Symbol: AZM.TSX Venture
LONGUEUIL, QC, June 28, 2021 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM)
is pleased to report it has commenced an extensive exploration
program on two wholly-owned properties, Elmer and
Wapatik, covering 60 kilometres of favourable geological
strike in the greenstone belt hosting the Patwon gold
discovery. Azimut has a controlling position over this
underexplored but highly prospective belt in the James Bay region of Quebec. Extensive favourable structures for
gold mineralization have been identified on both properties (see
Figures 1 to 3).
Azimut has recently disclosed significant drilling results in
the expanding Patwon gold zone, including 24.0 g/t Au over
18 m (see press releases dated
May 19, June
2 and June 22, 2021).
Assay results are pending for the remaining 54 holes from the
program (17 on Patwon and 37 on new targets).
Extensive Till Sampling and Prospecting Phase
On the 35-kilometre-long Elmer Property, the Company will
conduct a systematic till sampling survey to extend the 2020 survey
covering the 3- by 8-kilometre priority corridor surrounding the
Patwon discovery. Nine (9) distinct gold-in-till clusters
identified during the initial survey consisted mainly of pristine
gold grains, helping define new drilling targets in the vicinity of
the discovery (see press releases dated January 19 and March 18, 2021). Detailed prospecting work
will follow the 2021 till sampling phase.
On the 25-kilometre-long Wapatik Property, located 13 km
east of the Elmer Property along the same geological strike, the
Company takes a similar approach, performing an initial systematic
till sampling survey followed by detailed prospecting work. The
Wapatik project is under option to Mont Royal Resources
Limited ("Mont Royal") (ASX: MRZ). Mont Royal can acquire from Azimut a 50%
interest over four (4) years by spending $4
million in exploration expenditures and a further 20%
interest for an additional investment of $3
million (see press release dated September 22, 2020). The 2021 exploration
program amounts to $600,000 and is
fully funded by Mont Royal. Azimut
is the operator.
Prospective Context for Gold Mineralization along Strike from
Patwon
Over the past few months, Azimut has conducted a systematic
geological and structural reinterpretation of both properties to
define and rank exploration targets. The reinterpretation was
supported by new magnetic, remote sensing and field data.
High-resolution magnetic data was acquired in early 2021 when
NOVATEM of Mont-Saint-Hilaire
(Quebec) flew a heliborne survey
(5,116 line-km on 25-m spaced lines) over the entire Wapatik
Property.
The geological and structural reinterpretation covers a
cumulative 60-kilometre strike along the Lower Eastmain greenstone
belt in the Archean La Grande Subprovince, approximately 10
kilometres north of the boundary with the Opinaca Subprovince.
The Elmer Property comprises 515 claims (271.3 km2).
The Wapatik Property comprises 220 claims (115 km2).
Dr. Jean-Marc Lulin, P.Geo.,
prepared this press release as Azimut's Qualified Person under
National Instrument 43-101. François Bissonnette, P.Geo.,
Operations Manager, Simon Houle,
P.Geo., Chief Geologist, and Mathieu
Landry, P.Geo., VP Technology and Business Development, have
also reviewed the content of this press release.
About Azimut
Azimut is a mineral exploration company whose core business
centres on target generation and partnership development. The
Company is actively advancing the Patwon gold discovery on its
100%-owned flagship Elmer Property in the James Bay region.
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 69.2 million shares outstanding. The
Company's competitive edge against exploration risk is founded on
systematic regional-scale data analysis and multiple concurrently
active projects.
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. Many
factors could cause such differences, particularly volatility and
sensitivity to market metal prices, the impact of changes 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.