Azimut Provides an Update on its Exploration Programs Symbol: AZM.TSX Venture
Azimut Provides an Update on its Exploration
Programs
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Sept. 1, 2020
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (TSXV: AZM) is pleased to provide an update on its main exploration projects in the
James Bay
and Nunavik regions of
Quebec
.
Elmer (gold)
Diamond drilling is underway to expand the major gold-bearing system discovered on the
Property (see press releases of
January 14
,
June 29
and
July 27, 2020
). Fifteen (15) additional
holes for about 3,000 metres will be drilled by mid-September to complete the current 10,000–
metre (54-hole) drilling program that focuses on the Patwon Zone. Given the excellent results to
date, Azimut is planning a substantial drilling program to continue its assessment of the
discovery.
Assay results for 14 of the 39 holes drilled from May to July have already been disclosed. The
Company expects to receive most of the assays for the other 25 holes within the next few
weeks. Another roughly 3,000 metres of the ongoing drilling program (15 additional holes) will
be sent for assaying by late September.
The gold zone has been cut by 17 holes thus far, revealing a minimum strike extension of 350
metres, starting from surface down to 200 metres, with a true thickness reaching up to 80
metres and a dip of 70° to the north. This zone remains open along strike and at depth.
The Patwon discovery also exhibits a consistent distribution of high-grade gold intersections,
likely indicative of a strong mineralized system.
A comprehensive program (till sampling, prospecting, structural analysis) has been initiated to
identify new targets within a 12-kilometre-long by 3-kilometre-wide prospective corridor on the
project. Azimut's management believes this program will further establish the gold potential of
the structural corridor hosting the Patwon discovery.
Pikwa (copper-gold)
Ground geophysics (32 km of Induced Polarization or "IP") is underway to advance Copperfield
East, a major 10-kilometre long target, to the drilling stage (see press releases of
October 23
and
December 9, 2019
, and
April 27, 2020
).
An initial 2,000-metre diamond drilling program will be conducted shortly after completing the IP
survey.
Rex and Rex South (copper-gold, strategic metals)
Ground geophysics (IP) is planned this fall following the resumption of exploration activities in
Nunavik now that restrictions related to the COVID-19 pandemic have been lifted.
The IP survey will prepare for a minimum 4,200-metre diamond drilling program scheduled to
begin in
April 2021
.
The Pikwa Property is part of the Azimut-SOQUEM James Bay Strategic Alliance. The Rex and Rex
South properties are part of the Azimut-SOQUEM Nunavik Strategic Alliance (see press release of
May 15, 2019
).
The sections below provide additional information on the current Elmer and Pikwa work programs (
see Figure 1
).
Elmer Property (100% Azimut)
Azimut resumed drilling on
August 18, 2020
, to complete its 10,000-metre summer program with 15
additional holes for a total of 54. The objective is to continue expanding the Patwon discovery along
strike and at depth (down to
250 m
) with a systematic drill pattern on 50-metre centres. Azimut's
management considers this to be a highly rewarding low-risk technical approach based on the
robustness of the Patwon mineralized system. Preliminary geometry and grade characteristics may
support the concept of an open pit mining operation. Significant additional drilling will be required to
define the full extent, shape and grade of the mineralized body.
Results reported to date (see press releases of
January 14
and
July 27, 2020
) indicate the
following:
The gold zone has been cut by 17 holes thus far over a minimum strike extension of 350 metres,
starting from surface down to 200 metres, with a true thickness of up to 80 metres and a
70° dip to the north. This zone remains open along strike and at depth.
Gold mineralization appears controlled by a shear zone generating two main auriferous vein sets
(shear and extensional) often associated with mineralized and altered intrusive or volcanic felsic
host rocks.
The Patwon discovery exhibits a consistent distribution of high-grade gold intersections in most
mineralized holes.
Patwon is considered an orogenic gold-bearing system, a type classically associated with
extensive deformation corridors along greenstone belts. Within such corridors, multiple
structurally controlled gold-bearing zones may occur with significant depths (kilometre-scale). It
is believed that the 35-kilometre-long Elmer Property, which covers a large part of the Lower
Eastmain Archean greenstone belt, displays all the key components of such regional-scale
prospective corridors, including the presence of several high-grade underexplored gold
prospects.
The Elmer Property is favourably located just 5 kilometres west of the paved James Bay Road, a
major all-season highway. In addition, the project can benefit from nearby quality infrastructure,
including a hydro-power grid and airports.
Azimut staked the Property in 2018 based on the Company's gold predictive modelling over the
James Bay
region using its proprietary AZtechMine
TM
expert system. The first work program started
in
October 2018
.
Pikwa Property (SOQUEM / Azimut option)
Ground geophysics (IP) is underway on Copperfield East, a 10-kilometre-long copper-gold target in
the extensive Copperfield Trend on the Pikwa Property. The current survey represents a 4.4-
kilometre strike extension of a previous survey that identified an extensive series of moderate to
strong IP anomalies (see press release of
April 27, 2020
).
Copperfield East displays excellent spatial correlation between the following previously reported
features:
A 5.6-kilometre-long series of IP anomalies.
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
).
An extensive mineralized boulder field (
up to 20.1% Cu
).
Two 500-metre-long electromagnetic conductors located along the western extension of the IP
anomalies. These conductors, which may correspond to strong sulphide mineralization, will be
covered by the ongoing IP survey.
The integration of these data will be used to prepare for a 2,000-metre diamond drilling program
scheduled to start this fall.
A total of 268 grab samples collected from the Copperfield Trend, namely in the area covered by a
geochemical soil survey, includes 141 samples from boulders and 127 from outcrops. Outcrop
exposure on the main soil anomaly is generally poor. The key grab sample results can be
summarized as follows (see press releases of
October 16
,
October 23
and
December 9
, 2019 for
details):
Copper
: 80 samples returned grades above 0.2% Cu, including 17 samples from 0.5% Cu to
1.0% Cu, and 40 samples above
1.0% Cu
up to
20.1% Cu
;
Gold
: 41 samples returned grades above 0.2 g/t Au, including 12 samples from 0.5 g/t Au to
1.0 g/t Au, and 11 samples above
1.0 g/t Au
up to
13.45 g/t Au
.
Grab samples are selective by nature and unlikely to represent average grades.
The Copperfield Trend is interpreted as a porphyry system emplaced along the margins of an
intrusion and subsequently sheared during regional-scale tectonic events.
As previously reported, several geological and mineralogical features of the Copperfield Trend
suggest it may represent an Archean analogue of the context of
Sweden's
Paleoproterozoic Aitik
Cu-Au-Ag-Mo porphyry deposit. The Aitik mine, owned by Boliden, is the largest open pit operation
in northern
Europe
. It provides valuable parameters regarding geometry, size and grades that are
being used to optimize the exploration approach for Copperfield.
Azimut acquired the Pikwa Property in 2016 based on the Company's gold predictive modelling over
the
James Bay
region using its proprietary AZtechMine
TM
expert system.
This press release was prepared by Dr.
Jean-Marc Lulin
, P.Geo., acting as Azimut's qualified
person under National Instrument 43-101.
About Azimut
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 65.8 million shares outstanding. Azimut's competitive
edge against exploration risk is founded on systematic regional-scale data analysis and multiple
concurrently active projects.
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/September2020/01/c1400.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 07:00e 01-SEP-20