TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC, May 30, 2022
/CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the
"Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased to
report new assay results from seven (7) holes drilled on the
Patwon Gold Zone on the Company's 100% owned Elmer
Property (the "Property") in the James Bay region of Quebec. The Company has now reached one of the
program's initial goals by cutting wide mineralized intercepts at a
vertical depth of 800 metres or more in several holes (ELM22-155,
-157A, and -158C) for which assay results are still pending.
The Company has now drilled thirty-six (36) holes (34 complete;
2 in progress) for 19,980 m during
this program, including thirty-one (31) on Patwon (18,951 m)
and five (5) on surrounding targets (1,029 m). The results for
the first fifteen (15) holes have already been reported (see
press releases of March 10 and
April 27, 2022). The results of
the Patwon delineation program will be incorporated into a
maiden mineral resource estimate supported by a technical
report compliant with National Instrument 43-101.
Azimut is planning a significant summer core drilling program to
test new targets in the vicinity of Patwon to follow up on the
507-hole reverse circulation drilling campaign (for 6,681 m) completed earlier this year (see
press release of April 6, 2022).
The Company considers that the discovery potential for additional
mineralized zones along strike from or subparallel to Patwon is
excellent.
HIGHLIGHTS (see Figures 1 to
8, Tables 1 to 4)
- The Patwon Zone keeps displaying remarkable continuity
from surface to a minimum vertical depth of 800 metres (about
900 metres along dip) where it remains open at
depth and possibly along strike. The zone has been
outlined over a strike length of nearly 600 metres, with an
average estimated true width of 35 metres.
- All deep holes drilled to date display wide, visibly
mineralized intercepts (assays pending):
-
- ELM22-155 (1,017 m):
Intercepts from 833 m to 997 m
(164 m along the hole)
- ELM22-157A (1,017 m):
Intercepts from 857 m to 990 m
(133 m along the hole)
- ELM22-158C (1,004.3
m): Intercepts from 843 m to
942 m (99 m along the hole)
- These preliminary observations support the expectation of a
deep extent of the mineralized body.
- Hole ELM22-151A 2.77 g/t Au over 8.25 m (from 732.25
m to 740.5 m),
including
-
- 19.80 g/t Au over 0.55
m
- 15.30 g/t Au over 0.60
m
- 2.10 g/t Au over 54.90 m
(from 782.0 to 836.9 m),
including
-
- 19.75 g/t Au over 1.20
m
- 12.61 g/t Au over 3.90
m
- Hole ELM22-146A 1.77 g/t Au over 12.75 m (from 429.65
m to 442.4 m),
including
-
- 10.15 g/t Au over 0.5
m
- 3.45 g/t Au over 24.40 m
(from 457.7 m to 482.10 m), including
-
- Hole ELM22-148 1.22 g/t Au over 54.40 m (from 486.0
m to 540.4 m),
including
-
- Hole ELM22-149 1.20 g/t Au over 26.55 m (from 578.45
m to 605.0 m)
-
- 1.96 g/t Au over 7.35 m
(from 665.15 m to 672.5 m)
- Hole ELM22-147 1.91 g/t Au over 2.80 m (from 348.2
m to 351.0 m)
-
- 1.21 g/t Au over 21.00 m
(from 392.5 m to 413.5 m), including
-
- Patwon's core zone is characterized by grade
x thickness ("GT") factors above 50 based on estimated
true widths (see Figures 7 and
8). This 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. At Patwon, visible gold in drill core is
generally a reliable predictor for GT factors close to or higher
than 50.
- Of the 31 delineation holes drilled so far during the
current program, thirteen (13) display visible gold grains
(ELM21-125, -127, -128, -129 and ELM22-132, -134, -136, -142, -143,
-146A, -148, -151A, and-153).
- The delineation drilling program is structured on a
systematic spacing of 50-metre centres from surface to a depth of
500 metres, and 50-metre by 75-metre centres down to 800 metres.
Patwon is thought to be open along strike, and
additional holes will test this.
The Elmer Property comprises 515 claims (271.3 km2)
over a 35-kilometre strike length. The Property lies 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.
Drilling Contract and Analytical
Protocols
The drilling contract was awarded to RJLL Drilling Inc. of
Rouyn-Noranda, Quebec. The core
diameter is NQ. The core samples were sent to ALS Laboratories in
Val d'Or, Québec, where gold was
analyzed by fire assay, with atomic absorption and gravimetric
finishes for grades above 3.0 g/t Au. Samples were also analyzed
for a 48-element suite using ICP. Azimut applies industry-standard
QA/QC procedures to its drilling programs. All batches sent for
analysis include certified reference materials, blanks, and field
duplicates.
Dr. Jean-Marc Lulin, P.Geo.,
prepared this press release as Azimut's Qualified Person under
National Instrument 43-101. Brigitte
Dejou, P.Eng., Project Manager, and François Bissonnette,
P.Geo. Operations Manager, have also reviewed the content of this
press release.
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 to the initial resource stage 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'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.
www.azimut-exploration.com
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.