TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC,
July 28,
2022 /CNW Telbec/ - Azimut Exploration
Inc. ("Azimut" or the "Company") (TSXV: AZM)
(OTCQX: AZMTF) is pleased to report that a significant
drilling program is actively progressing on the
Company's 100% owned Elmer Property
(the "Property") in the Eeyou Istchee James Bay region of
Quebec:
- Three (3) drill rigs are dedicated to the delineation
program of the Patwon Gold Zone; and
- One (1) drill rig has started a property-wide exploration
program to test several quality targets on strike or subparallel to
Patwon.
Drilling to date has been focused at Patwon and has
confirmed a robust and continuous mineralized zone from surface
down to a minimum vertical depth of 800 metres, over a strike
length of up to 600 metres and an estimated true thickness of 35
metres on average. Patwon remains open at depth and
possibly along strike.
Delineation program of the
Patwon Gold Zone (see Figures 1 to
3)
- As of today, 46 holes for 28,341 metres (43 completed, 3
in progress) have been drilled since the start of the current
delineation phase initiated in October
2021, including forty (41) on Patwon (27,312 m) and five (5) on other targets
(1,029 m). The results
for the first twenty-two (22) holes of this phase have already been
reported (press releases of March
10, April 27, and May 30, 2022). Pending results
will be reported once assay results are received and
interpreted.
- Six (6) holes (3,500 m) remain to be drilled in this
program, bringing this current phase to a total of about
31,500 metres. Complete results of
this phase will be incorporated into a maiden
mineral resource estimate supported by a technical report
compliant with National Instrument
43-101. The resource estimate will
be initiated when the grid drilling pattern has been completed down
to the 800-metre level. All indications are that the Patwon Zone
remains open at depth.
- The Patwon Gold Zone has to date been delineated with 112
holes totalling 45,810 metres since the original
announcement of the discovery (press release of January 14, 2020). A complete
updated drilling database will be provided shortly.
Property-wide exploration
drilling phase (see Figure
4)
- Azimut has started a minimum 5,000-metre property-wide
exploration drilling program targeting twelve (12) sectors located
along strike and subparallel to Patwon. The Property covers a
35-kilometre-long highly prospective greenstone belt that remains
largely underexplored.
- These targets have been defined following the systematic
collection of data including:
-
- 507 reverse circulation ("RC") holes for 6,681 metres of
drilling;
- Induced polarization and high resolution heliborne
magnetic surveys;
- Prospecting and till sampling; and
- Complete geological and structural reinterpretation of
the Property.
- Drilling at three (3) of these targets will follow-up
from previously disclosed results over multiple kilometre-long
sectors: Gabbro Prospect, 881 Zone and Wolf
Prospect (press releases of November
11, 2021 and April 6,
2022).
- Most target areas have been ranked through the advanced
geochemical processing of the bedrock database acquired from
prospecting, core drilling and RC drilling phases. A distinctive
silver-bismuth-tellurium-tungsten "Patwon-style" footprint is
recognized, well correlated with the gold content. A summer
prospecting program will continue assessing new attractive
areas.
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 Contracts and
Analytical Protocols
RJLL Drilling Inc. of Rouyn-Noranda, Quebec, is the contractor for
the delineation phase at Patwon. The core diameter is NQ.
Chibougamau Drilling Ltd of Chibougamau,
Quebec, is carrying out the exploration drilling operations
with a core diameter of BTW.
Samples are sent to ALS Laboratories in Val d'Or, Québec, where gold is analyzed by
fire assay, with atomic absorption and gravimetric finishes 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 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 82.2 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.
SOURCE Azimut Exploration Inc.