Symbol: AZM.TSX Venture
LONGUEUIL, QC, Nov. 13, 2018 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to report it has discovered gold
mineralization on the extensive 36-kilometre-long Galinée
Property (658 claims, 339 km2), which is jointly
owned with SOQUEM Inc. ("SOQUEM") under a Strategic Alliance
covering the James Bay region of
Quebec (see Figure). Detailed
follow-up field work will be conducted in 2019.
HIGHLIGHTS
- Discovery by prospecting of a subcropping gold-bearing zone
with 26 grab samples delivering values above 0.1 g/t Au, including
6 samples returning values from 0.53 g/t Au to 0.84 g/t Au and one
sample returning 2.17 g/t Au (see Photos 1 to 4).
- Mineralized facies are hosted in a tonalite intrusion
containing disseminated to semi-massive arsenopyrite with quartz
veins and veinlets, accompanied by some pyrite and pyrrhotite and
by chlorite alteration.
- The 130-metre by 30-metre zone, located in the eastern part of
the Property, trends NE-SW and is open along strike in both
directions.
- About 5 kilometres to the west, till sampling identified a gold
grain dispersion train, including one sample returning 52 delicate
gold grains, interpreted as deriving from a proximal source.
- About 25 kilometres to the west, another 4-kilometre-long
target area returned anomalous gold counts in till samples. Some
samples included coarse gold, and overall, the results confirm the
unusual cluster of previously reported high gold values – up to
1.89 g/t Au – in lake sediments (see press release of May 31, 2018).
- There were no known showings on the Property before the current
exploration initiative.
The exploration targets on the Galinée project were identified
in 2016 by Azimut's predictive mineral potential modelling at the
scale of the James Bay region,
which covered 176,300 km2. This approach, based on Big
Data analytics, led to the definition and ranking of prospective
targets that represent less than 1.0% of the modelled region,
resulting in highly focused exploration efforts. The same modelling
approach also generated targets on the Munischiwan, Pikwa and
Pontois properties for which very encouraging results have
been announced (see press releases of October 25, November 6 and November 8, 2018).
The project is located about 50 kilometres north-north-west of
the Renard Diamond Mine (Stornoway) and 60 kilometres south of the
Trans-Taiga Road, a regional highway. The exploration program was
wholly funded by SOQUEM with Azimut as the operator.
The 2018 prospecting work yielded 327 grab samples, including
242 outcrop samples, 141 till samples and 49 soil samples. Results
are still pending for 50 till samples and all soil samples. This
follows a detailed lake-bottom sediment geochemistry survey
conducted in 2017 comprising 264 samples (see press release of
May 31, 2018). Grab samples collected
during prospecting are selective by nature and unlikely to
represent average grades.
SOQUEM has selected six properties under the terms of the
Strategic Alliance for a total of 2,059 claims (1,061
km2): Pontois (348 claims),
Munischiwan (167 claims), Pikwa (435 claims),
Galinée (658 claims), Dalmas (88 claims) and
Desceliers (363 claims). In addition, three other projects
are the subject of preliminary field reconnaissance programs under
the Strategic Alliance: Corvet (72 claims), Synclinal
North (46 claims) and Synclinal South
(54 claims).
The Galinée field program is under the direction of François
Bissonnette, Operations Manager for Azimut, and Dr. Martin
Tuchscherer, Chief Geologist for Azimut. This press release was
prepared by Dr. Jean-Marc Lulin,
P.Geo., acting as Azimut's qualified person under National
Instrument 43-101.
SOQUEM, a subsidiary of Ressources Québec, is a leading
investor in mineral exploration in Québec. Its mission is to
explore, discover and develop mining properties in Québec. SOQUEM
has participated in more than 350 exploration projects and
contributed to major discoveries of gold, diamonds, lithium and
other minerals.
Azimut is a mineral exploration company whose core
business is centred on target generation and partnership
development. The Company's pioneering proprietary approach to Big
Data analytics is enhanced by extensive exploration know-how.
Azimut maintains rigorous financial discipline. It has
48.5 million shares outstanding.
Azimut holds a strategic position for gold and base metals in
Quebec, including one of the
largest exploration portfolios in the James Bay region (22 properties covering 4,541
claims or 2,361 km2).
www.azimut-exploration.com
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.