Symbol: AZM.TSX Venture
LONGUEUIL, QC, Nov. 11, 2021 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM)
is pleased to report a high-grade gold-silver-tellurium drill
intercept in hole ELM21-088 within a 2-kilometre-long target
zone located south of the Patwon Gold Zone on the Company's
100% owned Elmer Property (the "Property") in the
James Bay region of Quebec.
The target zone is remarkable for its exciting association of
high-grade gold, silver and tellurium. Tellurium is considered by
the Canadian and Quebec
governments as a critical commodity, essential to the country's
economic security and required for the transition to a low-carbon
economy. The target zone is subparallel to the shear hosting the
Patwon Zone, about 200 metres to the south. Results are still
pending for three other holes drilled near hole 088. Detailed
follow-up drilling in the target zone is part of the program
currently underway on the Property.
The 20,000-metre drilling program in progress aims to expand the
Patwon Zone and prepare for a maiden NI 43-101 compliant
resource estimate (see press releases of October 18 and November 4,
2021). This program will also continue testing highly
prospective targets nearby. Azimut believes that other significant
mineralized zones will likely be found along strike from or
subparallel to the Patwon Zone.
HIGHLIGHTS (see Figures 1 to 3)
- Hole ELM21-088: 122 g/t Au, 160 g/t Ag and 307 g/t Te
over 0.5 metre (from 119.1 m
to 119.6 m) at a vertical depth of
84.2 metres from the surface.
- This mineralized intercept is:
-
- Related to centimetric quartz veinlets with visible gold,
pyrite and tourmaline.
- Located almost at the end of the hole (depth of 123 m), indicating the possibility of a much
wider zone further south.
- Hosted in a sheared gabbro about 200 metres south of the
shear that hosts the Patwon Gold Zone.
- The Gabbro Prospect (up to 77.8 g/t Au, 167 g/t Ag
and 124 g/t Te from grab samples), located 1.2 kilometres to
the west along the same shear corridor, underscores the exciting
potential for strike continuity with the high-grade intercept in
hole 088. Note that grab samples are selective by nature
and unlikely to represent average grades.
- The target zone is already entirely covered by quality data,
including high-resolution magnetic, induced polarization and till
survey data which will be used to optimize follow-up by core
drilling. In addition, several poorly outcropping parts of the
target zone will be subject to systematic reverse circulation
drilling this winter to sample the bedrock surface. The drilling
program will use 300-metre-spaced drilling fences with
20-metre-spaced holes along the fences.
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 Billy Diamond 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
and ALS Canada Ltd. in Val
d'Or, Québec. 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.