Azimut drills 3.15 g/t Au over 102.0 m including 10.1 g/t Au over 20.5 m at the Patwon Prospect, Elmer Gold Property, James Bay
Azimut drills 3.15 g/t Au over 102.0 m including
10.1 g/t Au over 20.5 m at the Patwon
Prospect, Elmer Gold Property, James Bay
Region, Quebec
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Jan. 14, 2020
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (
TSXV: AZM
) is pleased to report the
discovery of substantial gold mineralization in
multiple drill hole intersections, including frequent high-grade intervals, in all seven (7) holes
of its maiden diamond drilling program on the
100% owned Elmer Property
(the "Property") in the
James Bay
region of
Quebec
. Significant additional drilling will be required to define the true width
and extent of this discovery. The Patwon Prospect is part of a larger 7-kilometre-long high-potential
target zone on the Property (
see Figures 1 to 3
). A ground geophysics survey (induced polarization)
is currently underway over the discovery area and its vicinity to prepare for a more comprehensive
upcoming drilling program.
The results from this initial phase of drilling indicates that gold-bearing mineralization occurs in three
different orientations: 1) along an extensive set of veins
oblique
to the schistosity; 2) parallel to the
schistosity; and 3) as flat-lying veins. Drill holes were oriented to intersect the three types of veins.
Azimut's management considers these results to be among the most significant gold exploration
results in the
James Bay
region since the 2004 discovery of the Éléonore deposit by
Virginia Gold
Mines
. The Éléonore mine is currently owned and operated by Newmont.
HIGHLIGHTS
(
see Tables 1 and 2, Figures 1 to 8
)
Hole ELM19-001
0.62 g/t Au over 101.3 m
(from 13.5 m to 114.8 m) including:
0.78 g/t Au over 32.0 m
(from 27.4 m to 59.4 m)
2.45 g/t Au over 8.0 m
(from 85.0 m to 93.0 m)
Hole ELM19-002
3.15 g/t Au over 102.0 m
(from 34.0 m to 136.0 m) including:
5.15 g/t Au over 9.0 m
(from 33.5 m to 42.5 m)
1.10 g/t Au over 28.5 m
(from 58.7 m to 87.2 m)
10.1 g/t Au over 20.5 m
(from 96.5 m to 117.0 m)
including
12.43 g/t Au over 6.0 m
(from 99.5 m to 105.5 m)
and
107.0 g/t Au over 1.0 m
(from 116.0 m to 117.0 m)
3.22 g/t Au over 11.0 m
(from 125.0 to 136.0 m)
Hole ELM19-003
2.84 g/t Au over 108.2 m
(from 34.3 m to 142.5 m) including:
27.36 g/t Au over 4.7 m
(from 34.3 m to 39.0 m)
including
254.0 g/t Au over 0.5 m
(from 34.3 to 34.8 m)
4.65 g/t Au over 29.0 m
(from 65.5 m to 94.5 m)
including
16.0 g/t Au over 6.5 m
(from 78.0 m to 84.5 m)
2.2 g/t Au over 7.6 m
(from 109.3 m to 116.9 m)
1.66 g/t Au over 6.0 m
(from 121.0 m to 127.0 m)
1.08 g/t Au over 11.0 m
(from to 131.5 m to 142.5 m)
Hole ELM19-004
1.68 g/t Au over 97.0 m
(from 5.0 m to 102.0 m) including:
4.16 g/t Au over 15.5 m
(from 5.0 m to 20.5 m)
7.85 g/t Au over 5.5 m
(from 25.5 m to 31.0 m)
including
80.0 g/t Au over 0.5 m
(from 25.5 m to 26.0 m)
3.78 g/t Au over 11.0 m
(from 44.5 m to 55.5 m)
including
59.5 g/t Au over 0.5 m
(from 51.2 m to 51.7 m)
Hole ELM19-005
1.54 g/t Au over 54.1 m
(from 28.4 m to 82.5 m) including:
29.8 g/t Au over 0.5 m
(from 28.4 m to 28.9 m)
2.53 g/t Au over 13.5 m
(from 50.0 m to 63.5 m)
3.91 g/t Au over 5.6 m
(from 74.8 m to 80.4 m)
including
37.0 g/t Au over 0.5 m
(79.9m to 80.4 m)
Hole ELM19-006
1.15 g/t Au over 129.0 m
(from 5.0 m to 134.0 m) including:
3.38 g/t Au over 25.3 m
(from 69.2 m to 94.5 m)
including
121.0 g/t Au over 0.5 m
(from 70.2 m to 70.7 m)
1.49 g/t Au over 33.5 m
(from 100.5 m to 134.0 m)
including
64.9 g/t Au over 0.5 m
(from 104.6 m to 105.1 m)
Hole ELM19-007
1.93 g/t Au over 82.0 m
(from 21.0 m to 103.0 m) including:
3.46 g/t Au over 44.1 m
(from 30.0 m to 74.1 m)
including
13.09 g/t Au over 6.6 m
(from 34.4 m to 41.0 m)
and
25.35 g/t Au over 1.9 m
(from 45.4 m to 47.3 m)
_________________________
Based on previously reported surface information (see press releases of
July 16
,
September 19
,
October 22
and
November 28, 2019
), the objectives of the 996-metre core-oriented drill program
were to:
Cut perpendicularly the
main vein system striking NW-SE
, with six holes totalling 849
metres (holes ELM19-001 to 006) in two parallel 40-metre-spaced drill sections of three drill
holes each; and
Cut perpendicularly
shear veins striking NE-SW subparallel to the schistosity
with one
hole (ELM19-007,
147 m
); schistosity is roughly parallel to the fabric of the magnetic gradient
and to lithological contacts (
see Figure 4
).
The drilling program provided the following critical preliminary information:
Gold mineralization is related to different sets of quartz veins and veinlets and their wall rocks,
and more locally to metre-scale hydrothermal breccias. Quartz veining seems to be principally
related to a felsic intrusion, either at or close to the lithological contacts between the intrusion
and the surrounding mafic volcanics and gabbros.
Three sets of quartz veins contain gold, two of which corroborate surface observations:
Subvertical veins striking NW-SE (main system);
Veins striking NE-SW, subparallel to the schistosity and dipping 65
o
to 80
o
to the north; and
Subhorizontal veins so far observed in drill core only.
Variable amounts of pyrite (1% to 30%) are present as coarse-grained disseminations or
centimetric stringers, both forms associated with quartz veining and their wall rocks.
Native gold grains are frequent, generally associated with quartz veins, or as isolated grains in
pyrite stringers (
see Table 2
).
Gold-bearing facies are accompanied by pervasive silica, chlorite, sericite and carbonate
alteration, and occasionally by tourmaline seams in quartz veins.
The following interpretation at this early discovery stage is based on the results of 7 drill holes
and detailed surface sampling:
Mineralization has been recognized over a
200 metres length
(open laterally to the NE and
SW) with an apparent width at surface ranging from
50 to 70 metres
;
Mineralization is known down to
100 metres
, open at depth;
The principal control on mineralization appears to be a dextral NE-SW shear zone
generating two main vein sets: NE-SW shear veins and NW-SE extensional veins (Riedel
type);
Both vein types commonly display sulphide-rich wall rocks; and
The intensity of quartz veining in the felsic intrusion may be partly controlled by the
rheologic contrast with the surrounding mafic host rocks.
The detailed geometric relationships between drill hole intercepts will be better defined with
further data analysis and additional drilling.
The Patwon Prospect, located in a central position on the Property, has
potential kilometre-
scale strike extensions that have seen very little exploration
. Two high-grade occurrences
(
25.2 g/t Au over
1.0 m
,
12.65 g/t Au
), respectively 270 metres and 840 metres SW of
Patwon, underscore the potential of this area, which is part of a larger
7-kilometre-long high-
potential target zone
(
see Figures 2 and 3
).
A detailed induced polarization survey is currently underway over all three prospects on a 2.1
kilometre by 0.7 kilometre grid (
see Figure 3
). It is expected that this survey will be an efficient
method to generate quality drill targets.
The Elmer Property and the adjacent wholly owned Duxbury Property provide Azimut with a
controlling position over a 35-kilometre-long segment of a prospective greenstone belt. Both
properties were staked following the Company's predictive modelling for gold in the
James Bay
region using its proprietary
AZtechMine
TM
expert system.
Elmer comprises 276 claims covering 145.4 km
2
over a 22-kilometre strike length. Duxbury, located
to the east, covers a further 13 km along strike. The projects are located 285 kilometres north of
Matagami
, 60 kilometres east of the municipality of
Eastmain
, and 20 kilometres west of the paved
James Bay Road. The region benefits from quality infrastructure that includes major access roads, a
hydro-power grid and airports.
Drilling contract and analytical protocol
The drilling contract was awarded to Chibougamau Drilling Ltd based in
Chibougamau, Quebec
. The
hole diameter is BTW. Drilling took place from
November 19 to November 30, 2019
.
Drill core samples were sent to ALS Minerals in
Val-d'Or, Quebec
. Gold was analyzed by fire assay
with atomic absorption and gravimetric finish for grades above 3.0 g/t Au. Samples were also
analyzed for a 48-element suite using ICP. Azimut applied industry-standard QA/QC procedures to
the program. Certified reference materials, blanks and field duplicates were inserted in all drill core
shipments to the laboratory.
This program has been made possible thanks to the financing completed in fall 2019 which involved
the following six
Quebec
institutional funds:
Capital régional et coopératif Desjardins, CDPQ
Sodemex Inc., Fonds de solidarité FTQ, Fonds régionaux de solidarité FTQ Nord-du-Québec,
SIDEX s.e.c.
and
Société de développement de la
Baie James
.
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.
About Azimut
Azimut is a mineral exploration company whose core business is 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 58.5 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:
4 gold properties in the Eleonore camp (Eleonore South JV, Opinaca A, Opinaca B, Opinaca
D);
6 copper and copper-gold properties with strong regional-scale footprints (Kukamas, Masta,
Corvet, Kaanaayaa, Corne, Mercator).
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/January2020/14/c7055.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 - Fax: (450)
646-3045, [email protected], www.azimut-exploration.com
CO: Azimut Exploration Inc.
CNW 09:30e 14-JAN-20