Symbol: AZM.TSX Venture
LONGUEUIL, QC, Oct. 17, 2017 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to announce the discovery of a
high-grade gold-bearing vein system on the Eleonore South JV
Property in the James Bay region
of Quebec. Channel composite
samples assayed up to 79.6 g/t Au over 4.25
m and 79.5 g/t Au over 5.87 m. The ongoing exploration
program includes 18 recently completed drill holes (results
pending); additional drilling is scheduled for January 2018. This new gold discovery confirms
the highly prospective environment at Eleonore South. The discovery
area is located 15 kilometres from the major Eleonore gold mine,
owned and operated by Goldcorp Inc (see attached figures 1 and
2).
![Eleonore Gold Mine Area - James Bay Region, Quebec, Canada (CNW Group/Azimut Exploration Inc.) Eleonore Gold Mine Area - James Bay Region, Quebec, Canada (CNW Group/Azimut Exploration Inc.)](https://prnewswire2-a.akamaihd.net/p/1893751/sp/189375100/thumbnail/entry_id/1_7dekvqgs/def_height/144/def_width/144/)
The channel sampling results reported below were obtained on the
Moni Prospect following mechanical stripping that
significantly enlarged the previous exposure (see press release of
November 3, 2016). The current work
phase is part of the $3.9-million JV
2017-2018 program, which includes 8,000 metres of diamond drilling
(see press release of July 20,
2017).
The Eleonore South Property is a three-way joint venture between
Azimut Exploration Inc., Eastmain Resources Inc. (TSX: ER) and
Goldcorp Inc. (TSX: G; NYSE: GG). Ownership in the
Property is as follows: Azimut 26.6%, Eastmain 36.7% and Goldcorp 36.7%.
Azimut is operator of the current program.
Highlights (see attached figures 3 to 5)
- Intrusion-hosted high-grade gold-bearing quartzo-feldspathic
vein system of up to 6 metres in width over a strike length of 36
metres, oriented NE-SW and open along strike. From NE to SW, the
best composite intervals are:
Channel
05-05':
|
24.2 g/t Au over
3.80 m
|
Channel
01:
|
79.5 g/t Au over
5.87 m
|
Channel
07:
|
51.4 g/t Au over
5.30 m
|
Channel
08:
|
53.8 g/t Au over
4.55 m
|
Channel
08':
|
40.0 g/t Au over
1.85 m
|
Channel
09:
|
13.5 g/t Au over
4.80 m
|
Channel
10:
|
79.6 g/t Au over
4.25 m
|
Channel
11:
|
28.1 g/t Au over
2.95 m
|
- Another vein, located about 15 m SE from the vein described
above, returned the following composite intervals:
Channel
16:
|
47.1 g/t Au over
7.70 m
|
Channel
17:
|
35.6 g/t Au over
1.35 m
|
- The 17 regularly spaced channels were cut generally
perpendicular to vein strike. Channel sampling in the newly exposed
area comprises 82 samples with a cumulative length of 64.95 metres.
True widths may range from 70% to 100% of apparent widths at
surface.
- The potential for a kilometre-scale strike extension to the
southwest of this high-grade vein system is supported by:
-
- a newly discovered prospect ("the 101 Prospect") that returned
up to 101.0 g/t Au in grab samples, located about 400 metres
southwest of the Moni Prospect;
- a 1,100-metre-long NE-SW trend of strong gold-arsenic soil
anomalies on strike with both the Moni and 101 prospects; and
- an apparent correlation with a NE-SW magnetic trend.
Description of the Moni Prospect
Individual sample results are presented on figure 3 and
composite intervals on figure 4. Reported gold values are uncut.
The samples weigh 3.75 kg each, on average. All channel samples
have been individually described and preliminary mapping of the
stripped outcrop has been completed. Key features can be summarized
as follows:
- The high-grade gold vein system is related to a network of
quartz-feldspar veins and veinlets hosted in strongly altered
tonalite. The mineralized facies vary laterally from grey or black
quartz veins to a quartzo-feldspathic pegmatite with trace to 1-2%
sulphides (mostly arsenopyrite with lesser pyrite, pyrrhotite), and
small amounts of tourmaline and scheelite. Alteration minerals are
silica, albite, biotite and chlorite.
- 345 native gold grains have been observed in 42 of the 82
channel samples.
- The tonalite is pervasively altered (albite, silica) and
displays a network of regularly spaced quartz veins and veinlets
with feldspathic selvages (sheeted veins).
- The NE-SW-trending gold-bearing system is deformed with some
evidence of folding. The vein system appears roughly parallel to
the steeply dipping foliation trend.
All significant channel results from the Moni Prospect are
presented below for the main vein system and a second lateral vein.
These results include channels 01, 02, 03 and 04, which were
sampled in 2016. Several samples terminate in mineralization where
it meets overburden, warranting further stripping.
The composite mineralized results for the main vein system are
as follows, from NE to SW:
Channel
05-05':
|
24.2 g/t Au over
3.80 m
|
|
Channel
01:
|
79.5 g/t Au over
5.87 m
|
Sampled in 2016,
extended in 2017
|
Channel
02:
|
7.85 g/t Au over
3.40 m
|
Sampled in
2016
|
Channel
07:
|
51.4 g/t Au over
5.30 m
|
|
Channel
08:
|
53.8 g/t Au over
4.55 m
|
Open to the NW
(limited by overburden)
|
Channel
08':
|
40.0 g/t Au over
1.85 m
|
|
Channel
09:
|
13.5 g/t Au over
4.80 m
|
|
Channel
10:
|
79.6 g/t Au over
4.25 m
|
|
Channel
11:
|
28.1 g/t Au over
2.95 m
|
Open to the NW
(limited by overburden)
|
Channel
12:
|
26.40 g/t Au over
0.90 m
|
Open to the NW
(limited by overburden)
|
Channel
13:
|
12.70 g/t Au over
0.90 m
|
Open to the NW
(limited by overburden)
|
Channel
14:
|
12.95 g/t Au over
0.60 m
|
Open to the NW
(limited by overburden)
|
Channel
15:
|
16.60 g/t Au over
0.75 m
|
Open to the NW
(limited by overburden)
|
The lateral high-grade vein, for which the geometry and possible
link to the main vein are not yet fully understood, yielded the
following composite channel results:
Channel
17:
|
35.6 g/t Au over
1.35 m
|
Open to the NW
(limited by overburden)
|
Channel
16:
|
47.1 g/t Au over
7.70 m
|
|
Channel
03:
|
49.2 g/t Au over
4.00 m
|
Sampled in 2016,
extended in 2017
|
Channel
04:
|
50.37 g/t Au over
3.50 m
|
Sampled in
2016
|
Only one exploration drill hole from a previous program has been
adequately positioned to intersect the vein system. Hole ES16-48
returned 8.88 g/t Au over 2.50 m from 6.10 m to 8.60 m along
the hole.
Exploration Potential
Exploration work since 2016 has demonstrated the presence of a
4-kilometre-long by 500-metre-wide gold-bearing corridor related to
a hydrothermally altered tonalite intrusion and its contact with
metasediments.
At Eleonore South, the primary target types are:
- A tonalite-hosted high-grade gold-bearing quartzo-feldspathic
vein system ("Moni-type");
- Tonalite-hosted kilometre-scale zones of considerable width
characterized by a quartz-albite-biotite stockwork, or a variable
density of quartz-albite veinlets, with small amounts of sulphides
(arsenopyrite, pyrite, pyrrhotite) and frequent native gold
grains.
Both types are interpreted to be part of a late-magmatic
hydrothermal system related to the tonalite intrusion. In this
geological environment, the surrounding metasediments may also
constitute potential targets depending on favourable lithological
and structural settings.
For reference, the nearby Eleonore mine is a sediment-hosted
gold deposit. High-grade quartz-feldspar-arsenopyrite-pyrrhotite
veins with visible gold that grade into pegmatitic material have
been described in the mine. Of particular interest, the pegmatite
at the mine is the same age as the known tonalite on the Eleonore
South Property (2.62 billion years).
Program Update
- Drilling: Phase 1 (18 holes totalling 4,443 m) is now
completed and results are pending. Phase 2, totalling 3,600 metres,
will run from January to March. The drilling pattern for this next
phase will be defined using the highly encouraging surface results
from the Moni Prospect and the pending Phase 1 drill results.
- Heliborne high-definition magnetic survey: A total of
980 line-km has been flown at 25-m line spacing over the
prospective corridor and its surroundings. Results are
pending.
- Property-scale lake-bottom sediment geochemical survey:
The results of 121 samples collected early this summer have been
received and are currently under review.
- Property-scale prospecting: This work is underway. To
date, 301 rock samples have been collected in several target
areas.
Partial prospecting results revealed the discovery of the 101
Prospect, which returned 101.0 g/t Au in a grab sample.
Preliminary field observations indicate tonalite-hosted grey to
black quartz centimetre-scale veins with feldspar and native gold
striking NE-SW. These veins are 400 metres southwest of the Moni
Prospect and may represent its lateral extensions. Additional
prospecting in this area is underway, as well as detailed soil
geochemistry.
The 2017-2018 program is operated by Azimut under the
supervision of Dr. Jean-Marc Lulin
and the field direction of François Bissonnette, both professional
geologists and qualified persons under National Instrument 43-101.
This press release was prepared by Jean-Marc Lulin, acting as Azimut's qualified
person.
Analytical Protocol
Channel samples were sent to ALS Minerals in Val-d'Or, Quebec. All samples have been
analyzed by fire assay with atomic absorption and gravimetric
finish. For samples in which native gold had been observed and
high-grade gold results were therefore expected, the crushers and
pulverizers were systematically cleaned with barren material
between samples. Azimut applied industry-standard QA/QC procedures
to its program.
About Azimut Exploration
Azimut is a mineral exploration company with its core business
centred on target generation and concurrent partnership
development. Targets are identified using advanced processing of
large geoscientific databases enhanced by extensive exploration
know-how. The Company has 45.4 million shares outstanding,
with 54% held by Quebec-based
large financial institutions, insiders and several individual
shareholders.
Azimut's main exploration successes are directly related to its
pioneering proprietary approach using Big Data analytics. This
includes the early recognition of the gold potential in the Opinaca
region (notably the Opinaca C block, now part of Eleonore South)
and the discovery of two new mineral provinces in Nunavik (the
Ungava Bay Uranium Province and the Polymetallic Rex Trend).
The Company holds a strategic position for gold and base metals
in Quebec, including one of the
largest exploration portfolios in the James Bay region (20 properties covering 3,966
claims or 2,059 km2). In 2017, Azimut's exploration
budget is $6 million, 76% of which is funded by partners.
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.