Azimut Reports Latest Results and Comprehensive Drilling Review for the Elmer Gold Property, James Bay Region, Quebec
Azimut Reports Latest Results and
Comprehensive Drilling Review for the Elmer
Gold Property, James Bay Region, Quebec
TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC
,
June 29, 2023
/CNW/ -
Azimut Exploration Inc.
("Azimut" or the "Company")
(TSXV: AZM) (OTCQX: AZMTF) is pleased to publish the complete results from all four (4) drilling
programs undertaken on the
Elmer Property
(the "Property") since the maiden program that led to
the discovery of the Patwon Gold Zone (
see press release of
January 14, 2020
). The 100% owned
Elmer Property is located in the Eeyou Istchee James Bay region of
Quebec
.
A National Instrument 43-101 technical report, including a maiden resource estimate, is well
underway with the support of InnovExplo, an independent mining consulting firm based in
Val d'Or,
Quebec
. The delivery of this report is the next milestone for the project before undertaking a new
drilling program scheduled for the fall 2023. Azimut has prioritized four extensive target areas
(Patwon East, Patwon West, Wolf, Gabbro) for follow-up drilling.
HIGHLIGHTS
(
see Figures 1 to 17 and Tables 1 to 5
)
Patwon
is currently defined along a strike length of
600 metres
, from the surface to a vertical
depth of
860 metres
(
900 m
along dip), with an average estimated true width of
35 metres
and
a dip of 70° to 75° to the north. The characteristics of this zone are further described in
Table 1
.
The broadness of the near-surface mineralization may make it amenable to an open pit
scenario. Preliminary metallurgical tests indicate non-refractory free-milling gold recoverable by
a combination of gravity circuit and conventional cyanide leaching (
see press releases of
May 4
and
November 21, 2021
).
Eleven drill sections at 50-metre increments cover the mineralized zone (
Figures 5 to 15
)
.
Patwon remains open at depth and possibly along strike, as illustrated by the longitudinal
section in
Figure 4
.
Azimut's diamond drilling from
November 2019
to
March 2023
consisted of
242 drill holes
for
76,162.68 metres
. Of this total, 137 holes (
54,256.98 m
) delineated the Patwon Zone and 105
holes (
21,905.70 m
) tested exploration targets elsewhere on the Property.
A revised and complete list of results is provided in
Tables 2 to 5
and on the following webpage:
Elmer Drilling Data
.
Patwon North
(formerly the North Zone), identified by drilling, lies about 300 metres north of
the Patwon Zone. It is a narrow, discontinuous vein system subparallel to Patwon with a
minimum strike length of 460 metres. It has higher silver and tellurium grades than Patwon. This
new zone requires further drilling but could potentially be included in an open pit shell.
Exploration drilling
has focused on a prospective area 8 kilometres long by 3 kilometres wide
(the "
Priority Corridor
") to test 12 targets along strike and subparallel to Patwon (
see press
releases of
July 28
and
September 9, 2022
, and
January 17, 2023
). The most salient results
include the recognition or confirmation of several gold-bearing sectors (
Figures 16 and 17
):
Patwon East
: A 1.5-kilometre-long gold-bearing area encountered in 11 mineralized
holes along the eastern strike extension of the Patwon Zone. Best intercepts include
1.35 g/t Au over
8.87 m
, including
15.30 g/t Au over
0.57 m
, in hole ELM22-225
and
122.0 g/t Au over
0.5 m
in hole ELM21-088.
Gabbro
: A gold-bearing shear-related zone at least 1.3 kilometres long, confirmed
by drilling about 400 metres south of the Patwon Zone.
Patwon West
and
Wolf
: Two areas with encouraging drilling results that remain
largely underexplored.
Main drilling results by zone
Patwon Zone
The best 25 drilling results previously reported are:
Hole ELM19-002
5.15 g/t Au over
9.00 m
(from
33.50 m
to
42.50 m
)
3.57 g/t Au over
77.30 m
(from
58.70 m
to
136.00 m
)
Hole ELM19-003
27.36 g/t Au over
4.70 m
(from
34.30 m
to
39.00 m
)
4.65 g/t Au over
29.00 m
(from
65.50 m
to
94.50 m
)
2.34 g/t Au over
33.20 m
(from
109.30 m
to142.50 m)
Hole ELM19-004
4.16 g/t Au over
15.50 m
(from
5.00 m
to
20.50 m
)
7.85 g/t Au over
5.50 m
(from
25.50 m
to
31.00 m
)
3.78 g/t Au over
11.00 m
(from
44.50 m
to
55.50 m
)
Hole ELM19-006
3.38 g/t Au over
25.30 m
(from
69.20 m
to
94.50 m
)
1.49 g/t Au over
33.50 m
(from
100.50 m
to
134.00 m
)
Hole ELM19-007
3.46 g/t Au over
44.10 m
(from
30.00 m
to
74.10 m
)
Hole ELM20-009
1.54 g/t Au over
64.85 m
(from
121.15 m
to
186.00 m
)
Hole ELM20-011
3.66 g/t Au over
22.75 m
(from
45.75 m
to
68.50 m
)
Hole ELM20-026
3.59 g/t Au over
51.85 m
(from
142.50 m
to
194.35 m
)
Hole ELM20-031
2.47 g/t Au over
36.10 m
(from
172.50 m
to
208.60 m
)
Hole ELM20-034
9.99 g/t Au over
20.70 m
(from
151.30 m
to
172.00 m
)
2.37 g/t Au over
7.40 m
(from
202.60 m
to
210.00 m
)
3.95 g/t Au over
9.95 m
(from
221.55 m
to
231.50 m
)
Hole ELM20-051A
3.85 g/t Au over
22.35 m
(from
198.15 m
to
220.50 m
)
Hole ELM21-070
4.43 g/t Au over
46.05 m
(from
264.45 m
to
310.50 m
)
Hole ELM21-071A
5.47 g/t Au over
33.60 m
(from
329.40 m
to
363.00 m
)
4.08 g/t Au over
18.60 m
(from
410.50 m
to
429.10 m
)
Hole ELM21-72
6.43 g/t Au over
40.60 m
(from
287.90 m
to
328.50 m
)
Hole ELM21-86
24.04 g/t Au over
18.00 m
(from
254.00 m
to
272.00 m
)
2.03 g/t Au over
4.50 m
(from
295.00 m
to
299.50 m
)
44.40 g/t Au over
1.00 m
(from
307.70 m
to
308.70 m
)
Hole ELM21-92
4.22 g/t Au over
39.50 m
(from
266.00 m
to
305.50 m
)
8.75 g/t Au over
2.00 m
(from
427.00 m
to
429.00 m
)
Hole ELM21-100
3.28 g/t Au over
39.35 m
(from
173.00 m
to
212.35 m
)
Hole ELM21-125
(
*
)
1.08 g/t Au over
286.90 m
(from
27.60 m
to
314.15 m
)
1.35 g/t Au over
75.00 m
(from
390.70 m
to
465.70 m
)
(
*
)
: Hole drilled at a low angle to the mineralized zone
Hole ELM21-127
1.45 g/t Au over
56.75 m
(from
189.25 m
to
246.00 m
)
Hole ELM22-134
2.55 g/t Au over
39.00 m
(from
532.80 m
to
571.80 m
)
Hole ELM22-146A
1.77 g/t Au over
12.75 m
(from
429.65 m
to
442.40 m
)
3.89 g/t Au over
24.38 m
(from
457.70 m
to
482.08 m
)
Hole ELM22-151A
2.32 g/t Au over
8.90 m
(from
731.60 m
to
740.50 m
)
2.10 g/t Au over
54.90 m
(from
782.00 m
to
836.90 m
)
Hole ELM22-176
3.15 g/t Au over
10.70 m
(from
748.00 m
to
758.70 m
)
2.03 g/t Au over
20.60 m
(from
776.50 m
to
797.10m
)
Hole ELM22-204
2.45 g/t Au over
14.50 m
(from
22.00 m
to
36.50 m
)
3.19 g/t Au over
30.15 m
(from
298.50 m
to
328.65 m
)
Hole ELM22-208
1.67 g/t Au over
79.40 m
(from
176.60 m
to
256.00 m
)
Several composite intervals, above and in
Table 2
, may differ slightly from the previously reported
intervals. This does not represent a material change. The revised intervals were re-calculated using
an updated geometric interpretation that subdivides the mineralized envelope into higher-grade
subzones to minimize internal dilution. Intervals are presented as core lengths, and assays are not
capped.
Additional drill holes, intended to further define the margins of the Patwon Zone (
see press release
of
January 17, 2023
), returned the following significant results:
Hole ELM22-217
3.39 g/t Au over
4.50 m
(from
337.0 m
to
341.5 m
)
Hole ELM22-218
0.89 g/t Au over
12.00 m
(from
31.0 m
to
43.0 m
), including:
1.22 g/t Au over
7.00 m
(from
31.00 m
to
38.00 m
)
Patwon North
The previously reported main mineralized intervals related to this zone are:
Hole ELM21-075 0.76 g/t Au over
7.50 m
(from
27.00 m
to
34.50 m
), including:
3.30 g/t Au, 1.08 g/t Ag, 2.73 g/t Te over
1.20 m
(from
29.50
m
to 30.70 m)
Hole ELM21-096 0.89 g/t Au over
1.10 m
(from
39.90 m
to
41.00 m
)
Hole ELM21-114 1.74 g/t Au over
3.25 m
(from
111.85 m
to
115.10 m
)
Hole ELM21-128 1.06 g/t Au over
0.95 m
(from
29.88 m
to
30.83 m
)
Hole ELM22-134
33.90 g/t Au, 40.80 g/t Ag, 58.10 g/t Te over 0.50 m
(from 259.60 m
to 260.10 m)
Hole ELM22-141 1.38 g/t Au, 0.72 g/t Ag, 1.96 g/t Te over
1.00 m
(from
72.00 m
to
73.00 m
)
Hole ELM22-143 0.86 g/t Au over
1.00 m
(from
85.00 m
to
86.00 m
)
Hole ELM22-176 0.96 g/t Au over
2.00 m
(from
288.00 m
to
290.00 m
)
2.73 g/t Au, 2.25 g/t Ag, 3.81 g/t Te over
3.00 m
(from
298 m
to
301
m
), including:
6.17 g/t Au, 4.18 g/t Ag, 8.33 g/t Te over
1.0 m
(from
298.0
m
to
299.0 m
)
Hole ELM22-177
82.10 g/t Au, 87.00 g/t Ag, 124.00 g/t Te over
0.50 m
(from
264.00 m
to 264.5 m)
Exploration Drilling
Azimut considers the 35-kilometre-long Elmer Property to be at an early exploration stage, with
strong potential for additional significant gold discoveries. Azimut has systematically acquired a large
dataset to identify new targets, first within the Priority Corridor surrounding the Patwon Gold Zone.
The property-scale data include a high-resolution magnetic heliborne survey (2,657 line-km), induced
polarization ("IP") surveys (160 line-km), prospecting (1,901 grab and channel samples), till surveys
(391 samples), reverse circulation drilling (507 holes for a total of 6,681 m of bedrock sampling),
and remote sensing analysis. A complete lithostructural reinterpretation of the Property has been
conducted.
Figure 16
shows the main prospects within the Priority Corridor.
Figure 17
shows the main results
from the 2020 to 2023 exploration drilling programs. Of the 105 exploration holes (
21,905.70 m
)
drilled since 2020,
30 holes (or 29%)
cut mineralization grading more than 0.5 g/t Au over at least
0.5 metre along the core (
the
hole numbers reported below in italics indicate new drill results
disclosed in this press release
).
The most salient result is the recognition (11 mineralized holes) of a
1.5-kilometre-long gold-
bearing sector
(
"Patwon East"
) along the eastern strike extensions of the Patwon Zone. This
shear-related area remains entirely open along strike and at depth, as shown on the longitudinal
section (
see Figure 4
). Gold intercepts appear generally well correlated with IP anomalies.
From east to west, the best results include:
Hole ELM22-225
1.77 g/t Au over
1.50 m
(from
78.00 m
to
79.50 m
)
1.35 g/t Au over
8.87 m
(from
88.73 m
to
97.60 m
), including:
15.30 g/t Au over
0.57 m
(from
95.80 m
to
96.37 m
)
Hole ELM22-202
4.29 g/t Au over
0.95 m
(from
17.43 m
to
18.38 m
)
Hole ELM22-170
0.80 g/t Au over
3.00 m
(from
156.50 m
to
159.50 m
), including:
1.92 g/t Au over
1.00 m
(from 157.50 to
158.50 m
)
Hole ELM20-025
0.53 g/t Au over
6.00 m
(from
11.00 m
to
17.00 m
), including:
1.05 g/t Au over
1.50 m
(from
11.00 m
to
12.50 m
)
1.21 g/t Au over
1.00 m
(from
16.00 m
to
17.00 m
)
Hole ELM22-200
0.28 g/t Au over
13.05 m
(from
55.00 m
to
68.05 m
), including:
1.40 g/t Au over
1.10 m
(from
62.00 m
to
63.1 m
)
0.91 g/t Au over
1.20 m
(from
66.85 m
to
68.05 m
)
Hole ELM20-022
3.38 g/t Au over
2.40 m
(from
50.65 m
to
53.05 m
)
Hole ELM22-198
0.93 g/t Au over
1.50 m
(from
141.00 m
to
142.50 m
)
Hole ELM21-088
122.0 g/t Au, 160.0 g/t Ag, 307.0 g/t Te over
0.50 m
(from
119.10 m
to
119.60 m
)
Other drill-tested targets with encouraging results include:
Gabbro
: Nine gold-bearing holes outlining a minimum
1.3-kilometre-long zone
about 400 metres
south of the Patwon Zone related to a subparallel shear zone. Several high-grade outcropping gold
showings yielded
up to 77.8 g/t Au
from grab samples.
N
ote that grab samples are selective by
nature and unlikely to represent average grades
. From east to west, the best results include:
Hole ELM22-192
0.62 g/t Au over
0.85 m
(from
87.88 m
to
88.73 m
)
Hole ELM22-191
1.21 g/t Au over
1.05 m
(from
178.30 m
to
179.35 m
)
Hole ELM22-183
1.06 g/t Au over
2.16 m
(from
58.84 m
to
61.00 m
)
Hole ELM22-185
1.38 g/t Au over
1.50 m
(from
15.00 m
to
16.50 m
)
Hole ELM22-187
0.40 g/t Au over
7.75 m
(from
77.00 m
to
84.75 m
), including:
2.85 g/t Au over
0.75 m
(from
84.00 m
to
84.75 m
)
Hole ELM22-181
1.01 g/t Au over
1.93 m
(from
165.87 m
to
167.8 m
)
Hole ELM22-182
2.51 g/t Au over
0.50 m
(from
8.00 m
to
8.50 m
)
Patwon West
: Two gold-bearing drill holes along the western sheared extensions of the Patwon
Zone. Several high-grade outcropping gold showings yielded
up to 12.65 g/t Au
from grab
samples. This sector is still largely underexplored (
see Figure 4
). The results of interest are:
Hole ELM20-043
1.90 g/t Au over
1.70 m
(from
80.30 m
to
82.00 m
)
Hole ELM20-045
0.52 g/t Au over
1.50 m
(from
94.50 m
to
96.00 m
)
Wolf
: Three gold-bearing drill holes delineate a minimum
800-metre-long zone
about 2.5 kilometres
northeast of the Patwon Zone. This sector also displays several high-grade outcropping showings,
including
19.25 g/t Au over
1.00 m
and
12.03 g/t Au over
1.75 m
from channel samples, and
up to
58.2 g/t
Au
from grab samples. The drilling results of interest are:
Hole ELM21-107
3.70 g/t Au over
0.70 m
(from
25.60 m
to
26.30 m
)
Hole ELM22-211
0.52 g/t Au over
1.50 m
(from
123.50 m
to
125.00 m
)
Hole ELM22-212
0.30 g/t Au over
17.0 m
(from
55.00 m
to
72.00 m
), including:
2.55 g/t Au over
1.00 m
(from
69.00 m
to
70.00 m
)
The Elmer Property
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 paved
highway. The region benefits from excellent infrastructure, including significant road access, a
hydroelectric power grid and airports.
Drilling Contracts and Analytical Protocols
During the fourth phase of drilling, the contractors were as follows:
RJLL Drilling Inc. of
Rouyn-Noranda
(
Quebec
) for the Patwon delineation phase up to hole
ELM22-177, using NQ core diameter.
Chibougamau Drilling Ltd of
Chibougamau
(
Quebec
) to continue delineation drilling at Patwon,
using NQ as core diameter, and for exploration drilling using BTW core diameter.
Samples were sent to ALS Laboratories in
Val-d'Or
(
Quebec
), 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.
Qualified Person
Dr.
Jean-Marc Lulin
(P.Geo.) prepared this press release as Azimut's qualified person within the
meaning of National Instrument 43-101. Rock Lefrançois (P.Geo.), Vice President Exploration,
Brigitte Dejou
(P.Eng.), Project Manager, and Lise Chénard (P.Eng.), Senior Consultant, have also
reviewed the contents 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
. Its
wholly owned flagship
Elmer Gold Project
is advancing to the initial resource stage in the
James
Bay
region. Azimut also controls a strategic land position for copper-gold, nickel and lithium.
Azimut uses a pioneering approach to big data analytics (the proprietary
AZtechMine™
expert
system) enhanced by extensive exploration know-how. The Company's competitive edge is based on
systematic regional-scale data analysis and concurrently active projects. The Company maintains
rigorous financial discipline and a strong balance sheet, with 79.9 million shares issued and
outstanding.
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/June2023/29/c9907.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Jonathan
Rosset, Vice President Corporate Development, Tel: (604) 202-7531, [email protected],
www.azimut-exploration.com
CO: Azimut Exploration Inc.
CNW 10:22e 29-JUN-23