Azimut and Mont Royal Discover a Highly Prospective Nickel-Copper Ultramafic Intrusion at Wapatik Symbol: AZM.TSX Venture
Azimut and Mont Royal Discover a Highly
Prospective Nickel-Copper Ultramafic
Intrusion at Wapatik
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Dec. 7, 2021
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (TSXV: AZM) is pleased to report encouraging preliminary results from the Company's
initial prospecting program recently conducted on the Wapatik Property (" the Property "). The
Property is located in the Eeyou Istchee James Bay region of
Quebec
and is under option to
Mont
Royal Resources Limited
("Mont Royal") (ASX: MRZ), which can earn a 50% interest by spending
$4.0 million
in exploration.
The next phase of the exploration work planned for early 2022, will consist of ground geophysics
subsequently followed by core drilling.
HIGHLIGHTS
(
see Figures 1 to 3 and Photos 1 and 2
)
Discovery of a previously unrecognized kilometre-scale ultramafic intrusion with
associated copper and nickel sulphide mineralization.
The most significant grab sample
results from the intrusion are summarized below:
Copper (%)
Nickel (%)
Cobalt (ppm)
PGE (Pt+Pd)
(ppb)
Ag (g/t)
MgO (%)
Sample #
1.035
0.384
316
28
5.42
15.09
E6320167
0.814
0.267
223
44
1.91
15.38
E6320152
0.731
0.061
112
176
7.09
14.72
E6320221
0.653
0.085
127
153
5.92
15.30
E6320154
0.098
0.129
132
7
0.64
26.61
E6320155
0.072
0.171
161
Not analyzed
0.27
26.42
E6320234
The ultramafic intrusion, approximately 1,000 metres by 400 metres, is bounded by volcano-
sedimentary rocks of the Lower Eastmain greenstone belt, specifically iron formations and
pyrite-rich metasediments and mafic volcanics. This lithological context is considered as highly
favourable for massive to semi-massive nickel-copper sulphide mineralization, which is often
positioned along the basal contact of an intrusive body.
Mineralized facies contain chalcopyrite, pyrrhotite and possibly pentlandite, occurring as veinlets
and disseminated or interstitial sulphides within coarse-grained pyroxenite and gabbro.
The intrusion is well characterized by a strong subcircular magnetic anomaly outlined by a high-
resolution heliborne survey completed earlier this year over the Property (5,116 line-km on 25-m
spaced lines). The anomaly appears to be composed of three (3) contiguous magnetic lobes
that may correspond to different magmatic pulses. A 3D magnetic inversion of the data
suggests a
basin-shaped geometry for part of the intrusion, which may constitute a very
favourable setting for sulphide accumulation
(
see Figure 3
).
The next exploration phase will consist of a ground electromagnetic survey to detect conductors
potentially related to the mineralization type described above. This survey will be undertaken as
soon as possible next year and will likely be followed by a maiden core drilling program.
Mont Royal
is renewing its option on the Property for the second year. The forthcoming 2022
exploration program, totalling
$800,000
, will be fully funded by
Mont Royal
. Azimut is the
operator.
Analytical Protocols
The samples were sent to ALS Canada Ltd in
Val-d'Or
, Québec. Samples are analyzed for a 48-
element suite using ICP. Gold, platinum and palladium are also analyzed by ICP. Azimut applies
industry-standard QA/QC procedures to its programs.
A total of 119 grab samples have been collected during the fall prospecting program.
N
ote that grab
samples are selective by nature and unlikely to represent average grades
.
Wapatik Property
Wapatik is a 25-kilometre-long project covering a largely underexplored part of the Lower Eastmain
greenstone belt in the Archean La Grande Subprovince. It is located on strike from the Patwon gold
zone, approximately 35 km to the east, and 10 kilometres north of the boundary with the Opinaca
Subprovince. The results for five gold targets identified on the Property will be reviewed once all
assays will have been received.
The Property covers 220 claims (115 km
2
) in a single contiguous block. The area has excellent
infrastructure, including road access and power lines.
Mont Royal
can acquire a 50% interest from
Azimut by spending
$4 million
in exploration expenditures over four (4) years, and a further 20%
interest in exchange for an additional investment of
$3 million
and the delivery of a preliminary
economic assessment.
Dr.
Jean-Marc Lulin
, P.Geo., prepared this press release as Azimut's Qualified Person under
National Instrument 43-101. François Bissonnette, P.Geo., Operations Manager,
Simon Houle
,
P.Geo., Chief Geologist, and
Mathieu Landry
, P.Geo., have also reviewed the content of this press
release.
Mathieu Landry
is leaving his full-time position as Vice President of Technology and Business
Development for personal reasons and will continue to closely support Azimut's endeavours as a
senior consultant. His dedication and contributions to the Company have been greatly appreciated by
all.
About
Mont Royal
Mont Royal Resources Limited is an Australian company incorporated for the purpose of pursuing
various mining opportunities in the resources sector, with the aim of building shareholder value by
acquiring, exploring, evaluating and exploiting mineral resource project opportunities. For further
information regarding
Mont Royal
, please visit the ASX platform (
ASX: MRZ
) or the company's
website at
www.montroyalres.com
.
About Azimut
Azimut is a leading mineral exploration company with a solid reputation for quality target generation
and partnership development. The Company is actively advancing its
wholly-owned flagship Elmer
project
in the
James Bay
region to the resource stage.
The Company uses a pioneering approach to big data analytics (the proprietary
AZtechMine
TM
expert system), enhanced by extensive exploration know-how. Azimut maintains
rigorous financial discipline, a strong balance sheet, and has 81.7 million shares issued and
outstanding. Azimut's competitive edge against exploration risk is based on systematic regional-
scale data analysis and concurrently active projects.
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 at the Elmer 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/December2021/07/c3323.html
%SEDAR: 00003284E
For further information:
Contact and Information, Jean-Marc Lulin, President and CEO, Tel.: (450)
646-3015 - Fax: (450) 646-3045, [email protected], www.azimut-exploration.com
CO: Azimut Exploration Inc.
CNW 06:30e 07-DEC-21