Mineralized Outcrops and Boulder Field with
Grades Up to 20.1% Cu and 13.4 g/t Au along a 5.5 km by 0.5 km
Corridor
LONGUEUIL, QC, Dec. 9, 2019 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to report the full results from
the 2019 exploration program on the 20-kilometre-long
Copperfield Trend identified on the Pikwa Property (the
"Property") in the James Bay
region of Quebec
(see Figures 1 to 5).
The encouraging results from 2019 include the discovery of
high-grade mineralized outcrops and proximal boulders (up to
20.1% Cu and up to 13.45 g/t Au) that correlates
with a 5.5-kilometre-long copper soil anomaly. These results
warrant a substantial follow-up program that will comprise ground
geophysics (induced polarization) and a maiden diamond drilling
program in early 2020.
The Property is part of the James Bay Strategic Alliance (the
"Alliance") between Azimut and SOQUEM Inc. ("SOQUEM"), a subsidiary
of Ressources Québec. Major developments of the Alliance were
disclosed in the Company's press release of May 15, 2019. Azimut is the operator of the
Alliance.
The Property was acquired in 2016 following systematic gold
predictive modelling over the James
Bay region (176,300 km2 surface area) using
the Company's AZtechMineTM expert system.
New Prospecting Results
In addition to the results already disclosed in the press
releases dated October 16 and
October 23, 2019, a final batch of
169 grab samples yielded excellent results from the Copperfield
Trend. The best 30 samples from this batch returned the
following grades from outcrops (o) and boulders (b):
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Molybdenum
(%)
|
Sample
#
|
20.1
|
0.83
|
39.2
|
0.012
|
A0366572
(b)
|
8.99
|
1.89
|
28.3
|
-
|
A0366518
(b)
|
5.04
|
0.16
|
9.34
|
0.040
|
A0366597
(b)
|
5.00
|
0.73
|
32.3
|
0.047
|
A0366447
(b)
|
4.13
|
0.42
|
41.9
|
0.060
|
A0366701
(b)
|
3.86
|
0.77
|
27.5
|
0.106
|
A0366531
(b)
|
3.85
|
1.68
|
49.6
|
0.002
|
A0366702
(b)
|
3.81
|
0.43
|
25.2
|
0.010
|
A0366714
(b)
|
3.14
|
1.07
|
12.1
|
-
|
A0366532
(b)
|
3.09
|
0.70
|
30.2
|
0.014
|
A0366533
(b)
|
3.01
|
0.83
|
56.6
|
0.012
|
A0366530
(b)
|
2.25
|
0.11
|
4.22
|
-
|
A0366575
(b)
|
1.96
|
0.51
|
35.0
|
0.115
|
A0366589
(b)
|
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Molybdenum
(%)
|
Sample
#
|
1.74
|
0.15
|
12.9
|
0.111
|
A0366659
(b)
|
1.67
|
0.23
|
13.9
|
0.119
|
A0366659
(b)
|
1.60
|
0.67
|
11.4
|
0.007
|
A0366443
(o)
|
1.60
|
0.26
|
16.2
|
0.001
|
A0366524
(b)
|
1.59
|
0.28
|
11.9
|
0.020
|
A0366444
(b)
|
1.20
|
0.20
|
12.9
|
0.043
|
A0366528
(b)
|
1.17
|
0.15
|
6.8
|
0.001
|
A0366521
(b)
|
1.16
|
0.08
|
3.6
|
-
|
A0366657
(b)
|
1.08
|
1.34
|
5.5
|
0.004
|
A0366523
(b)
|
1.07
|
0.14
|
10.4
|
0.033
|
A0366663
(b)
|
1.06
|
0.142
|
8.73
|
0.002
|
A0366446
(b)
|
0.91
|
0.05
|
1.9
|
-
|
A0366448
(b)
|
0.56
|
2.01
|
24.1
|
0.019
|
A0366440
(o)
|
0.50
|
1.38
|
2.2
|
0.145
|
A0366571
(o)
|
0.43
|
3.54
|
13.0
|
>1.0
|
A0366570
(o)
|
0.37
|
0.79
|
4.6
|
0.135
|
A0366442
(o)
|
0.20
|
2.85
|
11.0
|
>1.0
|
A0366441
(o)
|
The number of grab samples collected from the area of the
Copperfield Trend covered by the geochemical soil survey now
amounts to 268, including 141 samples from boulders and 127 from
outcrops. Outcrop exposure on the main soil anomaly is generally
poor. The key results obtained to date can be summarized as
follows:
- Copper: 80 samples returned grades above 0.2% Cu,
including 17 samples from 0.5% Cu to 1.0% Cu, and 40 samples above
1.0% Cu up to 20.1% Cu;
- Gold: 41 samples returned grades above 0.2 g/t Au,
including 12 samples from 0.5 g/t Au to 1.0 g/t Au, and 11 samples
above 1.0 g/t Au up to 13.45 g/t Au;
- Silver: 40 samples returned grades above 5.0 g/t Ag,
including 15 samples from 10 g/t Ag to 20.0 g/t Ag, and 16 samples
above 20 g/t Ag up to 58 g/t Ag;
- Molybdenum: 18 samples returned grades above 0.05% Mo,
including 12 samples higher than 0.1% Mo up to 1.0%
Mo.
Well-Defined Polymetallic Target
The Copperfield Trend is a 20-kilometre-long robust
copper-gold exploration target on the Property comprising two
segments, "East" and "West", each 10 kilometres long.
Copperfield East is defined as the spatial
association of:
- A strong regional-scale copper anomaly in lake-bottom
sediments ("LBS") centred on the Property; the
footprint also includes polymetallic components (molybdenum,
silver, bismuth, tungsten);
- A strong copper-in-soil anomaly, with a comparable
polymetallic footprint as defined above, well-delineated as a
5.5-kilometre-long by 500-metre-wide target (locally up to
750 m) within the contours of the LBS
copper anomaly; peak soil anomalies reach 294 ppm for copper, 1,610
ppb for gold, 625 ppb for silver and 24.1 ppm for molybdenum;
- A significant mineralized boulder field of mostly
angular to slightly rounded boulders, well-positioned within the
long axis of the soil anomaly; the best grades from 141 sampled
boulders were 20.1% Cu, 2.99 g/t Au, 58 g/t Ag
and 0.246% Mo;
- Several high-grade mineralized outcrops within the
soil anomaly in the eastern part of the target where glacial
sediment cover is the thinnest; the best grades were 9.81%
Cu, 13.45 g/t Au and 37.6 g/t Ag (sample
A0366271);
- Two strong VTEM electromagnetic conductors on
strike with the western extension of the strong soil anomaly; in
this context, the VTEM anomalies represent attractive targets for
sulphide mineralization even though the soil geochemistry footprint
in this area is weak due to thick glacial sediment cover.
It is assumed that the strong and extensive lake-bottom
sediment anomaly and superimposed soil anomaly,
as well as the mineralized boulder field, can be directly
explained by a major Cu-Au-Ag-Mo mineralized system in the bedrock
of the Property (already partly identified in mineralized
outcrops).
Copperfield West is the westward strike extension of
Copperfield East, and its interpretation is supported by strong
copper LBS anomalies and the same magnetic pattern as Copperfield
East (linear magnetic high). Limited exploration work has been
conducted to date in this part of the trend.
The mineralization of the Copperfield Trend is characterized as
follows:
- The main host rock is biotite-rich gneiss (interpreted as
altered metadiorite or granodiorite);
- The dominant copper mineral is chalcopyrite occurring as
disseminations or semi-massive veins and veinlets accompanied by
frequent bornite and chalcocite, and lesser amounts of malachite
and occasional azurite;
- Other sulphides include molybdenite and, less frequently,
pyrite and pyrrhotite;
- The host rocks show varying degrees of alteration composed of
biotite and potassium feldspar (potassic alteration), sericite,
epidote, chlorite and magnetite;
- Mineralization generally occurs along foliation planes, often
associated with quartz veinlets; and
- Foliation strikes ENE-WSW and dips on average 50° to 60° to the
south.
Comparison with the Giant Cu-Au-Ag-Mo Aitik Porphyry Deposit
in Sweden
Comparisons are useful in exploration to better recognize key
features related to already known deposits, thus optimizing the
discovery process.
As reported in the press release dated October 16, 2019, several features of the
Copperfield Trend suggest it may represent an Archean analogue to
Sweden's Paleoproterozoic Aitik
porphyry Cu-Au-Ag-Mo deposit.
The relevant geological features of the Aitik deposit are:
- A geological context characterized by foliated and
metamorphosed dioritic and volcanogenic-sedimentary rocks of the
Fennoscandian Shield;
- Host rocks are biotite gneisses, quartz-muscovite-(sericite)
schists and diorite;
- The main sulphide minerals are disseminated chalcopyrite,
pyrite and pyrrhotite and trace amounts of molybdenite, local
bornite and chalcocite;
- Alteration mostly characterized by biotite, sericite and
potassic alteration; epidote-calcite-chlorite-quartz assemblages
occur mainly along fault zones; quartz stockworks are present along
the margins of the intrusion; and
- Foliation is well developed in the host rocks, dipping about
50° to the west; mineralization is mainly structurally controlled;
the entire rock package has been metamorphosed to amphibolite
grade.
In production since 1968, the Aitik mine owned by Boliden is the
largest open pit operation in northern Europe. The Aitik mine provides valuable
parameters regarding geometry, size and grades that could optimize
the exploration strategy at Copperfield:
- The main open pit (Aitik) measures 4 kilometres by 1.1
kilometre at surface and reaches a depth of 450 metres. A second
pit (Salmijärvi) measures 0.9 by 0.6 kilometre and reaches a depth
of 165 metres. The deposits average about 500 metres wide;
- In 2018, mineral reserves (proven and probable) were estimated
at 1.148 billion tonnes at 0.22% Cu, 0.14 g/t Au and
1.2 g/t Ag. Total historical ore production from 1968 to
2018 is 821 million tonnes at 0.29% Cu, 0.17 g/t Au and
1.8 g/t Ag (Boliden Summary Report 2018);
- A cut-off grade of 0.06% Cu is used for reserves and resources
in the Aitik pit. The historical stripping ratio (waste/ore) is
0.95.
The Pikwa Property (701 claims, 359.4 km2) is
40 kilometres long by 17 kilometres wide and provides a
controlling position over a major polymetallic target. It is
located 303 kilometres east of the Cree community of
Wemindji in an area serviced by
excellent infrastructure, including permanent roads, power grids
and airport facilities. The Trans-Taiga Road, a major gravel
highway in the region, crosses the Property, as do two power
lines.
Updated sample breakdown from the 2019 program is as follows
(re: press release of October 16,
2019):
- 276 grab samples; grabs are selective by nature and unlikely to
represent average grades;
- 92 channel samples for a length of 83.9 metres;
- 1,454 soil samples (B horizon), including 1,183 samples from
Copperfield East collected along 100-metre -spaced lines with
samples every 50 metres on average;
- 10 till samples (10 pending results); and
- 168 lake-bottom sediment samples.
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut's
qualified person under National Instrument 43-101. The field
program is under the direction of François Bissonnette, P.Geo.,
Operations Manager, and Dr. Martin
Tuchscherer, P.Geo., Chief Geologist, both from Azimut.
SOQUEM's employees were also part of the exploration team.
About SOQUEM
SOQUEM, a subsidiary of Ressources Québec, is dedicated to
promoting the exploration, discovery and development of mining
properties in Quebec. SOQUEM also
contributes to maintaining strong local economies. A proud partner
and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on
innovation, research and strategic minerals to be well-positioned
for the future.
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's tight share structure is a key asset for
value creation. Since its founding in 1986, there have been no
share consolidations.
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).
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.
www.azimut-exploration.com
SOURCE Azimut Exploration Inc.