Azimut and Partners strengthen the large- scale intrusion-hosted gold system on the Eleonore South Property Symbol: AZM.TSX Venture
Azimut and Partners strengthen the large-
scale intrusion-hosted gold system on the
Eleonore South Property
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
July 18, 2018
/CNW Telbec/ -
Azimut Exploration Inc.
(
"Azimut"
or the
"Company"
) (
TSXV: AZM
) is pleased to report the results of thirty-two (32) diamond drill holes
totalling 5,448.6 metres on the Eleonore South Property (Azimut-Goldcorp-Eastmain JV). This phase
completes the 2017-2018 diamond drilling program of fifty (50) holes for 9,891.6 metres. Located in
the
James Bay
region of
Quebec
, Eleonore South is adjacent to the property that hosts the major
Eleonore gold mine owned and operated by Goldcorp (see Figure 1). A new work program is being
prepared and will soon be announced.
From 2016 to 2018, Azimut has been the operator of surface exploration work and diamond drilling
programs (76 holes totalling
15,134 m
) that revealed a
large tonalite-hosted gold-bearing system
with the following key features:
A gold corridor at least 2 kilometres long by 600 to 700 metres wide largely constrained within
the tonalite intrusion but close to its contact with the surrounding metasedimentary rocks;
Consistent anomalous gold values (>0.5 g/t Au) within the mineralized corridor, along with
several networks of quartz veins and veinlets, strong sodic alteration, very low sulphide
concentrations (<0.5%) and frequent native gold grains;
Several higher-grade zones within the mineralized envelope, characterized by: a) clusters of
quartz-albite-biotite stockworks accompanied by arsenopyrite, pyrrhotite, pyrite, scheelite and
native gold (principally along the "
Contact Trend
"); and b) a quartz-feldspar pegmatitic vein
system with native gold (principally along the "
Moni Trend
").
In addition, gold zones in the metasediments around the intrusion, such as the JT Prospect, define a
semi-circular area approximately 5.5 kilometres across with considerable exploration upside (see
Figures 2 and 3).
http://www.azimut-exploration.com/en/presentations/PR_20180718_Figures.pdf
http://www.azimut-exploration.com/en/presentations/PR_20180718_Table1.pdf
New Drilling Highlights
Hole ES18-92a:
5.7 g/t Au over 2.9 m
Hole ES18-93:
3.8 g/t Au over 4.2 m
including
20.1 g/t Au over 0.7 m
Hole ES18-95:
13.58 g/t Au over 2.5 m
including
33.0 g/t Au over 1.0 m
Hole ES18-98:
8.56 g/t Au over 8.4 m
including
71.4 g/t Au over 1.0 m
and
18.01 g/t Au over 3.9 m
Hole ES18-99:
2.58 g/t Au over 7.8 m
including
17.4 g/t Au over 0.9 m
Hole ES18-100:
42.37 g/t Au over 7.0 m
including
294.0 g/t Au over 1.0 m
Hole ES18-101:
6.06 g/t Au over 3.5 m
including
13.6 g/t Au over 1.5 m
Hole ES18-102:
1.68 g/t Au over 5.0 m
15.7 g/t Au over 0.6 m
Hole ES18-108a:
1.12 g/t Au over 33.6 m
including
18.5 g/t Au over 1.5 m
0.69 g/t Au over 84.8 m
including
1.17 g/t Au over 10.9 m
and
1.23 g/t Au over 16.1 m
Hole ES18-109:
1.69 g/t Au over 3.6 m
0.65 g/t Au over 30.0 m
Hole ES18-111:
1.41 g/t Au over 9.4 m
including
5.64 g/t Au over 1.0 m
and
2.18 g/t Au over 5.6 m
Hole ES18-51ext:
0.57 g/t Au over 143.1 m
including
5.0 g/t Au over 4.0 m
,
14.05 g/t Au over 1.0 m
,
0.81 g/t Au over 28.5 m
, and
1.16 g/t Au over 6.7 m
Hole ES18-112:
0.71 g/t Au over 43.4 m
including
1.17 g/t Au over 19.3 m
and
10.2 g/t Au over 1.0 m
Hole ES18-113:
2.18 g/t Au over 3.0 m
1.13 g/t Au over 9.9 m
including
5.92 g/t Au over 1.0 m
0.62 g/t Au over 16.0 m
Hole ES18-118:
0.64 g/t Au over 25.1 m
Hole ES18-119:
10.4 g/t Au over 1.5 m
Native gold has been identified in 18 of the 32 drill holes (see Figure 4).
Technical Comments
The objectives of this diamond drilling phase were to (see press release of
February 27, 2018
):
a) Test the
Moni Trend
, particularly through closely spaced holes along the high-grade
Moni Prospect
; and
b) Assess the grade and geometric continuity of the
Contact Trend
in greater detail.
The
Moni Trend
has now been drilled with twenty (20) holes totalling 2,351.2 metres, including
twelve (12) holes totalling 754.8 metres focused on the Moni Prospect. This includes the extension
of hole ES16-48 by 107.2 metres (final depth of 258 m for ES18-48ext). One hole was abandoned
(ES18-92 at 14.6 m). The northeast-striking Moni Trend is in the tonalite intrusion, about 500 metres
from the metasedimentary contact.
The results of the closely spaced holes on the Moni Prospect indicate good geometric continuity for
the northeast-striking quartz-feldspar pegmatitic vein, which starts at surface and has been tested to
a vertical depth of 40 metres along a 60-metre strike length (see Figures 5 and 6). The best results
include
42.37 g/t Au over
7.0 m
(hole ES18-100),
8.56 g/t Au over
8.4 m
(hole ES18-98) and
13.58 g/t Au over
2.5 m
(hole ES18-95). These drilling results correlate well with channel results
returning up to
79.5 g/t Au over
5.87 m
and
79.6 g/t Au over
4.25 m
(see press release of
October 17, 2017
).
The veining encountered during this detailed drilling phase shows variable width. Several holes
testing the Moni Prospect intersect a brittle post-mineralization fault causing strong fragmentation
and local core loss within some of the gold-bearing pegmatitic veins.
Gold values obtained in these veins are generally related to the presence of visible gold. The dense
drilling test below known surface mineralization was a useful tool for establishing the potential for
continuity of gold mineralization in a Moni Type vein system. The results increase the confidence for
successful drilling of similar veins.
Other drill intercepts along the Moni Trend returned encouraging values that may indicate multiple
subparallel high-grade veins within a 200-metre-wide corridor:
6.05 g/t Au over
3.5 m
(hole ES18-101)
15.7 g/t Au over
0.55 m
(hole ES18-102)
10.4 g/t Au over
1.5 m
(hole ES18-119)
The vein systems at the Moni Prospect and within the currently defined Moni Trend remain open at
depth and laterally, warranting additional trenching and drilling.
The
Contact Trend
has been drilled with twelve (12) holes totalling 3,097.4 metres. This includes
the extension of hole ES16-51 by 116.7 metres (final depth of 366 m for ES18-51ext). One hole was
abandoned (ES18-108 at
57.0 m
). Drilling confirms the presence of consistent gold mineralization
along a zone at least 1.2 kilometres long and 150 to 300 metres wide, adjacent to the contact with
the surrounding metasedimentary rocks.
The recent drilling phase shows a reasonably good geometric continuity of gold mineralization
identified in 2017 in three drill hole clusters (see Figures 3, 7 and 8). These zones remain open down
dip and along strike. From northeast to southwest, the clusters yielded the following results:
1.12 g/t Au over
33.6 m
and
0.69 g/t Au over
84.8 m
, including
1.17 g/t Au over
10.9 m
and
1.23 g/t Au over
16.1 m
(hole ES18-108a).
Hole ES18-108a represents the downdip extension of the following previously reported results:
1.46 g/t Au over 45.5 m, 0.53 g/t Au over
106.0 m
(hole ES17-77); and
0.65 g/t Au over
144.0 m
including
1.9 g/t Au over
22.5 m
,
4.74 g/t over
6.0 m
(hole ES17-
60).
This cluster trends northeast and is
200 m
long by
100 m
wide with a dip of 50 to 60 degrees to
the southeast.
1.41 g/t Au over
9.4 m
including
5.64 g/t Au over
1.0 m
and
2.18 g/t Au over
5.6 m
(hole
ES18-111); and
0.57 g/t Au over
143.1 m
including
5.0 g/t Au over
4.0 m
,
14.05 g/t Au over
1.0 m
,
0.81 g/t Au over
28.5 m
and
1.16 g/t Au over
6.7 m
(hole ES18-51ext).
Both holes represent the extension of the following previously reported results:
3.06 g/t Au over 77.3
m including
4.9 g/t Au over
45.0 m
(hole ES17-64)
1.58 g/t Au over
12.0 m
and
0.59 g/t Au over
28.5 m
(hole ES16-55)
0.45 g/t Au over
87.0 m
(hole ES17-74)
This cluster measures at least 300 metres by 50 metres and trends northeast with a possible
subhorizontal to shallow dip to the southeast.
2.18 g/t Au over
3.0 m
,
1.13 g/t Au over
9.9 m
and
0.62 g/t Au over
16.0 m
(hole ES18-
113).
This hole represents the extension of the following previously reported significant results:
0.49 g/t Au over
76.5 m
(hole ES17-87)
0.62 g/t Au over
147.5 m
including
1.11 g/t Au over
6.0 m
,
5.76 g/t Au over
9.0 m
(hole
ES17-80)
1.53 g/t Au over
6.0 m
and
3.15 g/t Au over
24.0 m
(hole ES17-88)
0.50 g/t Au over
123.5 m
including
4.45 g/t Au over
4.5 m
,
12.35 g/t Au over
1.5 m
and
1.04 g/t Au over
6.0 m
(hole ES17-90).
This cluster has a northeast trend with a minimum extent of 300 metres by 100 metres and a
possible subhorizontal dip.
Drilling also investigated an untested area between two drill hole clusters centred on ES18-111 and
ES18-113, respectively. Three holes have been drilled within a 500-metre interval. Salient results
are:
0.71 g/t Au over
43.4 m
including 10.2 g/t Au over
1.0 m
(hole ES18-112) and
0.48 g/t Au
over 15.4 m
(hole ES18-117).
Exploration Model and Upside
Several key factors point toward a
reduced intrusion-related deposit type
for the gold-bearing
system identified at Eleonore South (see press release of
February 27, 2018
). The Fort Knox
mine in
Alaska
(Kinross Gold Corporation) and the Côté Lake Project in
Ontario
(IAMGOLD)
are useful examples of large-scale intrusion-related gold deposits.
In this scenario, assessing the geometry of the intrusion and the surrounding metasedimentary
rocks is critical given that the tops of intrusions are typically viewed as highly prospective.
Subject to further validation, the intrusion appears to be a thick planar body (
450 m
to
500 m
thick) with a moderate to shallow dip to the south or southeast along its southern boundary, and
a dip to the west along its western boundary (JT Prospect area). In this geometric context, the
upper contact of the uneroded intrusion is overlain by metasediments.
Decompression along the upper contact of the tonalite intrusion may have been the main control
for mineralization along the
Contact Trend
, with decompression-related fracturing acting as a
conduit and trap for late-stage magmatic-hydrothermal fluids. The main features in this zone
include networks of veins and veinlets, stockworks, and quartz-feldspar pegmatites, all of which
are associated with large alteration zones (
200 m
to
400 m
thick).
Additional significant exploration upside exists within the portions of the tonalite that extend
below the metasediments, as shown by the results obtained in holes ES18-108a and ES18-113.
The same configuration exists at the JT Prospect where historical hole ES08-12 returned 2.15
g/t Au over
14 m
.
The metasedimentary rocks overlying the tonalite also appear to be highly prospective, as
illustrated by sediment-hosted gold mineralization at the JT Prospect; these warrant further
evaluation.
Future exploration at Eleonore South will focus on two main target types: the network of high-
grade veins along the
Moni Trend,
and the wide low-grade (0.5 g/t to 1.0 g/t Au) gold-bearing
system along the
Contact Trend
.
Drilling Contract and Analytical Protocol
The drilling contract was awarded to Chibougamau Drilling Ltd based in
Chibougamau, Quebec
. The
hole diameter is BTW. Drill core samples were sent to ALS Minerals in
Val-d'Or, Quebec
. Gold was
analyzed by fire assay with atomic absorption and gravimetric finish for grades above 3.0 g/t Au.
Samples were also analyzed for a 48-element suite using ICP. Azimut applied industry-standard
QA/QC procedures to the program. Certified reference materials, blanks and field duplicates were
inserted in all batches of drill core sent to the laboratory.
About the Eleonore South Joint Venture Property
The Eleonore South Property is a three-way joint venture between Azimut, Eastmain Resources Inc.
(TSX: ER) and Les Mines Opinaca Ltée ("Opinaca"), a wholly-owned subsidiary of Goldcorp Inc.
(TSX: G; NYSE: GG). Ownership in the Property is as follows: Azimut 26.6%,
Eastmain
36.7% and
Goldcorp 36.7%.
The 2017-2018 program is operated by Azimut under the supervision of Dr.
Jean-Marc Lulin
and the
field direction of François Bissonnette, both professional geologists. This press release was
prepared by
Jean-Marc Lulin
, acting as Azimut's qualified person under National Instrument 43-101.
About Azimut Exploration
Azimut is a mineral exploration company whose core business is centred on target generation and
concurrent partnership development. Targeting is performed using a pioneering proprietary approach
to Big Data analytics, enhanced by extensive exploration knowledge. The Company maintains
rigorous financial discipline and has 48.5 million shares outstanding.
Azimut holds a strategic position for gold and base metals in
Quebec
, including one of the largest
exploration portfolios in the
James Bay
region (21 properties covering 4,421 claims or 2,297 km
2
).
www.azimut-exploration.com
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/July2018/18/c1416.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450)
646-3045, [email protected]
CO: Azimut Exploration Inc.
CNW 10:00e 18-JUL-18