Azimut and Mont Royal Outline Nickel-Copper Mineralization along a 750-metre Strike Length at Wapatik
Azimut and Mont Royal Outline Nickel-Copper
Mineralization along a 750-metre Strike Length
at Wapatik
TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC
,
April 24, 2023
/CNW/ -
Azimut Exploration Inc.
("Azimut" or the "Company")
(TSXV: AZM) (OTCQX: AZMTF) is pleased to report the results of the third drilling phase
comprising four (4) holes (1,017 metres) on the Wapatik Property (the
"Property") in the Eeyou Istchee James Bay region of Quebec. The objective was to follow up on
previously reported encouraging nickel results (
see press releases of
June 29
and
October 3,
2022
). A comprehensive work program for 2023 is under review, including a high-resolution heliborne
magnetic-electromagnetic survey, core drilling and prospecting.
The Property 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 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
(
see Figures 1 to 3 and Tables 1 and 2
)
The three first phases of drilling in 2022 (holes WAP22-001 to -015; 3,395.3 metres) led to the
recognition of significant nickel-copper mineralization related to an ultramafic intrusion 900
metres long by 400 metres wide. This intrusion ("
W1
") is interpreted as a folded synvolcanic sill.
Nickel-copper mineralization, encountered in 12 of the 15 holes, has now been delineated over a
750-metre strike length
. The system remains entirely open at depth and on strike, and
consists of two main horizons: a
basal horizon
along or close to the contact with
metasediments or paragneiss and a
middle horizon
within the ultramafic intrusion (
see Figure 3
).
Mineralization occurs as disseminated to semi-massive (locally massive) sulphides with
pentlandite, chalcopyrite and pyrrhotite. The W1 intrusion comprises three main lithologies:
peridotite, pyroxenite and a late gabbroic phase.
Salient drilling results from this third phase are:
Hole WAP22-013:
0.15% Ni, 0.66% Cu, 0.012% Co, 7.18 g/t Ag over
3.3 m
(from
72.0
m
to
75.3 m
)
Hole WAP22-014:
0.20% Ni, 0.13% Cu, 0.017% Co, 0.78 g/t Ag over
21.5 m
(from
125.5 m
to
147.0 m
)
including
0.40 % Ni, 0.47% Cu, 0.025% Co, 2,46 g/t Ag over
2.0 m
0.52% Ni, 0.70% Cu, 0.020% Co, 3.27 g/t Ag over
8.0 m
(from
169.0 m
to
177.0 m
)
including
1.34% Ni, 1.21% Cu, 0.050% Co, 4.76 g/t Ag over
1.1 m
Hole WAP22-015:
0.22% Ni, 0.20% Cu, 0.018% Co, 0.97 g/t Ag over
7.5 m
(from
47.0
m
to
54.5 m
)
Previous drilling returned up to:
Hole WAP22-003:
2.68% Ni, 1.30% Cu, 0.09% Co, 4.0 g/t Ag over
3.30 m
(from
143.4 m
to
146.7 m
)
Hole WAP22-009:
1.16% Ni, 3.85% Cu, 0.04% Co, 7.8 g/t Ag over
0.70 m
(from
151.8 m
to
152.5 m
)
Management considers the nickel-copper results from the W1 intrusion very encouraging and
warrant additional drilling. Two other nickel-copper priority targets have also been identified: a
recently discovered intrusion ("W2") with comparable mineralization at surface (
see press release of
October 27, 2022
) and a potential third ultramafic intrusion in the western part of the Property (
see Figure 2
).
Drilling Contract, Analytical Protocols
Chibougamau Drilling Ltd (
Chibougamau, Quebec
) was the contractor for the drilling operations. The
core diameter was BTW. All core samples were sent to ALS Laboratories (
Val-d'Or, Quebec
).
Samples were analyzed for a 48-element suite using ICP. High-grade nickel and copper were
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.
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.
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 wholly owned
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
. Its
wholly-owned flagship
Elmer Gold Project
is actively advanced to the initial resource stage in the
James Bay
region. Azimut also controls a strategic land position for copper-gold, nickel and lithium.
At least 10 work programs are planned for 2023, including an aggressive lithium-focused field
assessment phase as early as possible after the winter season.
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. Azimut is led by a team
with a wide range of national and international expertise in the mining industry, including technical,
financial and legal experience from exploration to production. The Company maintains rigorous
financial discipline and a strong balance sheet, with 79.7 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/April2023/24/c1701.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 24-APR-23