Azimut Reports Continuous Progress on the Elmer Property
Azimut Reports Continuous Progress on the
Elmer Property
TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC
,
Sept. 13, 2022
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased to report significant exploration progress on
the Company's 100% owned
Elmer Gold Property
(the "Property") in the Eeyou Istchee James
Bay region of
Quebec
:
Delineation drilling program
on the Patwon Gold Zone completed down to 800 metres
Additional drill holes planned to expand and optimize the shape of a potential open pit resource
Exploration drilling program
currently testing nearby quality targets
Prospecting program
uncovering potential attractive zones along the 35-km-long Property
Delineation Drilling of the Patwon Gold Zone
(
see Figures 1 to 4, Tables 1 and 2, Photos 1 and 2
)
This release reports the results of 11 additional drill holes for 9,375.3 metres, including 2 holes
for which results are still partial (holes ELM22-160 and -167).
Highlights
Hole ELM22-161
2.02 g/t Au over
23.5 m
(from
861.0 m
to
884.5 m
) including
4.54 g/t Au over
2.50 m
14.74 g/t Au over
2.35 m
Hole ELM22-160
2.81 g/t Au over
9.2 m
(from 808.6 to
817.8 m
) including
26.8 g/t Au over
0.8 m
8.50 g/t Au over
1.7 m
(from
827.3 m
to
829.0 m
)
1.01 g/t Au over
11.0 m
(from
843.0 m
to
854.0 m
)
10.9 g/t Au over
1.0 m
(from
901.0 m
to
902.0 m
)
Hole ELM22-167
4.26 g/t Au over
5.22 m
(from
748.0 m
to
753.22 m
) including
7.74 g/t Au over
2.12 m
Hole ELM22-158C
1.89 g/t Au over
11.0 m
(from
912.0 m
to
923.0 m
) including
4.07 g/t Au over
4.25 m
4.30 g/t Au over
2.0 m
Hole ELM22-153
2.75 g/t Au over
6.2 m
(from
598.8 m
to
605.0 m
)
As of today, 44 holes for 29,883 metres have been drilled since the start of the current
delineation phase initiated in
October 2021
. The results of 33 holes for 20,226 metres of this
phase have now been reported (
see
press releases of
March 10
,
April 27
,
May 30, 2022
, and
this release
).
Patwon has to date been delineated down to 800 meters with 115 holes totalling 48,381 metres
since the original announcement of the discovery (
press release of
January 14, 2020
). A
complete updated drilling database is under review and will be made available when completed.
All indications are that the Patwon Zone remains open at depth and probably along strike.
Deepest drill hole results may indicate a slight change of the mineralized body axis which
appears shifted to the east.
Preliminary evaluation of the mineralized material from surface down to 400 metres, indicates
the potential to expand the size of an open pit resource. In addition, specific sets of veins need
to be further assessed by several in-fill holes. For these purposes, drilling of about ten (10)
additional holes for 3,000 metres will be undertaken this fall season.
Pending results will be reported once assay results are received and interpreted. Complete
results of this phase will be incorporated into a
maiden mineral resource estimate
supported
by a technical report compliant with National Instrument 43-101
.
Exploration Drilling Program
(
see Figure 5
)
As of today, 25 holes for 5,930,9 metres have been drilled since the start of the current
exploration phase initiated in
October 2021
.
This program, which will total a minimum 8,000 metres, is in progress to test twelve (12)
sectors located along strike and subparallel to Patwon (
see press release of
28 July 2022
).
These targets have been defined following the systematic collection of data including:
507 reverse circulation ("RC") holes for 6,681 metres of drilling;
Induced polarization and high resolution heliborne magnetic surveys;
Prospecting and till sampling; and
Complete geological and structural reinterpretation of the Property.
Drilling at three (3) of these targets will follow-up from previously disclosed results over multiple
kilometre-long
sectors:
Gabbro Prospect
,
881 Zone
and
Wolf Prospect
(
press releases of
November 11, 2021
,
April 6, 2022
,
and
July 28, 2022
).
Prospecting Program
(
see Figure 6
)
As of today, 177 rock grab samples have been collected from six target areas, for which assay
results are pending. At least three new mineralized prospects have been uncovered.
The current program is planned to conduct initial assessments and follow-ups on 20 distinct
targets located over the 35-km-long Elmer Property.
Azimut's management considers the Property as clearly underexplored with a significant
additional discovery potential supported by surface work. New targets have been identified and
ranked through the advanced geochemical processing of the bedrock database acquired from
prospecting, core drilling and RC drilling phases. A distinctive silver-bismuth-tellurium-tungsten
"Patwon-style" footprint is recognized, well correlated with the gold content.
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 Contracts and Analytical Protocols
RJLL Drilling Inc. of
Rouyn-Noranda, Quebec
was the contractor for the delineation phase at
Patwon. The core diameter is NQ. Chibougamau Drilling Ltd of
Chibougamau, Quebec
, is carrying
out the exploration drilling operations with a core diameter of BTW.
Samples are sent to ALS Laboratories in
Val d'Or
, Québec, where gold is analyzed by fire assay,
with atomic absorption and gravimetric finishes for grades above 3.0 g/t Au. Samples are 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 holds the largest mineral exploration portfolio in
Quebec
.
Azimut 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 79.3 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/September2022/13/c6481.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 13-SEP-22