2.68% Ni, 1.30% Cu and 0.09% Co over
3.30 m
Follow-up Drilling Underway
LONGUEUIL, QC, June 29,
2022 /CNW Telbec/ - Azimut Exploration Inc.
("Azimut" or the "Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased
to announce the discovery of nickel-copper massive sulphide
mineralization during its maiden diamond drilling program on
the Wapatik Property ("the Property"). Associated with an
ultramafic intrusion, the mineralized interval corresponds to an
electromagnetic conductor with excellent chances for expansion. A
minimum 6-hole (1,050-metre) follow-up program is already underway
to further delineate the shape and extent of this discovery. Other
attractive targets within the intrusion may also be
drill-tested.
The Property, located in the Eeyou Istchee
James Bay region
of Quebec, is under option
to Mont Royal
Resources Limited ("Mont Royal") (ASX:
MRZ). Mont Royal can acquire an initial 50% interest in the
Property by spending $4 million in exploration expenditures
over four (4) years and can earn a further 20% interest with an
additional investment of $3 million
and the delivery of a preliminary economic assessment over three
(3) years. Azimut is the operator.
HIGHLIGHTS (see Figures 1 to
3, Photo 1 and Table 1)
- 2.68% Ni, 1.30% Cu, 0.09% Co over 3.30 m from 143.4
m to 146.7 m along hole
WAP22-003 (vertical depth of 110 metres), including:
-
- 3.63% Ni, 0.48% Cu, 0.12% Co over 1.0
m, and
- 3.04% Ni, 0.75% Cu, 0.10% Co over 1.1
m.
- This initial drilling interval is one of the best
nickel-copper results recorded in the James Bay region, based on public data
(SIGEOM). It strongly supports Azimut's view that the region is
underexplored for nickel-copper deposits despite its favourable
geological context (see Azimut's press release of November 30, 2021).
- The massive to semi-massive sulphide mineralization in the
interval comprises coarse-grained pentlandite, chalcopyrite and
pyrrhotite. It displays brecciated textures containing angular to
subangular fragments of ultramafic rocks and metasediments. The
mineralized section is schematically positioned at the interface
between overlying ultramafic intrusive rocks and underlying
foliated host rocks dominated by pyrrhotite-bearing
metasediments.
- This interval indicates the potential for sulphide accumulation
at the bottom of the intrusion with an interpreted basin-shaped
geometry, supported by 3D magnetic inversion modelling (see
press release of April 19,
2022).
- The maiden drilling program consisted of four (4) holes for
1,068 m (holes WAP22-001 to 004).
These holes still need to be fully described and assayed. The
program was designed to test conductors identified by an
electromagnetic (SQUID) ground survey.
- Pulse-EM borehole surveys were performed to maximize the search
radius for each hole and provide information about the possible
extension of any conductors encountered. Survey results revealed
in-hole and off-hole anomalies, notably in hole WAP22-003. TMC
Geophysics of Val-d'Or
(Quebec) conducted the
surveys.
- Chibougamau Drilling Ltd of Chibougamau (Quebec) is carrying out the drilling
operations. Core diameter is BTW. All core samples were sent to ALS
Laboratories in Val-d'Or, Québec.
Samples were analyzed for a 48-element suite using ICP. High-grade
nickel and copper were analyzed using 4-acid digestion and ICP-AES
finish. Gold, platinum and palladium were analyzed using lead oxide
collection fire assay and ICP-AES finish. Azimut applies
industry-standard QA/QC procedures to its drilling programs. All
batches sent for analysis include certified reference materials,
blanks, and field duplicates.
PROJECT MILESTONES
In addition to the drill interval discussed above, other key
milestones since the inception of the project are as follows:
- Acquisition by map designation of the 25-kilometre-long Wapatik
Property, just prior to Azimut's announcement of the Elmer gold
discovery in the same greenstone belt (press release of
January 14, 2020);
- Signing of a joint venture option agreement between Azimut and
Mont Royal for Wapatik. Initial
targeting primarily considered the shear-related gold and
intrusion-related copper-gold potential of the Property (press
release of September 22,
2020);
- Initial property-scale exploration program comprising a
high-resolution heliborne magnetic survey (5,116 line-kilometres on
25-metre spaced lines), remote-sensing analysis, geological and
structural interpretation, and a till survey yielding 154 samples.
The interpretation of the magnetic survey led to the identification
of a previously unrecognized kilometre-scale intrusion, possibly
mafic-ultramafic, considered an attractive copper-nickel-PGE target
(press releases November 18, 2020
and October 25, 2021);
- Field confirmation of an ultramafic intrusion with disseminated
nickel-copper mineralization. The best grab sample from an outcrop
yielded 1.035% Cu, 0.384% Ni, 0.03% Co and 5.42 g/t Ag (press
release of December 7, 2021);
and
- A SQUID geophysical survey to follow up on the prospecting
results, identifying highly conductive zones interpreted as
potentially related to nickel-copper mineralization (press
releases of January 31 and
April 19, 2022).
About the Wapatik Property
Wapatik is a 25-kilometre-long project covering a largely
underexplored part of the Lower Eastmain greenstone belt in the
geological La Grande Subprovince of Archean age. It is on strike
from the Patwon Gold Zone, approximately 35 kilometres to the east.
It lies 10 kilometres north of the boundary with the geological
Opinaca Subprovince.
The Property covers 220 claims
(115 km2) in a single
block. The area has excellent infrastructure,
including road access and power lines.
Dr. Jean-Marc Lulin (P.Geo.)
prepared this press release as Azimut's Qualified Person under
National Instrument 43-101. Mathieu
Landry, P.Geo., Azimut's Senior Consultant, Brigitte Dejou, P.Eng., Project Manager, and
François Bissonnette, P.Geo., Operations Manager, have also
reviewed the content of this press release.
About Mont
Royal
Mont Royal Resources Limited (ASX: MRZ) is an Australian company
that pursues various mining opportunities in the resources sector,
with the aim of building shareholder value by acquiring, exploring,
evaluating and exploiting mineral resource project opportunities.
Mont Royal has a binding JV option
agreement with Azimut to earn up to 70% of the Wapatik Gold-Copper
Project. Mont Royal has also
acquired 75% of Northern Lights Minerals' 536-km2
package in the Upper Eastmain greenstone belt. The projects are
prospective for both precious (gold, silver) and base metals
(copper, nickel) in the James Bay
area, a tier-1 mining jurisdiction in Quebec, Canada. For further information
regarding Mont Royal, please visit
the ASX platform (ASX: MRZ) or the Company's website
www.montroyalres.com
About Azimut
Azimut is a leading
mineral exploration company in Quebec
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.
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.
info@azimut-exploration.com
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 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.