Symbol: AZM.TSX Venture
LONGUEUIL, QC, Oct. 22, 2019 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to report additional channel
sampling results from its Patwon Prospect located on the
Company's wholly-owned Elmer Property (the "Property") in
the James Bay region of Québec
(see Figure 1).
Seven (7) channels cut the main strike of the quartz veins
perpendicularly and define a roughly 30-metre-wide gold-bearing
envelope. The best composite grades are:
- 9.56 g/t Au over 5.36
m (channels Elm-40, -44 and -44')
- 3.36 g/t Au over 10.32
m (channels Elm-33 and -33')
- 1.10 g/t Au over 18.08
m (channels Elm-42 and -43)
These new results further confirm a significant gold-bearing
system on the prospect at least 150 metres along strike by at
least 30 metres across.
The current exploration work at Patwon consists of mechanized
stripping to be followed by a maiden diamond drilling program.
HIGHLIGHTS (see Figures 2 to 5)
- Additional channel sampling has increased the sampling density
on the Patwon Prospect. A total of 84 samples for 69.27 metres have
been collected, bringing the total since June 2019 to 275 samples for 248.21 metres (see
press release of September 19,
2019).
- Mineralized facies correspond to a centimetric to metric
network of quartz veins with strongly chloritized and carbonatized
wall rocks containing 1% to 10% disseminated pyrite. A mafic
intrusion cut by felsic to intermediate dykes constitutes the main
host rock.
- Four types of mineralized quartz veins have been
identified:
-
- Shear veins subparallel to schistosity;
- Extensional veins, oriented NW-SE, oblique to the NE-SW
schistosity;
- Quartz stockwork mainly associated with felsic to intermediate
dykes; and
- Veins and/or mineralized wall rock at the contact between
felsic dykes and mafic host lithologies.
- Several other high-grade prospects located along strike have
outlined a multi-kilometre target area (see Figure 3). Additional
prospecting has been completed along this trend and analytical
results are pending.
The Elmer Property comprises 276 claims covering 145.4
km2 over a 22-kilometre strike length. It was acquired
by map designation in 2018 (see press releases of September 13, 2018, November 20, 2018 and June
13, 2019). The Property is located 285 kilometres north of
Matagami, 60 kilometres east of
the municipality of Eastmain, and
40 kilometres west of the James Bay Road. The region benefits
from quality infrastructure that includes major access roads, a
hydro-power grid and airports.
Details of the new channels and results are explained below in
relation to the channels and results previously reported in the
press release of September 19,
2019:
- Channel Elm-33 (3.33 g/t Au over 8.0
m) was extended by 2.32 m with
channel Elm-33'; the reported grade in the present press release
(3.36 g/t Au over 10.32 m) combines
the values obtained in these two channels;
- Channel Elm-44 (10.06 g/t Au over 4.96
m) was cut subparallel to channel Elm-40
(24.36 g/t Au over 0.92 m);
the reported grade in the present press release (9.56 g/t Au over
5.36 m) combines the values obtained in channels Elm-40, 44
and 44'.
Channel and grab sample positions were recorded with a
high-precision GPS. The channels were generally cut perpendicular
to vein strike. Grab samples are selective by nature and unlikely
to represent average grades.
This press release was prepared by Jean-Marc Lulin, P.Geo., acting as Azimut's
qualified person under National Instrument 43-101.
About Azimut
Azimut is a mineral exploration company whose core business is
centred on target generation and partnership development. The
Company uses a pioneering approach to big data analytics (the
proprietary AZtechMineTM expert system)
enhanced by extensive exploration know-how. Azimut maintains
rigorous financial discipline and has 57.4 million shares
outstanding.
Azimut holds the largest mineral exploration portfolio in
Quebec. The Company's edge against
exploration risk is founded on systematic regional-scale data
analysis and multiple concurrently active projects. This includes
two regional strategic alliances with SOQUEM for six (6) gold
properties in the James Bay region
and three (3) major gold-copper properties in the Nunavik
region.
Azimut's other high-potential properties in the James Bay region comprise:
- 4 gold properties in the Eleonore camp (Eleonore South JV,
Opinaca A, Opinaca B, Opinaca D);
- 2 gold properties in the Lower Eastmain greenstone belt (Elmer,
Duxbury); and
- 6 copper and copper-gold properties with strong regional-scale
footprints (Kukamas, Masta, Corvet, Kaanaayaa, Corne,
Mercator).
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.