar Documents

Azimut drills 0.5 m of 122 g/t Au at Elmer

2023-06-29 16:21 ET - News Release

Dr. Jean-Marc Lulin reports

AZIMUT REPORTS LATEST RESULTS AND COMPREHENSIVE DRILLING REVIEW FOR THE ELMER GOLD PROPERTY, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has published the complete results from all four drilling programs undertaken on the Elmer property since the maiden program that led to the discovery of the Patwon gold zone (see press release of Jan. 14, 2020). The 100-per-cent-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 under way with the support of InnovExplo, an independent mining consulting firm based in Val d'Or, Que. 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 and Gabbro) for follow-up drilling.

Highlights:

  • Patwon is currently defined along a strike length of 600 metres, from the surface to a vertical depth of 860 metres (900 metres along dip), with an average estimated true width of 35 metres and a dip of 70 degrees to 75 degrees to the north. 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 Nov. 22, 2021).
  • Eleven drill sections at 50-metre increments cover the mineralized zone. Patwon remains open at depth and possibly along strike.
  • 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.
  • 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 eight kilometres long by three kilometres wide (the priority corridor) to test 12 targets along strike and subparallel to Patwon (see press releases of July 28 and Sept. 9, 2022, and Jan. 17, 2023). The most salient results include the recognition or confirmation of several gold-bearing sectors:
    • 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 grams per tonne gold 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 797.10 m);
  • 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 may differ slightly from the previously reported intervals. This does not represent a material change. The revised intervals were recalculated 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 Jan. 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 gold, 1.08 g/t silver, 2.73 g/t tellurium 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 and 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 and 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 and 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 and 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 and 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 data set 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 kilometres), induced polarization (IP) surveys (160 line kilometres), 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.

Of the 105 exploration holes (21,905.70 m) drilled since 2020, 30 holes (or 29 per cent) cut mineralization grading more than 0.5 g/t Au over at least 0.5 metre along the core.

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. 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 and 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 the following.

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. 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 square kilometres) 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 five 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 quality assurance/quality control procedures to its drilling programs; all batches sent for analysis include certified reference materials, blanks and field duplicates.

Qualified person

Dr. Jean-Marc Lulin (PGeo) prepared this press release as Azimut's qualified person within the meaning of National Instrument 43-101. Rock Lefrancois (PGeo), vice-president, exploration, Brigitte Dejou (PEng), project manager, and Lise Chenard (PEng), senior consultant, have also reviewed the contents 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. 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.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.