Azimut and Mont Royal Start Ground Geophysics to Prepare for Core Drilling on Strong Nickel Target at Wapatik Symbol: AZM.TSX Venture
Azimut and Mont Royal Start Ground
Geophysics to Prepare for Core Drilling on
Strong Nickel Target at Wapatik
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Jan. 31, 2022
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (TSXV: AZM) is pleased to announce the start of a ground geophysics survey on the
Wapatik Property ("the Property") to detect the presence of highly-conductive zones potentially
related to intrusion-hosted nickel-copper mineralization. Core drilling will follow up on the results.
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
). The 2022 partner-funded exploration
budget amounts to
$800,000
and Azimut is the operator.
HIGHLIGHTS
(
see Figures 1 to 3
)
A very responsive electromagnetic technology (SQUID sensor) has been selected to detect
conductors from surface down to a depth of at least 400 metres. The planned 15-kilometre
survey consists of 1-kilometre-long lines spaced 100 metres apart within a large fixed loop.
TMC Geophysics
from
Val d'Or
, Québec, is carrying out the survey.
Recently reported results from the initial prospecting program on the Property are very
encouraging (
see press release of
December 7, 2021
)
, revealing a previously unrecognized
ultramafic intrusion 1.0 kilometre by 400 metres carrying nickel and copper sulphide
mineralization
.
Best results are 1.03% Cu, 0.384% Ni, 316 ppm Co and 5.42 g/t Ag in a
pyroxenite (grab sample from outcrop)
. N
ote that grab samples are selective by nature and
unlikely to represent average grades
.
The highly favourable geological context comprises the ultramafic intrusive lithologies and the
surrounding sulphide-rich volcano-sedimentary rocks. Mineralized facies contain chalcopyrite,
pyrrhotite and possibly pentlandite as veinlets and disseminations or interstitial sulphides in
coarse-grained pyroxenite and gabbro.
A 3D magnetic inversion of the data for the intrusion suggests a basin-shaped geometry for part
of it, potentially representing a very favourable setting for sulphide accumulation (
see Figure 3
).
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 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.
Michel Chapdelaine
, P.Geo., Project Manager, and
Mathieu Landry
,
P.Geo., Senior Consultant, have also reviewed the content of this press release.
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 81.8 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 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/January2022/31/c6865.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]
CO: Azimut Exploration Inc.
CNW 06:30e 31-JAN-22