Azimut and Mont Royal Resume Drilling at Wapatik
Azimut and Mont Royal Resume Drilling at Wapatik
TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC
,
Oct. 19, 2022
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the "Company") (TSXV:
AZM) (OTCQX: AZMTF) is pleased to announce that the third drilling phase has started on the Wapatik Property
(the "Property") after an encouraging maiden drilling program and second drilling phase (
press releases of
June 29
and
October 3, 2022
) (
see Figures 1 to 3
).
This 1,100-metre follow-up program (5 holes) aims to further assess the nickel-copper potential of an ultramafic
intrusion discovered in 2021 on the Property. 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 previous drilling programs. 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.
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.
Previously reported salient drilling results are:
• 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
• 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)
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.
Drilling Contracts, Analytical Protocols
Chibougamau Drilling Ltd (
Chibougamau, Quebec
) is the drilling contractor. Core diameter is BTW. All core samples
are sent to ALS Laboratories in
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 are
analyzed using lead oxide collection fire assay and ICP-AES finish. Azimut applies industry-standard QA/QC
procedures to its drilling programs.
About the Wapatik Property
Wapatik is a 25-kilometre-long project comprising a single 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 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/October2022/19/c9349.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 19-OCT-22