Azimut and SOQUEM discover Gold and Polymetallic (Cu, Co, Mo) Mineralization on the Pikwa Property, James Bay region Symbol: AZM.TSX Venture
Azimut and SOQUEM discover Gold and
Polymetallic (Cu, Co, Mo) Mineralization on the
Pikwa Property, James Bay region
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Nov. 6, 2018
/CNW Telbec/ -
Azimut Exploration Inc.
(
"Azimut"
or the
"Company"
) (
TSXV: AZM
) is pleased to report it has discovered gold and polymetallic
mineralization (copper, cobalt, molybdenum) on the
Pikwa Property
, which is jointly owned with
SOQUEM Inc. ("SOQUEM") under a Strategic Alliance covering the
James Bay
region of
Quebec
(
see Figure 1
).
The mineralized prospects are located within a
20-km-long target zone
defined mainly by a linear
magnetic high
that correlates well with a
strong and extensive arsenic-bismuth-copper
anomaly
in lake-bottom sediments. Significant results announced by
Midland Exploration
Inc
.
(
TSXV: MD
) on the adjacent
Mythril Property
appear to be directly on strike with the Pikwa target
zone
(
see Figure 2
).
This winter, a geophysical survey is planned at Pikwa to accelerate the evaluation of the prospective
trend and to define drill targets.
HIGHLIGHTS
The main gold prospect (the
"Hyperion Prospect"
), discovered by prospecting and stripped
manually (6 to
7 m
by 3 to
4 m
), has a steep dip and is open along strike. Grab samples from
the contact zone between an iron formation and mafic volcanics returned the following grades (
see Photo 1
):
7.17 g/t Au, 4.69 g/t Au, 3.91 g/t Au, 1.72 g/t Au and 1.14 g/t Au
(outcrops,
Photo 1
)
and
6.28 g/t Au
(angular boulder,
Photo 2
).
Gold mineralization is associated with disseminated to semi-massive arsenopyrite and is
accompanied by highly anomalous cobalt (
up to 0.22% Co
), silver (
up to 3.69 g/t Ag
) and
tellurium (
up to 4.37 g/t Te
).
Another area 4 km to the east displays high background gold values (
up to
0.9 g/t Au)
with
anomalous bismuth (
up to 217 g/t Bi
) and molybdenum (
up to 0.106% Mo
).
Several angular boulders with chalcopyrite in the northeastern part of the Property were also
sampled. The best result is
2.95% Cu, 0.22 g/t Au, 7.58 g/t Te and 1.68 g/t Ag
(2017 sample
Y102671
) in a foliated intrusive rock (
Photo 3
).
The Pikwa project was generated in 2016 by Azimut's
predictive mineral potential modelling
covering the
James Bay
region over 176,300 km
2
. There were no known showings on the
Property prior to the current exploration initiative.
The Strategic Alliance with SOQUEM allows Azimut to acquire a
royalty portfolio
from the
ongoing projects without incurring exploration costs.
The
Pikwa Property
(435 claims, 223 km
2
) 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, passes
about 3 kilometres north of the Property. Pikwa has been the subject of a 100% partner-funded
exploration program with Azimut as the operator.
The 2018 prospecting work yielded 307 grab samples and 24 till samples. Results are still pending
for all till samples. This follows a detailed lake-bottom sediment geochemistry survey conducted in
2016 on the Property (211 samples), as well as an initial prospecting phase in 2017 (232 rock
samples) that produced encouraging results (see press release of
June 6, 2018
).
Grab samples collected during prospecting are selective by nature and unlikely to represent average
grades.
SOQUEM has selected six properties under the terms of the Strategic Alliance for a total of 2,059
claims (1,061 km
2
):
Pikwa
(435 claims),
Munischiwan
(167 claims),
Pontois
(348 claims),
Galinée
(658 claims),
Dalmas
(88 claims) and
Desceliers
(363 claims). In addition, three other
projects are also the subject of preliminary field reconnaissance programs under the Strategic
Alliance:
Corvet
(72 claims),
Synclinal North
(46 claims) and
Synclinal South
(54 claims).
The field program is under the direction of François Bissonnette, Operations Manager for Azimut,
and Dr. Martin Tuchscherer, Chief Geologist for Azimut. This press release was prepared by Dr.
Jean-Marc Lulin
, P.Geo., acting as Azimut's qualified person under National Instrument 43-101.
SOQUEM
, a subsidiary of Ressources Québec, is a leading investor in mineral exploration in
Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has
participated in more than 350 exploration projects and contributed to major discoveries of gold,
diamonds, lithium and other minerals.
Azimut
is a mineral exploration company whose core business is centred on target generation and
partnership development. The Company's pioneering proprietary approach to Big Data analytics is
enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline. It 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 (22 properties covering 4,541 claims or 2,361 km
2
).
www.azimut-exploration.com
SOURCE
Azimut Exploration Inc.
View original content:
http://www.newswire.ca/en/releases/archive/November2018/06/c4795.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 10:29e 06-NOV-18