Azimut and Mont Royal Identify Strong Conductors at Wapatik
Azimut and Mont Royal Identify Strong
Conductors at Wapatik
LONGUEUIL, QC
,
April 19, 2022
/CNW/ -
Azimut Exploration Inc.
("Azimut" or the "Company")
(TSXV: AZM) (OTCQX: AZMTF) is pleased to announce that it has identified highly-
conductive zones potentially related to intrusion-hosted nickel-copper mineralization following the
completion of a ground geophysics survey on the Wapatik Property ("the Property"). These
attractive targets will be tested by 1,000 metres of core drilling early this summer.
The Property, located in the Eeyou Istchee James Bay region of Quebec, is under option
to
Mont Royal Resources Limited
("Mont Royal") (
ASX: MRZ
). The 2022 partner-funded
exploration budget amounts to
$800,000
, and Azimut is the operator.
HIGHLIGHTS
(
see Figures 1 to 3
)
A very responsive (SQUID) electromagnetic ground survey has been completed over an area of
1 kilometre by 14 kilometres on a mineralized ultramafic intrusion recently identified by Azimut
(
see press release of
January 31, 2022
)
. Completed by TMC Geophysics of
Val-d'Or
(Québec), the 15-kilometre survey consisted of 1-kilometre lines spaced 100 metres apart
within a large, fixed loop.
Five (5) high-conductivity features have been identified by the survey, and a "plate model" has
been generated to define their dimensions (
see Figure 3
).
Two (2) moderate-sized conductors in the eastern part of the grid coincide with the magnetic
ultramafic intrusion and are situated at modelled vertical depths of 80 metres and 100 metres.
The easternmost conductor is also closely associated with the previously reported best result of
1.03% Cu, 0.384% Ni, 316 ppm Co and 5.42 g/t Ag in a pyroxenite grab sample from an
outcrop
. Note that grab samples are selective by nature and unlikely to represent average
grades
.
The largest conductor, defined by a 220-metre by 160-metre plate model, appears to sit at a
vertical depth of 300 metres at the basal contact of a basin-shaped geometry, as defined by the
3D magnetic inversion of the intrusion. This setting represents a favourable environment for
sulphide accumulation.
The best conductors in this highly favourable geological context will be tested by diamond
drilling.
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 kilometres to the east, and 10 kilometres north of the boundary with the
Opinaca Subprovince.
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 with 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.
Mathieu Landry
, P.Geo., Senior Consultant, has also reviewed the
content of this press release.
About Plate Modelling of Electromagnetic Anomalies
Specialized software is used to fit the signal of an anomalous electromagnetic response to a simple
theoretical model expressed as a 3D plate object. This plate model provides an indication of the
feature's potential conductivity, relative size, orientation and depth.
About
Mont Royal
Mont Royal Resources Limited is an Australian company incorporated for the purpose of pursuing
various mining opportunities in the resource sector, with the aim of building shareholder value by
acquiring, exploring, evaluating and exploiting mineral resource project opportunities. For more
information on 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 target generation and partnership development. The Company
is actively advancing its wholly-owned flagship Elmer Gold Project in the James Bay region to the
initial 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'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 81.9 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 at 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/April2022/19/c3389.html
%SEDAR: 00003284E
For further 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 19-APR-22