Reverse Circulation Drilling over 9 Kilometres
of Highly Prospective Ground
Symbol: AZM.TSX Venture
LONGUEUIL, QC, April 6,
2022 /CNW Telbec/ - Azimut Exploration
Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to
report significant progress as it continues to investigate the
camp-scale exploration potential around the Patwon Gold
Zone on the Company's 100% owned Elmer Property
(the "Property") in the Eeyou Istchee James Bay region of
Quebec.
The Company has now completed a systematic 507-hole reverse
circulation ("RC") drilling program to test highly prospective
areas on strike to or subparallel to the Patwon Zone. This
extensive program was conducted concurrently with a minimum
20,000-metre delineation core drilling phase to expand Patwon and
deliver a maiden mineral resource estimate (see press
release of March 10, 2022).
The RC program is a key validation step before undertaking the
planned summer 2022 core drilling program. Critical data was
collected from a 9-kilometre-long section of a roughly
20-kilometre-long by 1.5- to 2-kilometre-wide gold-bearing
structural corridor previously defined by the Company's systematic
work (including prospecting, till sampling and core drilling).
HIGHLIGHTS (see Figures 1 to 8
and Table 1)
- 507 vertical RC holes totalling 6,681 metres
were drilled this winter on regularly spaced drilling fences
to acquire critical information from a highly prospective but
non-outcropping area 9 kilometres long by 0.5 to 1.5
kilometres wide around the Patwon Zone.
- The drill grid for this RC program consisted of 44 drill
fences spaced 300 metres apart on average, with holes
spaced 25 metres apart along the fences. The aim was to
collect bedrock samples at the base of the glacial
sediment cover. RC drilling is an effective approach to
systematically sample large areas which are otherwise inaccessible
to direct observation.
- The drilling program uses the Patwon surface footprint as a
benchmark to optimize the discovery of new gold-bearing zones.
Patwon has been defined over a strike length of 600 metres and a
width of 35 metres. It is accompanied by a well-defined
geochemical halo, up to 200 metres wide, correlated with increasing
gold grades. The design of the RC grid pattern maximizes the
chances of cutting through a comparable mineralized geometry if it
exists within the area (see Figure 5).
- Preliminary visual observations of rock chip samples from the
RC program are encouraging, including numerous pyrite and/or
quartz-bearing samples associated with altered felsic intrusive and
volcanic rocks. These findings suggest that several sectors display
features comparable to Patwon.
- The positioning of the drill fences takes into account the
results of the 2021 exploration program, including prospecting (203
grab and 104 channel samples), till sampling (199 samples) and
diamond drilling (31 holes, 5,034 m)
(see Table 1). It also considers the data from a high-resolution
magnetic survey, a ground geophysics survey (induced polarization),
and comprehensive geological and structural interpretations. A few
of the lines were adjusted to accommodate hydrographic
constraints.
- At least three kilometre-scale priority targets in the vicinity
of Patwon warrant follow-up core drilling. Pending results from the
507 RC drill holes will further define these targets and
potentially add new ones (see Figures 6 to 8).
Gabbro Zone
2-kilometre-long area marked by a shear structure, approximately
200 metres south of Patwon. Previous exploration work yielded the
following results (see press release of November 11, 2021):
- Diamond drill hole ELM21-88: 122 g/t Au, 160 g/t Ag
and 307 g/t Te over 0.5 m;
- Grab samples: Up to 77.8 g/t Au, 167 g/t Ag and 124
g/t Te on the Gabbro Prospect;
- Till samples: High counts, with up to 166 gold grains,
mostly pristine;
- Geophysics: IP anomalies superimposed on the
lithostructural trend.
Most of this area is not outcropping. A total of 36 RC holes
were drilled on four fences to assess the target and prepare for
follow-up core drilling.
881 Zone
1.8-kilometre-long target marked by sheared felsic and mafic
volcanics approximately 1 kilometre north of Patwon.
- Till samples: High counts, with up to 881 gold
grains, mostly pristine;
- Grab samples: Up to 102.52 g/t Au from a prospect
1 kilometre east of the gold-bearing dispersion train in till;
- Geophysics: IP anomalies superimposed on the
lithostructural trend.
A total of 35 RC holes were drilled on three fences to assess
the target and prepare for follow-up core drilling.
Wolf
Zone
0.8-kilometre-long target marked by sheared felsic and mafic
volcanics approximately 2.5 kilometres NW of Patwon.
- Channel samples: A 40-metre-long quartz vein striking NE
on the Wolf Prospect returned up to 19.25 g/t Au over
1.0 m and 12.3 g/t Au
over 1.75 m;
- Diamond drill hole ELM21-107: 3.7 g/t Au over
0.7 m, located 400 metres to the
NE of the Wolf Prospect;
- Geophysics: IP anomalies superimposed on the
lithostructural trend.
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 Highway, a major all-season
highway. The region benefits from excellent infrastructure,
including significant road access, a hydroelectric power grid and
airports.
Updated drilling
database
The updated drilling database for the Patwon Zone is available
for download on Azimut's website under the heading Elmer Drilling
Data.
Drilling Contract and Analytical
Protocols
The RC drilling contract was awarded to Steve's Equipment
Services Inc. of Sesekinika,
Ontario. Rock chip samples from the program were sent to ALS
Laboratories ("ALS") in Val d'Or,
Quebec. All results are pending.
The core drilling contract was awarded to RJLL Drilling Inc. of
Rouyn-Noranda, Quebec. The core
diameter is NQ. Core samples were sent to AGAT Laboratories of
Mississauga, Ontario. Prospecting
samples were sent to ALS. Gold was 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 the program.
Certified reference materials, blanks and field duplicates are
included in all batches of drill core sent to the laboratory.
Grab samples are selective by nature and unlikely to
represent average grades.
The till samples were collected and processed under the
supervision of Dr. Remi Charbonneau,
P.Geo. Sample sizes ranged from 3 to 15 kg. In some cases, the
samples contained a significant amount of organic material. The
grain count per sample was normalized to an average of 5 kg of
sieved mineral fractions passing 3 mm. After fines were extracted
by decantation, the dense fraction was extracted by hand panning
and gold grains were counted and described using a binocular
microscope. Quantitative laboratory analysis for gold and a suite
of other elements was performed on the dense fraction using INAA
and on the fine fraction using ICP-MS. Gold grain counting from
till samples is an indirect exploration technique that, by itself,
is not indicative of gold discoveries in bedrock.
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, Michel
Chapdelaine, P.Geo., Project Manager, and Dr. Rémi
Charbonneau, P. Geo., Senior Consulting Quaternary Geologist have
also reviewed the content of this press release.
Amendment to the Stock Option
Plan
The Board of Directors has approved amendments to the Company's
stock option plan (the "Option Plan") in accordance with the
new provisions of Policy 4.4 of the TSX Venture Exchange, as
follows:
- Azimut has increased the number of common shares reserved for
future issuance under the Option Plan by 2,333,000 for a total of
8,175,000, representing approximately 9.99% of the 81,903,844
issued and outstanding common shares of the Company as at
April 4, 2022.
- Azimut has added a provision to the Option Plan pursuant to
which, in the event of early retirement, resignation or voluntary
departure of an option holder with less than three (3) years of
service, the expiry date of an option will be deemed to be the
earlier of (a) its expiry date or (b) a date falling one (1) month
from the date on which the holder ceased to hold office or perform
duties.
- Azimut has incorporated various clerical adjustments into the
Option Plan to align certain terms with new provisions of Policy
4.4.
About Azimut
Azimut is a leading mineral exploration company with a solid
reputation for target generation and partnership development. The
Company is actively advancing its wholly-owned flagship Elmer Gold
Project in the James Bay region to
the initial resource stage.
The Company uses a pioneering approach to big data
analytics (the proprietary
AZtechMineTM expert system), enhanced by
extensive exploration know-how. Azimut's competitive edge is based
on systematic regional-scale data analysis and concurrently active
projects. Azimut maintains rigorous financial discipline and a
strong balance sheet, with 81.9 million shares issued and
outstanding.
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.
Table 1: 2021
Significant Exploration Results (outside the Patwon Gold
Zone)
Prospecting Results (see
Figures 2 to 8)
New Prospects
Grab (G) or channel
(C) samples
|
Distance from
Patwon
|
Description
|
15.75 g/t Au
(G)
1.72 g/t Au
(G)
1.60 g/t Au, 0.23%
Cu (G)
0.38 g/t Au, 0.11%
Cu (G)
|
2.8 km W
|
Quartz-carbonate-chlorite veins crosscutting a gabbro
with
traces of pyrite and locally chalcopyrite; parallel to
schistosity
|
2.4 g/t Au
(G)
|
4.9 km W
|
Quartz-ankerite-tourmaline vein crosscutting
intermediate tuff
|
2.54 g/t Au over 0.75 m
(C)
1.1 g/t Au over 0.6 m
(C)
|
3.75 km WSW
|
|
0.57 g/t Au
(G)
|
6.66 km ENE
|
Fined-grained sheared
gabbro with traces of pyrite,
crosscut by a quartz vein
|
Prospect Reassessments
Channel
samples
|
Distance from
Patwon
|
Description
|
Wolf
Prospect
19.25 g/t Au over 1.0
m
12.3 g/t Au over 1.75
m
4.41 g/t Au over 1.0
m
|
2.6 km WNW
|
Outcropping, 40-m-long,
NE-striking decimetric to metric
quartz vein carrying pyrite and chalcopyrite with siliceous
and sericitic alteration along vein selvages
|
Boulder Lake
Prospect
1.10 g/t Au over 5.1
m
2.37 g/t Au, 1.2% Zn,
0.85% Pb over 1.8 m
|
6.9 km W
|
Quartz-chlorite veins
crosscutting felsic volcanics; sphalerite,
galena and pyrite with sericite alteration
|
AJ-2
Prospect
2.11% Zn, 968 ppm Pb
over 0.65 m
0.24% Zn over 1.85
m
0.14% Pb over 0.85
m
0.66% Zn, 0.24 g/t Au
over 0.6 m
|
8.5 km W
|
0.5- to 0.7-m-thick
rusty sulphide horizon with sphalerite and
galena, cropping out over a 60-m distance,
|
Core Drilling Results (see
Figures 6 to 8)
Hole
#
|
Interval
|
From /
To
|
Description
|
ELM21-088
|
122 g/t Au, 160 g/t Ag,
307 g/t Te over 0.5 m
|
119.1 m / 199.6
m
|
Quartz veinlets with
visible gold, pyrite,
tourmaline, hosted in a sheared gabbro
|
ELM21-107
|
3.7 g/t Au over 0.7
m
|
25.6 m / 26.3
m
|
Quartz vein subparallel
to schistosity
|
Hole Coordinates
Hole #
|
Azimuth
|
Dip
|
Length (m)
|
UTM East
|
UTM North
|
Elevation
(m)
|
ELM21-088
|
142.3
|
-45.2
|
123
|
319234.51
|
5800219.88
|
160.41
|
ELM21-107
|
146.4
|
-44
|
150
|
316534.33
|
5801313.69
|
165.90
|
Till Sampling Results (see
Figure 4)
See also the press release of January
19, 2021 (192 samples from the 2020 program)
Gold-bearing
dispersion train
|
Number of gold-
bearing till samples
|
Highest gold
count
(normalized to 5-kg
sample)
|
Dominant gold grain
morphology in the cluster
|
Other
information
|
#1
|
9
|
108
|
Pristine
|
4-km2 target
zone marked by very pristine to
pristine gold grains. No known gold prospect nearby.
|
#2
|
5
|
28
|
Mostly pristine to
sub-rounded
|
No known gold prospect
nearby.
|
#3
|
5
|
3
|
Mostly pristine to
sub-rounded
|
No known gold prospect
nearby.
|
#4
|
4
|
7
|
Pristine to
sub-pristine
|
No known gold prospect
nearby.
|
SOURCE Azimut Exploration Inc.