Symbol: AZM.TSX Venture
LONGUEUIL, QC, June 13, 2019 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to announce the start of an exploration program on its wholly-owned Elmer and Duxbury properties following the Company's comprehensive assessment phase. The properties provide continuous coverage over a 35-kilometre segment of an underexplored greenstone belt that is considered highly prospective for intrusion-related and shear-related gold deposits. Encouraging preliminary prospecting results, including 77.8 g/t Au, 60.4 g/t Au, 54.6 g/t Au and 8.56 g/t Au in grab samples, have already been reported (see press release of November 20, 2018).
Access to the Elmer and Duxbury properties is afforded by the quality infrastructure of the James Bay region of Quebec, one of the most active regions for gold exploration in Canada. Azimut is one of the leading exploration companies operating in Quebec.
HIGHLIGHTS (see Figures 1 to 4)
- Recently completed compilation and reprocessing of the historical database confirms the potential of the highly prospective Archean greenstone belt, only sporadically explored thus far. On the Elmer Property, 13 gold (silver, copper, zinc) prospects, mostly high-grade, are located within an ENE-WSW corridor 12 km long by up to 3 km wide. Reconnaissance prospecting on the Duxbury Property confirms the strike continuity of this trend.
- The geology is dominated by felsic volcanics, andesite, diorite, basalt, gabbro, and porphyry dykes. Alteration is characterized by sericitization in the felsic volcanics and porphyry dykes, and chloritization and carbonatization in the mafic lithologies (gabbros, diorite, basalts). At the scale of the Elmer Property, there is a strong association between gold and sericitized porphyry dykes. As previously reported (see press release of September 13, 2018), Azimut considers this context to be comparable to the geological environment of the Windfall gold deposit in the Abitibi region (Osisko Mining Inc.).
- On the Elmer Property, 21 areas of interest have been identified that warrant significant sampling. Ten are ranked as priority 1, five as priority 2, and six as priority 3. Ranking criteria include geological, structural, geophysical and mineralization factors. The current field program will advance the property to the drilling stage.
The Elmer Property comprises 233 claims covering 123 km2 and is located 285 kilometres north of Matagami, 60 kilometres east of the municipality of Eastmain, and 40 kilometres west of the James Bay Road, a major paved highway. The adjacent Duxbury Property comprises 184 claims covering 97 km2.
The current field program is expected to lead to significant revisions of the geological map and mineral potential for the area. Grab samples are selective by nature and unlikely to represent average grades.
This press release was prepared by Jean-Marc Lulin, P.Geo., acting as Azimut's qualified person under National Instrument 43-101.
Azimut is a mineral exploration company whose core business is centred on target generation and partnership development. The Company uses a proprietary pioneering approach to big data analytics (the AZtechMineTM expert system), enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline and has 53.3 million shares outstanding.
Azimut holds the largest mineral exploration portfolio in Quebec. Azimut's edge against exploration risk is founded on systematic regional-scale data analysis and multiple concurrently active projects. This includes two regional strategic alliances with SOQUEM for six gold properties in the James Bay region and three major gold-copper properties in the Nunavik region.
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.
For further information: Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045, [email protected]; www.azimut-exploration.com