Azimut and Mont Royal Conduct Follow-Up Drilling and Prospecting at Wapatik for Nickel- Copper and Gold
Azimut and Mont Royal Conduct Follow-Up
Drilling and Prospecting at Wapatik for Nickel-
Copper and Gold
LONGUEUIL, QC
,
Oct. 3, 2022
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce that exploration work is
actively progressing on the Wapatik Property ("the Property") after an encouraging maiden drilling
program and second drilling phase (
see press release of
June 29, 2022
).
Wapatik presents two main target types:
Nickel-copper
mineralization related to an ultramafic intrusion; and
Gold
mineralization related to extensive shear zones on strike with the Patwon Zone on the
adjacent Elmer Property (100% 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; and
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 Limited
("Mont Royal") (ASX: MRZ). Mont Royal can acquire an initial 50%
interest in the Property by spending $4 million in exploration expenditures over four (4) years and
can earn a further 20% interest with an additional investment of
$3 million
and the delivery of a
preliminary economic assessment over three (3) years. Azimut is the operator.
HIGHLIGHTS
(
Figures 1 to 6, Tables 1 and 2
)
Nickel Targets
The maiden drilling program uncovered
nickel-copper massive to semi-massive sulphide
mineralization
associated with an ultramafic intrusion (
see
press release of
June 29, 2022
):
Hole WAP22-003
:
2.68% Ni, 1.30% Cu, 0.09% Co over 3.30 m
(from 143.4 m to 146.7 m), including:
3.63% Ni, 0.48% Cu, 0.12% Co over 1.0 m,
and
3.04% Ni, 0.75% Cu, 0.10% Co over 1.1 m.
Follow-up drilling yielded the following encouraging results:
Hole WAP22-009:
1.16% Ni, 3.85% Cu over 0.8 m
(from 152.0 m to 152.8 m)
Hole WAP22-007:
0.29% Ni, 0.25% Cu over 18.0 m
(from 129.0 m to 147.0 m)
Hole WAP22-010:
0.27% Ni, 0.41% Cu over 15.75 m
(from 60.0 m to 75.75 m)
Hole WAP22-008:
0.33% Ni, 0.35% Cu over 1.1 m
(from 116.9 m to 118.0 m), and
0.34% Ni, 0.43% Cu over 1.71 m
(from 129.54 m to 131.25 m)
Hole WAP22-011:
0.27% Ni, 0.27% Cu over 3.0 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 (5) holes (1,100 metres) is planned. As previously indicated (
press
release of
April 19, 2022
), 3D 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 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
press release of
October 25, 2021
and
Figure 3
).
Excellent additional results have been recently received for the dense mineral fraction from the
till survey previously mentioned. Twenty-two (22) samples returned values higher than 0.5 g/t
Au, including
14 samples
with values
higher than 1.0 g/t Au,
with one maximum value of
more
than 30 g/t Au
(
Figure 4
).
Seven (7) prospecting targets will be subject to field examination this fall.
Drilling Contracts, Analytical Protocols
Chibougamau Drilling Ltd (
Chibougamau, Quebec
) 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, Quebec
). Samples are analyzed for a 48-element suite using ICP. High-
grade nickel and copper are analyzed using 4-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 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, Ontario
) 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 km
2
) in a single block. The area has excellent infrastructure,
including road access and power lines.
Dr.
Jean-Marc Lulin
(P.Geo.) prepared this press release as Azimut's Qualified Person under
National Instrument 43-101.
Mathieu Landry
, P.Geo., Senior Consultant,
Brigitte Dejou
, P.Eng.,
Project Manager, and François Bissonnette, P.Geo., Operations Manager, all of Azimut, also
reviewed the content of this press release.
About
Mont Royal
Mont Royal Resources Limited (ASX: MRZ) is an Australian company that pursues various mining
opportunities in the resources sector, with the aim of building shareholder value by acquiring,
exploring, evaluating and exploiting mineral resource project opportunities.
Mont Royal
has a binding
JV option agreement with Azimut to earn up to 70% of the Wapatik gold-copper-nickel project.
Mont
Royal
has also acquired 75% of Northern Lights Minerals' 536-km
2
package in the Upper Eastmain
greenstone belt. The projects are prospective for precious (gold, silver) and base metals (copper,
nickel) in the
James Bay
area, a tier-1 mining jurisdiction in
Quebec, Canada
. For further information
regarding
Mont Royal
, please visit the ASX platform (ASX: MRZ) or the Company's website
www.montroyalres.com
About Azimut
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
TM
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.
Cautionary note regarding forward-looking statements
This press release contains forward-looking statements, which reflect the Company's current
expectations regarding future events related to the drilling results from the Wapatik Property. To
the extent that any statements in this press release contain information that is not historical, the
statements are essentially forward-looking and are often identified by words such as "consider",
"anticipate", "expect", "estimate", "intend", "project", "plan", "potential", "suggest" and "believe". The
forward-looking statements involve risks, uncertainties, and other factors that could cause actual
results to differ materially from those expressed or implied by such forward- looking statements.
Many factors could cause such differences, particularly volatility and sensitivity to market metal
prices, the impact of changes in foreign currency exchange rates and interest rates, imprecision in
reserve estimates, recoveries of gold and other metals, environmental risks including increased
regulatory burdens, unexpected geological conditions, adverse mining conditions, community and
non-governmental organization actions, changes in government regulations and policies, including
laws and policies, global outbreaks of infectious diseases, including COVID-19, and failure to
obtain necessary permits and approvals from government authorities, as well as other
development and operating risks. Although the Company believes that the assumptions inherent in
the forward-looking statements are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this document. The Company disclaims any
intention or obligation to update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise, other than as required to do so by applicable
securities laws. The reader is directed to carefully review the detailed risk discussion in our most
recent Annual Report filed on SEDAR for a fuller understanding of the risks and uncertainties that
affect the Company's business.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Azimut Exploration Inc.
View original content:
http://www.newswire.ca/en/releases/archive/October2022/03/c9270.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 - Fax: (450)
646-3045; Jonathan Rosset, Vice President Corporate Development, Tel: (604) 202-7531,
[email protected], www.azimut-exploration.com
CO: Azimut Exploration Inc.
CNW 06:30e 03-OCT-22