Azimut and SOQUEM define a 5.2-kilometre- long Copper-Gold Target on the Pikwa Property, James Bay region, Quebec Symbol: AZM.TSX Venture
Azimut and SOQUEM define a 5.2-kilometre-
long Copper-Gold Target on the Pikwa
Property, James Bay region, Quebec
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Oct. 16, 2019
/CNW Telbec/ -
Azimut Exploration Inc.
("
Azimut
" or the
"
Company
") (
TSXV: AZM
) is pleased to announce key progress arising from its 2019 summer field
program on the
Pikwa Property
(the "Property") in the
James Bay
region of
Quebec
(
see Figure 1
).
A mineralized boulder field
5.2 kilometres long
has been identified along the
Copperfield Trend
(see press release of
July 22, 2019
). Copper-bearing outcrops have been discovered within the
boulder field forming a discontinuous area roughly
700 metres across
in the eastern part of the
Copperfield Trend. A total of 114 mineralized grab samples were collected from the outcrops and
boulders and the first 16 results received yielded grades up to:
9.81% Cu,
13.45 g/t Au
and
37.6 g/t Ag
(outcrop)
4.94% Cu, 2.99 g/t Au, 41.3 g/t Ag
and
0.163% Mo
(angular boulder)
The next exploration step will consist of ground geophysics (induced polarization survey) and
diamond drilling.
Several of the features identified on the Copperfield Trend share similarities with the geological
context of the world-class Aitik porphyry Cu-Au-Ag-Mo deposit in
Sweden
. The Copperfield Trend is
considered a major copper-gold exploration target based on these similarities.
The Property was acquired in 2016 as a follow-up to Azimut's regional predictive modelling covering
176,300 square kilometres of the
James Bay
region using the proprietary
AZtechMine
TM
expert
system.
The Property is part of the Strategic Alliance between
Azimut
and
SOQUEM Inc.
("SOQUEM"), a
subsidiary of Ressources Québec. Major new developments of the Alliance, which covers the
James
Bay
region, were disclosed in the Company's press release of
May 15, 2019
. Azimut is the operator
of the Alliance.
2019 HIGHLIGHTS
(
see Figures 2 to 8
and
Photos 1 to 8
)
Significant assay results received to date from Copperfield outcrops (o) and boulders (b)
include:
Copper (%)
Gold (g/t)
Silver (g/t)
Molybdenum (%)
Sample #
4.94
2.99
41.3
0.1635
A0366264 (b)
0.93
0.38
10.0
0.0097
A0366266 (b)
0.69
0.36
8.81
0.2460
A0366268 (b)
2.54
1.36
3.64
0.0035
A0366269 (o)
9.81
13.45
37.6
0.0007
A0366271 (o)
0.61
0.18
6.82
0.0800
A0366432 (b)
0.70
0.15
6.04
0.0143
A0366435 (b)
2.06
0.41
6.27
0.0115
A0366439 (b)
The full suite of samples collected from the Copperfield Trend comprises:
114 mineralized rock samples including 91 samples from boulders and 23 from
outcrops/subcrops; and
1,377 soil samples (B horizon), 10 till samples and 15 lake bottom sediment samples
("LBS").
Assay results are pending for 98 rock samples, 1,185 soil samples and 10 till samples.
The mineralization context is characterized as follows:
The dominant copper mineral is chalcopyrite which occurs as disseminations or semi-
massive veins and veinlets, accompanied by frequent bornite and chalcocite, and lesser
amounts of malachite and occasionally azurite;
Other sulphides include molybdenite and, less frequently, pyrite and pyrrhotite;
Mineralization is principally hosted in biotite-rich gneisses (interpreted as altered
metadiorite or granodiorite); host rocks are variably altered including potassic alteration
(biotite, potassic feldspar), sericite, epidote, chlorite and magnetite;
Mineralization generally occurs along foliation planes, often in association with quartz
veinlets; and
The foliation strikes ENE-WSW and dips on average 50° to 60° to the south.
Prospecting work and initial assay results indicate an extensive
copper-bearing boulder field
5.2 kilometres long by roughly 100 to 800 metres across.
Furthermore, several outcrops
displaying comparable mineralization have been discovered within this area where there are few
outcrop exposures.
In this part of the Property, the strength of the copper footprint in the secondary environment
(LBS, soils, and boulders) and its multi-kilometre extent may indicate a substantial proximal
copper-bearing mineralized system in the bedrock; the discovery of a high-grade copper-gold
outcrop (up to 9.8% Cu and 13.45 g/t Au), as well as bornite-chalcocite veinlets in angular
boulders (
Photos 1 and 2
), are positive indicators for the potential of Copperfield.
The Copperfield Trend is directly on strike with the adjacent
Mythril Prospect
to the east,
discovered by
Midland Exploration Inc.
(
TSXV: MD
). Midland's closest diamond drill hole
(MYT19-024), about 270 metres east of the Pikwa property boundary, returned 0.29% Cu,
0.03 g/t Au and 1.0 g/t Ag over
51.0 m
(from publicly disclosed information).
The western extension of Copperfield on the Pikwa Property remains largely open. An additional
15-kilometre strike length is interpreted based on strong copper anomalies in LBS, two (2)
strong electromagnetic conductors, and a linear magnetic high. The westward weakening of the
copper footprint is explained by the thicker till coverage.
The preliminary features of the Copperfield Trend suggest it may represent an Archean
analogue to
Sweden's
Paleoproterozoic
Aitik porphyry Cu-Au-Ag-Mo deposit
. The relevant
features of the Aitik deposit are:
A geological context characterized by foliated and metamorphosed dioritic and
volcanogenic-sedimentary rocks of the Fennoscandian Shield; host rocks are biotite
gneisses, quartz-muscovite-(sericite) schists and diorite;
Sulphide minerals consisting principally of disseminated chalcopyrite accompanied by
pyrite, pyrrhotite and trace amounts of molybdenite, local bornite and chalcocite;
Alteration mostly characterized by biotite, sericite and potassic alteration; epidote-calcite-
chlorite-quartz occur mainly along fault zones; quartz stockworks are present at the
margins of the intrusion; and
An elongated shape dipping 45° to 60° to the west.
The Aitik mine is the largest open pit operation in northern
Europe
. In 2018, mineral reserves
(proven and probable) were estimated at 1.148 billion tonnes at 0.22% Cu, 0.14 g/t Au and 1.2
g/t Ag. Total historical ore production from 1968 to 2018 is 821 million tonnes at 0.29% Cu,
0.17 g/t Au and 1.8 g/t Ag (Boliden Summary Report 2018). The main pit (Aitik) measures 4
kilometres by 1.1 kilometre at surface and reaches a depth of 450 metres. A second pit
(Salmijärvi) measures 0.9 by 0.6 kilometre and reaches a depth of 165 metres.
The Pikwa Property (701 claims, 359.4 km
2
) is 40 kilometres long by 17 kilometres wide and
provides a controlling position over a major polymetallic target. It is located 303 kilometres east of
the Cree community of
Wemindji
in an area serviced by excellent infrastructure, including permanent
roads, power grids and airport facilities. The Trans-Taiga Road, an east-west gravel highway
through the region, crosses the Property, as well as two power lines.
The 2019 Pikwa field program consisted of focused prospecting, manual stripping and geochemical
sampling. In addition to the Copperfield Trend focus, it also included additional exploration along the
Hyperion Trend
(hosting the
Hyperion Prospect
). Sample breakdown from the 2019 program is
as follows:
285 grab samples (98 pending results); grab samples are selective by nature and unlikely to
represent average grades;
87 channel samples for a length of 82.83 metres;
1,920 soil samples (1,185 pending results);
10 till samples (10 pending results); and
168 lake-bottom sediment samples.
Additional results of the campaign will be announced on a timely basis.
This press release was prepared by Dr.
Jean-Marc Lulin
, P.Geo., acting as Azimut's qualified
person under National Instrument 43-101. The field program is under the direction of François
Bissonnette, P.Geo., Operations Manager, and Dr.
Martin Tuchscherer
, P.Geo., Chief Geologist,
both from Azimut. SOQUEM's employees were also part of the exploration team.
About SOQUEM
SOQUEM, a subsidiary of Ressources Québec, has a mission to encourage the exploration,
discovery and development of mining properties in
Quebec
. SOQUEM also contributes to
maintaining strong local economies. Proud partner and ambassador for the development of
Quebec's
mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well
positioned for the future.
About Azimut
Azimut is a mineral exploration company whose core business is centred on target generation and
partnership development. The Company uses a pioneering approach to big data analytics (the
proprietary
AZtechMine
TM
expert system) enhanced by extensive exploration know-how. Azimut
maintains rigorous financial discipline and has 57.4 million shares outstanding.
Azimut holds the largest mineral exploration portfolio in
Quebec
. The Company's edge against
exploration risk is founded on systematic regional-scale data analysis and multiple concurrently
active projects. This includes two regional strategic alliances with SOQUEM for six (6) gold
properties in the
James Bay
region and three (3) major gold-copper properties in the Nunavik region.
Azimut's other high-potential properties in the
James Bay
region comprise:
Four (4) gold properties in the Eleonore camp (Eleonore South JV, Opinaca A, Opinaca B,
Opinaca D);
Two (2) gold properties in the Lower Eastmain greenstone belt (Elmer, Duxbury); and
Six (6) copper and copper-gold properties with strong regional-scale footprints (Kukamas,
Masta, Corvet, Kaanaayaa, Corne, Mercator).
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/October2019/16/c1719.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 07:00e 16-OCT-19