Azimut Reaches 800 Metres Deep on the Patwon Gold Zone and Delivers More Wide Intercepts
Azimut Reaches 800 Metres Deep on the
Patwon Gold Zone and Delivers More Wide
Intercepts
TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC
,
May 30, 2022
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased to report new assay results from seven (7)
holes drilled on the
Patwon Gold Zone
on the Company's 100% owned Elmer Property
(the "Property") in the
James Bay
region of
Quebec
. The Company has now reached one of the
program's initial goals by cutting wide mineralized intercepts at a vertical depth of 800 metres or
more in several holes (ELM22-155, -157A, and -158C) for which assay results are still pending.
The Company has now drilled thirty-six (36) holes (34 complete; 2 in progress) for
19,980 m
during
this program, including thirty-one (31) on Patwon (18,951 m) and five (5) on surrounding targets
(1,029 m). The results for the first fifteen (15) holes have already been reported (
see press
releases of
March 10
and
April 27, 2022
). The results of the Patwon delineation program will be
incorporated into a
maiden mineral resource estimate
supported by a technical report compliant
with National Instrument 43-101.
Azimut is planning a significant summer core drilling program to test new targets in the vicinity of
Patwon to follow up on the 507-hole reverse circulation drilling campaign (for
6,681 m
) completed
earlier this year (
see press release of
April 6, 2022
).
The Company considers that the discovery
potential for additional mineralized zones along strike from or subparallel to Patwon is excellent.
HIGHLIGHTS
(
see Figures 1 to 8, Tables 1 to 4
)
The Patwon Zone keeps displaying remarkable continuity from surface to a
minimum vertical
depth of 800 metres (about 900 metres along dip) where it
remains open at depth and
possibly along strike.
The zone has been outlined over a strike length of nearly 600 metres,
with an average estimated true width of 35 metres.
All deep holes drilled to date display wide, visibly mineralized intercepts (assays pending):
ELM22-155 (
1,017 m
): Intercepts from 833
m
to 997
m
(164
m
along the hole)
ELM22-157A (
1,017 m
): Intercepts from 857
m
to 990
m
(133
m
along the hole)
ELM22-158C (
1,004.3 m
): Intercepts from 843
m
to 942
m
(99
m
along the hole)
These preliminary observations support the expectation of a deep extent of the mineralized
body.
Hole ELM22-151A
2.77 g/t Au over
8.25 m
(from
732.25 m
to
740.5 m
), including
19.80 g/t Au over
0.55 m
15.30 g/t Au over
0.60 m
2.10 g/t Au over
54.90 m
(from 782.0 to
836.9 m
), including
19.75 g/t Au over
1.20 m
12.61 g/t Au over
3.90 m
Hole ELM22-146A
1.77 g/t Au over
12.75 m
(from
429.65 m
to
442.4 m
), including
10.15 g/t Au over
0.5 m
3.45 g/t Au over
24.40 m
(from
457.7 m
to
482.10 m
), including
15.43 g/t Au over
4.25 m
Hole ELM22-148
1.22 g/t Au over
54.40 m
(from
486.0 m
to
540.4 m
), including
11.58 g/t Au over
3.50 m
Hole ELM22-149
1.20 g/t Au over
26.55 m
(from
578.45 m
to
605.0 m
)
1.96 g/t Au over
7.35 m
(from
665.15 m
to
672.5 m
)
Hole ELM22-147
1.91 g/t Au over
2.80 m
(from
348.2 m
to
351.0 m
)
1.21 g/t Au over
21.00 m
(from
392.5 m
to
413.5 m
), including
6.79 g/t Au over
1.95 m
Patwon's
core zone
is characterized by
grade x thickness
("GT") factors above 50
based on
estimated true widths
(
see Figures 7 and 8
).
This factor (example: 5.0 g/t Au x
10 m
= 50 GT)
is commonly used in the mining industry to rank and compare mineralized intercepts.
At Patwon,
visible gold in drill core is generally a reliable predictor for GT factors close to or higher than 50.
Of the 31 delineation holes drilled so far during the current program, thirteen (13) display
visible
gold grains
(ELM21-125, -127, -128, -129 and ELM22-132, -134, -136, -142, -143, -146A, -
148, -151A, and-153).
The delineation drilling program is structured on a systematic spacing of 50-metre centres from
surface to a depth of 500 metres, and 50-metre by 75-metre centres down to 800 metres.
Patwon
is thought to be open along strike, and additional holes will test this.
The Elmer Property comprises 515 claims (271.3 km
2
) over a 35-kilometre strike length. The
Property 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.
Drilling Contract and Analytical Protocols
The drilling contract was awarded to RJLL Drilling Inc. of
Rouyn-Noranda, Quebec
. The core
diameter is NQ. The core samples were sent to ALS Laboratories in
Val d'Or
, Québec, where gold
was analyzed by fire assay, with atomic absorption and gravimetric finishes for grades above 3.0 g/t
Au. Samples were also analyzed for a 48-element suite using ICP. Azimut applies industry-standard
QA/QC procedures to its drilling programs. All batches sent for analysis include certified reference
materials, blanks, and field duplicates.
Dr.
Jean-Marc Lulin
, P.Geo., prepared this press release as Azimut's Qualified Person under
National Instrument 43-101.
Brigitte Dejou
, P.Eng., Project Manager, and François Bissonnette,
P.Geo. Operations Manager, have also reviewed the content 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 is actively advancing its wholly-owned flagship Elmer Gold
Project to the initial resource stage in the
James Bay
region.
The Company uses a pioneering approach to big data analytics (the proprietary
AZtechMine
TM
expert system), enhanced by extensive exploration know-how. Azimut'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 81.9 million shares issued and
outstanding.
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, impact of change in foreign currency exchange rates and interest rates,
imprecision in reserve estimates, recoveries of gold and other metals, environmental risks
including 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,
including COVID-19, and failure 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, other 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
.
SOURCE
Azimut Exploration Inc.
View original content:
http://www.newswire.ca/en/releases/archive/May2022/30/c1484.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 - Fax: (450)
646-3045; Jonathan Rosset, Vice President Corporate Development, Tel: (604) 202-7531,
CO: Azimut Exploration Inc.
CNW 06:30e 30-MAY-22