Azimut cuts Chromite Mineralization at Chromaska and expands its Drill Program Symbol: AZM.TSX Venture
Azimut cuts Chromite Mineralization at Chromaska and
expands its Drill Program
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
May 29, 2018
/CNW Telbec/ -
Azimut Exploration Inc.
(
"Azimut"
or
"the Company"
) (
TSXV: AZM
) is pleased to
report the initial results of the diamond drilling program completed on its 100% owned
Chromaska Property
, an early-stage Chromium-
Platinum-Palladium-Nickel project in an highly accessible part of the
James Bay
region of
Quebec
(
see Figure 1
).
Four initial holes totalling 1,002 metres have been drilled this past winter on the Property, and two of these holes (CHR18-03 and CHR18-04)
have intersected semi-massive to massive chromite-bearing horizons within a large disseminated chromite-bearing envelope. A new phase of work,
comprising three additional drill holes as well as channel sampling on outcrops, has just started to further assess the lateral continuity of the
chromitite intrusion-hosted horizons.
At present only the rushed assay results of a 53.5-metre chromite-bearing section intersected in hole CHR18-03 (from
58.5 m
to
112.0 m
along
hole) have been received. Best results include
16.0% Cr
2
O
3
over 0.55 m
(from
76.5 m
to
77.05 m
) and
16.44% Cr
2
O
3
over
0.65 m
(from
81.85 m
to 82.5 m), related to two distinct semi-massive chromitite horizons hosted in an altered ultramafic intrusive lithology. These are partial
results and the remaining assays will be released upon receipt.
At least seven (7) distinct semi-massive to massive chromitite horizons, with a 10.1-metre cumulative width with grades higher than 4% Cr
2
O
3
,
have been intersected in hole CHR18-03 between
76.5 m
and 112.0 m. Disseminated chromite occurs along this whole intersect. In addition,
centimetric to decametric chromitite fragments are observed in an intrusive breccia (from
105.25 m
to
108.5 m
) crosscutting the main ultramafic
lithology.
Hole CHR18-03 has been drilled to crosscut the
Sledgehammer Prospect
(
see Figure 2
). In addition, hole CHR18-04 has been drilled to test
the same mineralized target at depth. Visual results are consistent with mineralization observed in hole CHR18-03 and results are pending. These
two holes indicate a minimum vertical continuity of
160 m
of the chromite mineralized envelope, including semi-massive to massive chromitite
horizons that are totally open deeper and laterally.
As previously reported (see press release of
March 13, 2018
), the Chromaska Property shares several attractive geological and geophysical
similarities with the Black Thor Intrusive Complex, host to the major
Black Thor
chromite deposit in the
Ring of Fire district
of
Northern
Ontario
. Chromaska is a four-kilometre-long ultramafic intrusion with disseminated to massive chromite mineralization associated with a well-
defined prospective horizon. The ages of the two intrusive complexes appear very close (Black Thor: 2,734 billion years; Chromaska: 2,739 billion
years), this further strengthening their similarities already highlighted by several independent studies.
The Chromaska Property covers 81 claims (43 km
2
) in a highly accessible region with major infrastructure (permanent roads, power lines,
airports, seaborne shipping access via
James Bay
). The project is located 35 km north of the Whabouchi mining project of Nemaska Lithium and
45 km northeast of the municipality of
Nemaska
.
The Province of
Quebec
is recognized as one of the best mining jurisdictions worldwide, benefitting from positive relationships with local
communities, including First Nations communities.
Chromite is the ore mineral of chromium. Its high resistance to corrosion and very high melting point make it a key element in the production of
stainless steel and heat-resistant steel. There are no chromite producers in
North America
and the global market is favourable.
This press release was prepared by geologist
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 partnership development. Targeting is performed
using a pioneering proprietary approach to Big Data analytics, enhanced by extensive exploration know-how. The Company 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
(21 properties covering 4,351 claims or 2,181 km
2
). The Company's current significant exploration programs include the
Eleonore South
Property
(Azimut-Goldcorp-Eastmain JV)
and a
Strategic Alliance with SOQUEM
covering
the
James Bay
region
. Both programs have
results that are pending.
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/May2018/29/c5877.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 29-MAY-18