Symbol: AZM.TSX Venture
LONGUEUIL, QC, Nov. 4, 2021 /CNW Telbec/ - Azimut Exploration
Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to
announce new high-grade gold intervals from the Patwon Zone
on the Company's 100% owned Elmer Property
(the "Property") in the James
Bay region of Quebec.
Drilling completed to date has confirmed an open-ended robust core
zone at Patwon.
The final assay results have now been received for 15 holes
(5,431.6 m) at Patwon from a program
completed earlier this year. Assay results are still pending for
another 32 drill holes that tested 10 targets in the 8-kilometre by
3-kilometre priority exploration corridor around the Patwon
discovery.
A new 20,000-metre drilling program is underway to continue
expanding the Patwon Zone and prepare for a maiden NI 43-101
compliant resource estimate (see press release of October 18, 2021). This program will also
continue testing highly prospective targets nearby. Azimut
considers it is probable that other significant mineralized zones
will be found along strike from Patwon.
HIGHLIGHTS (see Figures 1 to 6, Tables 1 to 3)
• Hole
ELM21-102
|
1.44 g/t Au over
60.8 m (from 228.5 m to 289.3 m), including:
|
|
18.1 g/t Au over
2.75 m and
|
|
2.55 g/t Au over
6.9 m
|
|
|
• Hole
ELM21-097
|
1.10 g/t Au over
57.9 m (from 295.6 m to 353.5 m), including:
|
|
2.52 g/t Au over
8.0 m and
|
|
4.14 g/t Au over
3.75 m
|
|
|
• Hole
ELM21-094
|
9.92 g/t Au over
2.3 m (from 229.7 m to 232.0 m)
|
|
2.17 g/t Au over
19.0 m (from 324.5 m to 343.5 m), including:
|
|
6.07 g/t Au over
2.1 m and
|
|
12.0 g/t Au over
1.5 m
|
|
12.2 g/t Au over
1.25 m (from 358.35 m to 359.6 m)
|
|
|
• Hole
ELM21-093
|
8.19 g/t Au over
2.4 m (from 150.4 m to 152.8 m)
|
|
11.58 g/t Au over
2.45 m (from 162.35 m to 164.8 m)
|
- These results further delineate the robust mineralized body,
including the central core that tends to widen to the west with
increasing depth, as shown on the updated grade x thickness
longitudinal section (Figures 4 and 5). The grade x
thickness factor (example: 5.0 g/t Au x 10 m = 50 GT) is commonly used in the mining
industry to rank and compare mineralized intercepts.
- Based on the results disclosed to date and using true estimated
widths, the core zone is defined thus far by 25 drill
hole intercepts ranging from 50 GT to 412 GT,
including 11 intercepts above 100 GT. These 25 drill hole
intercepts display an average true width of 45
metres, with an average grade of 2.86 g/t Au.
Patwon Gold
Zone: Range of 100 GT to 412 GT
|
Hole #
|
From
|
To
|
Length (m)
|
Au
(g/t)
|
True
Thickness (m)
|
Grade Thickness
(g/t Au x m)
|
ELM21-086
|
254
|
272
|
18
|
24.04
|
17.1
|
411.5
|
ELM20-034
|
151.3
|
241.5
|
90.2
|
3.01
|
82.7
|
249.0
|
ELM21-072
|
287.9
|
328.5
|
40.6
|
6.43
|
38.2
|
245.9
|
ELM19-002
|
33.5
|
136
|
102.5
|
3.15
|
62.6
|
197.1
|
ELM21-070
|
265.25
|
310.5
|
46.05
|
4.43
|
42.6
|
188.8
|
ELM19-003
|
34.27
|
142.5
|
108.23
|
2.84
|
63.7
|
181.0
|
ELM21-071A
|
329.4
|
363
|
33.6
|
5.47
|
32.1
|
175.3
|
ELM21-092
|
266
|
305.5
|
39.5
|
4.21
|
37.9
|
159.6
|
ELM20-026
|
122.2
|
194.35
|
72.15
|
2.61
|
58.6
|
153.0
|
ELM19-007
|
31.5
|
103
|
71.5
|
2.19
|
56.3
|
123.3
|
ELM21-100
|
173
|
212.35
|
39.35
|
3.28
|
34.5
|
113.3
|
Patwon Gold
Zone: Range of 50 GT to 100 GT
|
Hole #
|
From
|
To
|
Length (m)
|
Au
(g/t)
|
True
Thickness (m)
|
Grade Thickness
(g/t Au x m)
|
ELM19-004
|
5
|
102
|
97
|
1.68
|
57.8
|
97.2
|
ELM21-073
|
407.3
|
473.3
|
66
|
1.44
|
65.6
|
94.5
|
ELM19-006
|
5
|
134
|
129
|
1.15
|
73.3
|
84.3
|
ELM21-102
|
228.5
|
289.3
|
60.8
|
1.44
|
58.1
|
83.6
|
ELM20-051A
|
198.15
|
220.5
|
22.35
|
3.85
|
20.3
|
78.0
|
ELM20-028
|
156.3
|
214.5
|
58.2
|
1.44
|
54.1
|
77.9
|
ELM20-031
|
172.5
|
208.6
|
36.1
|
2.47
|
29.2
|
72.2
|
ELM20-009
|
121.2
|
224.3
|
103.1
|
1.14
|
60.2
|
68.6
|
ELM20-011
|
45.75
|
68.5
|
22.75
|
3.66
|
18.3
|
66.8
|
ELM20-052
|
230.8
|
278.85
|
48.05
|
1.38
|
45.9
|
63.3
|
ELM21-066
|
142.8
|
152.6
|
9.8
|
7.84
|
8.1
|
63.2
|
ELM21-097
|
295.6
|
353.5
|
57.9
|
1.1
|
54.7
|
60.1
|
ELM21-094
|
324.5
|
359.6
|
20.25
|
2.79
|
19.2
|
53.4
|
ELM19-005
|
28.41
|
82.5
|
54.09
|
1.54
|
33.2
|
51.2
|
- The central core extends from the surface to a minimum depth of
450 metres, where the mineralized system remains open. It is
spatially correlated with a vertically dipping felsic intrusion,
indicating an excellent possibility for a kilometre-scale
vertical extent of the mineralized body.
- The Patwon Zone is currently defined over a strike length of
520 metres. Figure 4 illustrates the progress since the maiden
drilling program (7 holes, 996 m)
reported in January 2020.
- The current delineation drilling program to expand the zone
will be conducted on systematic 50-metre centres from the surface
down to 500 metres and on systematic 50-metre by 100-metre centres
down to 800 metres (Figure 6).
The Elmer Property comprises 515 claims covering 271.3
km2 over a 35-kilometre strike length. The Property is
285 kilometres north of the town of Matagami, 60 kilometres east of the village of
Eastmain, and 5 kilometres
west of the paved James Bay Road, a major all-season
highway. The region benefits from quality infrastructure,
including significant road access, a hydroelectric power grid and
airports.
Drilling Contract and Analytical Protocols
The drilling contract was awarded to RJLL Drilling Inc. of
Rouyn-Noranda, Quebec. The core
diameter is NQ and the core samples were sent to AGAT Laboratories
of Mississauga, Ontario. Azimut is
facing unexpectedly long delays in receiving its assay
results. Gold is analyzed by fire assay, with atomic
absorption and gravimetric finish for grades above 3.0 g/t Au.
Samples are also analyzed for a 48-element suite using ICP. Azimut
applies industry-standard QA/QC procedures to its programs.
Certified reference materials, blanks and field duplicates are
included in all drill core batches sent for analysis.
Dr. Jean-Marc Lulin, P.Geo.,
prepared this press release as Azimut's qualified person under
National Instrument 43-101. The program is managed by François
Bissonnette, P.Geo., Operations Manager and Simon Houle, P.Geo., Chief Geologist. Both have
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, a strong balance sheet, and has 81.7 million
shares issued and outstanding. Azimut's competitive edge against
exploration risk is based 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.
There are many factors that could cause such differences,
particularly volatility and sensitivity to market metal prices,
impact of change 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.