Azimut and Mont Royal Discover by Prospecting a Second Nickel-Copper-Bearing Intrusion at Wapatik
Azimut and Mont Royal Discover by
Prospecting a Second Nickel-Copper-Bearing
Intrusion at Wapatik
TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC
,
Oct. 27, 2022
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce that the prospecting program
undertaken this fall on the Wapatik Property (the "Property") led to the discovery of a
new nickel-
copper-bearing ultramafic intrusion
2 kilometres north of the ultramafic intrusion discovered in
2021 (
see Figures 1 to 4 and Photos 1 to 2
). This field result is viewed as an encouraging step,
further demonstrating the nickel-copper potential of the Property and, at a larger scale, the
James
Bay
region
(press releases
November 30, 2021
and
July 05, 2022
)
. Follow-up on this second
intrusion will consist of an electromagnetic survey to detect the presence of conductors that could be
related to massive sulphides.
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.
The new intrusion reported in this release has little surface exposure but is marked by a strong
magnetic footprint measuring about
1,000 m
by
400 m
. The best prospecting assay results to date
are as follows:
Ni (%)
Cu (%)
Co (ppm)
Ag (g/t)
MgO (%)
Sample #
0.327
0.446
177.5
2.23
22.80
G395792
0.180
0.165
133.5
0.87
25.70
G395793
0.301
0.341
208.0
1.66
22.88
G395795
Mineralization comprises disseminated chalcopyrite, pyrrhotite (and maybe pentlandite). Host rocks
are massive pyroxenite and/or peridotite. These grab samples have been collected from sub-
cropping blocks.
N
ote that grab samples are selective by nature and unlikely to represent average
grades
.
Based on the magnetic data, another potential ultramafic body may exist further east, but this
remains to be confirmed. Assay results from other prospecting targets sampled this fall are still
pending.
As previously reported, a diamond drilling program (1,100 metres, 5 holes) is underway to continue
evaluating the nickel-copper potential of the ultramafic body discovered in 2021 on the Property (
see
press releases of
October 3
and
October 19, 2022
).
Qualified Person
Dr.
Jean-Marc Lulin
(P.Geo.) prepared this press release as Azimut's qualified person within the
meaning of 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,
have also reviewed the content of this press release.
Analytical Protocols
All rock samples are sent to ALS Laboratories (
Val-d'Or, Quebec
) and 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 are analyzed using lead oxide collection fire assay and ICP-
AES finish. Azimut applies industry-standard QA/QC procedures to its programs.
About the Wapatik Property
Wapatik is a 25-kilometre-long project comprising one block of 220 claims (115 km
2
) in
an area with excellent infrastructure, including road access and power lines. It covers a largely
underexplored part of the Lower Eastmain greenstone belt of Archean age, on strike from Azimut's
Elmer Property (Patwon Gold Zone), approximately 35 kilometres to the west.
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% interest in 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 major nickel position in the region with its
James Bay Nickel Project
(95 claim blocks, 200 targets).
Azimut uses a pioneering approach to big data analytics (the proprietary
AZtechMine
TM
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. Azimut maintains
rigorous financial discipline and a strong balance sheet, with 79.3 million shares issued and
outstanding.
www.azimut-exploration.com
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/October2022/27/c4912.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;
CO: Azimut Exploration Inc.
CNW 06:30e 27-OCT-22