Azimut Announces New Drilling Phase on the Elmer Gold Property
For immediate release
April 16, 2024
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut Announces New Drilling Phase on the Elmer Gold Property
Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM) (OTCQX: AZMTF) is
pleased to announce a new diamond drilling phase on its 100% owned Elmer Property in the Eeyou Istchee James
Bay region of Quebec, Canada. The minimum 3,000-metre program will begin early this summer after the Goose
Break Holiday, a traditional First Nations hunting period.
The Company used a dvanced multi-parameter data processing to optimize drill target definition. The main
objective of the drilling program is to test high-potential shallow-depth targets. Azimut believes there is excellent
exploration potential on the Elmer Property , which could lead to significantly increase the already
identified mineral resources on the project.
The four main target areas to be investigated are Patwon East, Patwon West, Wolf – A21 and Gabbro.
Area Size Significant results Key features
Patwon
East
2.3 km x
0.5 km
1.35 g/t Au over 8.87 m including 15.3 g/t Au
over 0.57 m (D)
122 g/t Au, 160 g/t Ag, 307 g/t Te over 0.50 m (D)
4.29 g/t Au over 0.95 m (D)
- Eastern extent of the Patwon Zone
- Extensive IP anomaly that
correlates with the shear zone
hosting Patwon
- Presence of a felsic intrusive body
- Limited past drilling
Patwon
West
3.5 km x
0.9 km
1.9 g/t Au over 1.70 m (D)
12.65 g/t Au, 12.6 g/t Au, 8.21 g/t Au, 7.51 g/t Au
(G)
15.75 g/t Au (G)
- Several subparallel shear zones
along the western extent of the
Patwon Zone
- Limited past drilling
Wolf–
A21
12 km x
0.7 km
0.50 g/t Au, 45 g/t Ag over 30.0 m (D): A21
prospect
0.36 g/t Au over 31.0 m (D): A21
0.30 g/t Au over 17.0 m (D): Wolf prospect
20.6 g/t Au over 0.75 m (C): Wolf
19.25 g/t Au over 1.0 m (C): Wolf
4.65 g/t Au, 160 g/t Ag, 7.0% Cu (G): Wolf
58.2 g/t Au, 18.5 g/t Au (G): Wolf
102.5 g/t Au, 18.25 g/t Au (G): Gold prospect
- Extensive shear zone with quartz
veining
- Felsic tuffs
- Strong sericitization
- Chlorite alteration
- Low magnetic footprint
- IP anomalies
- Limited past drilling
Gabbro 3.5 km x
0.4 km
77.8 g/t Au, 167 g/t Ag (G)
60.4 g/t Au, 122 g/t Ag (G)
42.65 g/t Au, 116.2 g/t Ag (G)
40.94 g/t Au, 116 g/t Ag (G)
1.06 g/t Au over 2.16 m (D)
1.38 g/t Au over 1.50 m (D)
2.51 g/t Au over 0.50 m (D)
- High-grade gold in quartz shear
veins hosted by a gabbroic sill
- IP anomalies
- Limited past drilling
All results have been previously reported (press releases of June 29, 2023, and November 21, 2023)
D: drill core; C: channel sample; G: grab sample; IP: induced polarization
Au: gold; Ag: silver; Cu: copper; Te: tellurium
Note: Grab samples are selective by nature and unlikely to represent average grades
About the Elmer Property (see Figures 1 to 3)
The Elmer Property comprises 515 claims (271.3 km2) over a 35-kilometre strike length. It lies 285 kilometres north
of the town of Matagami, 60 kilometres east of the village of Eastmain, and 5 kilometres west of the paved Billy -
Diamond Highway, a major all -season highway. The region benefits from excellent infrastructure, including
significant road access, a hydroelectric power grid and airports.
Azimut’s maiden resource estimate for the Patwon Zone comprises 311,200 ounces at 1.93 g/t Au Indicated
and 513,200 ounces at 1.94 g/t Au Inferred. The estimate was prepared using a gold price of $1,800 per ounce
as a base case and includes a sensitivity study that considers a gold price of up to $2,160 per ounce. At this level,
the estimated resources stand at 324,800 ounces at 1.76 g/t Au Indicated and 585,400 ounces at 1.77 g/t Au
Inferred (see press releases of November 21, 2023, and January 4, 2024). The independent NI 43-101 Technical
Report can be found under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website
(www.azimut-exploration.com).
The project greatly benefits from a comprehensive quality database that includes:
- High-resolution heliborne magnetic survey: 2,657 line-kilometres
- Induced polarization: 160 line-kilometres
- Till surveys: 391 samples
- Prospecting: 1,901 grab and channel samples
- Diamond drilling (from 2019 to 2023): 242 holes totalling 76,163 metres, including Patwon definition (167
holes, 60,609 m) and exploration drilling (75 holes, 15,554 m)
- Reverse circulation drilling (2022): 507 holes for bedrock sampling for a total of 6,681 metres
- Remote sensing and lithostructural interpretation
Qualified Persons
Dr. Jean-Marc Lulin (P.Geo.) prepared this press release as Azimut’s qualified person within the meaning of
National Instrument 43-101. Rock Lefrançois (P.Geo.), Vice President of Exploration, and Alain Cayer (P.Geo.),
Project Manager, also reviewed the contents of this press release.
About Azimut
Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership
development. The Company holds the largest mineral exploration portfolio in Quebec (Canada). Its wholly owned
flagship project, the Elmer Gold Project, has advanced to the resource stage with a strong exploration upside.
The Company also controls a strategic land position for copper-gold, nickel and lithium.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system) enhanced
by extensive exploration know-how. The Company’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 85.4 million shares issued and outstanding.
Contact and Information
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015
Jonathan Rosset, Vice President Corporate Development
Tel: (604) 202-7531
[email protected] 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. There are many factors that
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, includi ng 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, includi ng COVID-19,
and failu re 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, ot her 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.