Azimut and SOQUEM target a Major Copper- Gold Mineralized System on the Pikwa Property, James Bay region, Quebec Induced Polarization Survey confirms 5.6-km Target along the Copperfield Trend Symbol: AZM.TSX Venture
Azimut and SOQUEM target a Major Copper-
Gold Mineralized System on the Pikwa
Property, James Bay region, Quebec
Induced Polarization Survey confirms 5.6-km Target along the Copperfield Trend
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
April 27, 2020
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (
TSXV: AZM
) is pleased to report the results of an induced polarization ("IP")
geophysical survey conducted this winter over the eastern part of the
20-kilometre Copperfield
Trend
on the
Pikwa Property
(the "Property"), in the
James Bay
region of
Quebec
(
see Figures 1 to 8
). Planned work in 2020 includes an initial diamond drilling program and extending
the IP survey westward.
The highlight is the identification of a
5.6-kilometre-long series of moderate to strong IP
anomalies
that crosscuts the entire survey grid and correlates well with the following previously
reported features:
A strong 5.5-kilometre-long copper soil anomaly,
Several high-grade mineralized outcrops (grabs
up to 9.81% Cu
and
13.45 g/t Au
); and
An extensive mineralized boulder field (
up to 20.1% Cu
).
Most IP-chargeable anomalies correspond to resistivity highs or are located along the contacts of
more resistive units (probably more silica-rich units). The anomalies are sub-cropping, continuous at
depth, and generally dip moderately to steeply to the south.
Two electromagnetic conductors (EM) about 4 kilometres west of the IP grid suggest that the IP
anomalies may extend farther (
see Figure 4
).
The Property is part of the James Bay Strategic Alliance (the "Alliance") between Azimut and
SOQUEM Inc. ("SOQUEM"), a subsidiary of Investissement Québec. Azimut is the operator for the
Alliance.
The Property was acquired in 2016 following systematic gold predictive modelling over the
James
Bay
region (176,300 km
2
surface area) using the Company's
AZtechMine
TM
expert system.
Operational Update
As announced by the Company on
March 25, 2020
, all field exploration activities have been
suspended following a decree from the Government of
Quebec
. The health and safety of our staff,
consultants and contractors are paramount under the exceptional circumstances caused by the
current pandemic. It is anticipated that exploration will resume early May, upon the government's
decision. This includes the 6,000-metre diamond drilling program to expand the
Elmer gold
discovery
on the Elmer Property (100% Azimut), with two rigs already on site (
see Photo 1
).
The Copperfield Trend: A Well-Defined Polymetallic Target
The results acquired to date on the 40-kilometre-long property point to a major copper-gold system
centred on the 20-kilometre-long Copperfield Trend. It is interpreted as a
porphyry system
emplaced along the margins of an intrusion, and
subsequently sheared
during regional-scale
tectonic events.
The Copperfield Trend is subdivided in two segments, East and West, each 10 kilometres long.
Significant exploration results were generated on the Pikwa Property in 2019, as reported in the
press releases of
April 15
,
October 16
,
October 23
, and
December 9, 2019
.
Copperfield East
is defined as the spatial association of:
1
.
A strong regional-scale copper anomaly in lake-bottom sediments
("LBS") centred over the
Property. The footprint also includes polymetallic components (molybdenum, silver, bismuth and
tungsten).
2
.
A strong copper-in-soil anomaly
, with a polymetallic footprint comparable to the LBS anomaly
defined above, well-delineated as a
5.5-kilometre-long by 500-metre-wide target
(locally up
to
750 m
) within the contours of the LBS copper anomaly. Peak values are 294 ppm for copper,
1.610 ppm for gold, 625 ppb for silver and 24.1 ppm for molybdenum.
3
.
A 5.6-kilometre-long series of IP-chargeable anomalies
of moderate to strong
amplitudes superimposed on the copper-in-soil anomaly.
4
.
A significant mineralized boulder field
of mostly angular to slightly rounded boulders, well-
distributed within the long axis of the soil anomaly. The best grades from 141 sampled boulders
were
20.1% Cu
,
2.99 g/t Au
,
58 g/t Ag
and
0.246% Mo
.
5
.
Several high-grade mineralized outcrops
within the soil anomaly in the eastern part of the
target where glacial sediment cover is thinnest. The best grades are
9.81% Cu
,
13.45 g/t Au
and
37.6 g/t Ag
(grab sample A0366271).
6
.
Two 500-metre-long VTEM electromagnetic conductors
identified on strike with the western
extension of the IP anomalies and the strong soil anomaly. In this context, the VTEM anomalies
represent attractive targets for sulphide mineralization despite the weak soil geochemistry
footprint due to thick glacial sediment cover.
The IP anomalies, the copper-in-soil anomaly, and the mineralized boulder field are best explained
by a major Cu-Au-Ag-Mo mineralized system in the bedrock of the Property (already partly identified
in mineralized outcrops).
Copperfield West
is the westward strike extension of Copperfield East, and its interpretation is
supported by strong copper LBS anomalies and the same magnetic pattern as Copperfield East
(linear magnetic high). Limited exploration work has been conducted to date in this part of the trend.
Comparison with the Giant Cu-Au-Ag-Mo Aitik Porphyry Deposit in
Sweden
As reported in the press releases dated
October 16
and
December 9, 2019
, several geological and
mineralogical features of the Copperfield Trend suggest it may represent an Archean analogue to
the context of the
Sweden's
Paleoproterozoic Aitik Cu-Au-Ag-Mo porphyry deposit.
In production since 1968, the Aitik mine owned by Boliden is the largest open pit operation in
northern
Europe
. The Aitik mine provides valuable parameters regarding geometry, size and grades
that could optimize the exploration strategy at Copperfield.
The main open pit measures 4 kilometres by 1.1 kilometre at surface, reaches a depth of 450
metres and averages about 500 metres wide. 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
Pikwa Property
(703 claims, 360.4 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, a major gravel highway in the
region, crosses the Property, as do two power lines.
Geosig Inc. of
Quebec City
(
Quebec
) conducted the IP survey over the Copperfield grid. The
21 line-kilometre survey used a pole-dipole array with 200-metre line spacing and readings every 25
metres (n=1 to 8). Geosig Inc. also conducted a 32 line-kilometre high-definition magnetic survey on
the same grid.
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. Joël Simard, P.Geo., Senior Consulting Geophysicist for
Azimut, was responsible for processing and interpreting the survey data and has reviewed the
content of this press release.
List of figures and photo
Figure 1:
Key results on Azimut's projects, James Bay region, Quebec
Figure 2:
Pikwa Property. Copper footprint in lake-bottom sediments
Figure 3:
Pikwa Property. Electromagnetic (VTEM) and magnetic survey
Figure 4:
Pikwa Property (close-up). Chargeability depth slice @ -25 m and EM anomalies along the Copperfield Trend
Figure 5:
Pikwa Property (close-up). Chargeability depth slice @ -25 m
Figure 6:
Pikwa Property (close-up). Resistivity depth slice @ -25 m. Resistivity and chargeability axes.
Figure 7:
Pikwa Property (close-up). Magnetic susceptibility depth slice @ -25 m
Figure 8:
Pikwa Property (close-up). Copper footprint in soil samples (B horizon) with salient prospecting results
Photo 1:
Elmer gold discovery. Two rigs on site ready to resume drilling.
About SOQUEM
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration,
discovery and development of mining properties in
Quebec
. SOQUEM also contributes to
maintaining strong local economies. A 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 Exploration
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 65.7 million shares outstanding.
Azimut holds the largest mineral exploration portfolio in
Quebec
. The Company's competitive 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.
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/April2020/27/c2859.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 27-APR-20