LONGUEUIL, QC, April 19,
2022 /CNW/ - Azimut Exploration Inc. ("Azimut"
or the "Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased to
announce that it has identified
highly-conductive zones potentially related
to intrusion-hosted nickel-copper mineralization
following the completion of a ground geophysics survey on the
Wapatik Property ("the Property"). These attractive targets will be
tested by 1,000 metres of core drilling early this summer.
The Property, located in the Eeyou Istchee
James Bay region
of Quebec, is under option
to Mont Royal
Resources Limited ("Mont Royal")
(ASX: MRZ). The 2022 partner-funded exploration budget
amounts to $800,000, and Azimut is
the operator.
HIGHLIGHTS (see Figures 1 to
3)
- A very responsive (SQUID) electromagnetic ground survey has
been completed over an area of 1 kilometre by 14 kilometres on a
mineralized ultramafic intrusion recently identified by Azimut
(see press release of January 31,
2022). Completed by TMC Geophysics of Val-d'Or (Québec), the 15-kilometre survey
consisted of 1-kilometre lines spaced 100 metres apart within a
large, fixed loop.
- Five (5) high-conductivity features have been identified by the
survey, and a "plate model" has been generated to define their
dimensions (see Figure 3).
- Two (2) moderate-sized conductors in the eastern part of the
grid coincide with the magnetic ultramafic intrusion and are
situated at modelled vertical depths of 80 metres and 100 metres.
The easternmost conductor is also closely associated with the
previously reported best result of 1.03% Cu, 0.384% Ni, 316 ppm Co
and 5.42 g/t Ag in a pyroxenite grab sample from an outcrop.
Note that grab samples are selective by nature and unlikely to
represent average grades.
- The largest conductor, defined by a 220-metre by 160-metre
plate model, appears to sit at a vertical depth of 300 metres at
the basal contact of a basin-shaped geometry, as defined by the 3D
magnetic inversion of the intrusion. This setting represents a
favourable environment for sulphide accumulation.
- The best conductors in this highly favourable geological
context will be tested by diamond drilling.
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 kilometres to the east, and 10
kilometres north of the boundary with the Opinaca Subprovince.
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 with 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. Mathieu
Landry, P.Geo., Senior Consultant, has also reviewed the
content of this press release.
About Plate Modelling of
Electromagnetic Anomalies
Specialized software is used to fit the signal of an anomalous
electromagnetic response to a simple theoretical model expressed as
a 3D plate object. This plate model provides an indication of the
feature's potential conductivity, relative size, orientation and
depth.
About Mont
Royal
Mont Royal Resources Limited is an Australian company
incorporated for the purpose of pursuing various mining
opportunities in the resource sector, with the aim of building
shareholder value by acquiring, exploring, evaluating and
exploiting mineral resource project opportunities. For more
information on 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 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 Wapatik 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.