Symbol: AZM.TSX Venture
LONGUEUIL, QC, Dec. 7, 2021 /CNW Telbec/ - Azimut Exploration
Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to
report encouraging preliminary results from the Company's initial
prospecting program recently conducted on the Wapatik Property
(" the Property "). The Property is located in the Eeyou
Istchee James Bay region of Quebec
and is under option to Mont Royal Resources Limited ("Mont
Royal") (ASX: MRZ), which can earn a 50% interest by spending
$4.0 million in exploration.
The next phase of the exploration work planned for early 2022,
will consist of ground geophysics subsequently followed by core
drilling.
HIGHLIGHTS (see Figures 1 to 3 and Photos 1 and
2)
- Discovery of a previously unrecognized kilometre-scale
ultramafic intrusion with associated copper and nickel sulphide
mineralization. The most significant grab sample results from
the intrusion are summarized below:
Copper
(%)
|
Nickel
(%)
|
Cobalt
(ppm)
|
PGE
(Pt+Pd)
(ppb)
|
Ag
(g/t)
|
MgO
(%)
|
Sample
#
|
1.035
|
0.384
|
316
|
28
|
5.42
|
15.09
|
E6320167
|
0.814
|
0.267
|
223
|
44
|
1.91
|
15.38
|
E6320152
|
0.731
|
0.061
|
112
|
176
|
7.09
|
14.72
|
E6320221
|
0.653
|
0.085
|
127
|
153
|
5.92
|
15.30
|
E6320154
|
0.098
|
0.129
|
132
|
7
|
0.64
|
26.61
|
E6320155
|
0.072
|
0.171
|
161
|
Not
analyzed
|
0.27
|
26.42
|
E6320234
|
- The ultramafic intrusion, approximately 1,000 metres by 400
metres, is bounded by volcano-sedimentary rocks of the Lower
Eastmain greenstone belt, specifically iron formations and
pyrite-rich metasediments and mafic volcanics. This lithological
context is considered as highly favourable for massive to
semi-massive nickel-copper sulphide mineralization, which is often
positioned along the basal contact of an intrusive body.
- Mineralized facies contain chalcopyrite, pyrrhotite and
possibly pentlandite, occurring as veinlets and disseminated or
interstitial sulphides within coarse-grained pyroxenite and
gabbro.
- The intrusion is well characterized by a strong subcircular
magnetic anomaly outlined by a high-resolution heliborne survey
completed earlier this year over the Property (5,116 line-km on
25-m spaced lines). The anomaly appears to be composed of three (3)
contiguous magnetic lobes that may correspond to different magmatic
pulses. A 3D magnetic inversion of the data suggests a
basin-shaped geometry for part of the intrusion, which may
constitute a very favourable setting for sulphide accumulation
(see Figure 3).
- The next exploration phase will consist of a ground
electromagnetic survey to detect conductors potentially related to
the mineralization type described above. This survey will be
undertaken as soon as possible next year and will likely be
followed by a maiden core drilling program.
- Mont Royal is renewing its
option on the Property for the second year. The forthcoming 2022
exploration program, totalling $800,000, will be fully funded by Mont Royal. Azimut is the operator.
Analytical Protocols
The samples were sent to ALS Canada Ltd in Val-d'Or, Québec. Samples are analyzed
for a 48-element suite using ICP. Gold, platinum and palladium are
also analyzed by ICP. Azimut applies industry-standard QA/QC
procedures to its programs.
A total of 119 grab samples have been collected during the fall
prospecting program. Note that grab samples are selective
by nature and unlikely to represent average grades.
Wapatik Property
Wapatik is a 25-kilometre-long project covering a largely
underexplored part of the Lower Eastmain greenstone belt in the
Archean La Grande Subprovince. It is located on strike from the
Patwon gold zone, approximately 35 km to the east, and 10
kilometres north of the boundary with the Opinaca Subprovince. The
results for five gold targets identified on the Property will be
reviewed once all assays will have been received.
The Property covers 220 claims (115 km2) in a single
contiguous block. The area has excellent infrastructure, including
road access and power lines. Mont
Royal can acquire a 50% interest from Azimut by spending
$4 million in exploration
expenditures over four (4) years, and a further 20% interest in
exchange for an additional investment of $3
million and the delivery of a preliminary economic
assessment.
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., have also reviewed the content of this press
release.
Mathieu Landry is leaving his
full-time position as Vice President of Technology and Business
Development for personal reasons and will continue to closely
support Azimut's endeavours as a senior consultant. His dedication
and contributions to the Company have been greatly appreciated by
all.
About Mont Royal
Mont Royal Resources Limited is an Australian company
incorporated for the purpose of pursuing various mining
opportunities in the resources sector, with the aim of building
shareholder value by acquiring, exploring, evaluating and
exploiting mineral resource project opportunities. For further
information regarding Mont Royal,
please visit the ASX platform (ASX: MRZ) or the company's
website at www.montroyalres.com.
About Azimut
Azimut is a leading mineral exploration company with a solid
reputation for quality target generation and partnership
development. The Company is actively advancing its wholly-owned
flagship Elmer project in the James
Bay region to the resource stage.
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 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.