Symbol: AZM.TSX Venture
LONGUEUIL, QC, July 16, 2019 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to report excellent initial results from the 2019 exploration program on the Company's wholly-owned Elmer Property (the "Property"). Channel sampling on the Patwon Prospect confirms the strong exploration potential for a high-grade gold system on the Property.
The remainder of the 2019 work program will be adjusted according to the pending results of this first phase.
HIGHLIGHTS (see Figures 1 to 4)
- 292 channel samples were collected for a total length of 278.65 metres, as well as 172 rock grab samples. Most analytical results are pending.
- Channels in the immediate vicinity of a high-grade grab sample collected in late 2018 (54.6 g/t Au; see press release of November 20, 2018) yielded the following results:
- 22.1 g/t Au over 2.95 m (channel CH-09; open)
- 36.3 g/t Au over 2.0 m (channel CH-10; open)
- 9.52 g/t Au over 7.1 m (channel CH-11; open)
- Mineralized facies correspond to a centimetric to decametric network of quartz veins with strongly chloritized and carbonatized wall rocks containing 1% to 10% disseminated pyrite. A mafic intrusion cut by quartz feldspar porphyry dykes constitute the main host rocks.
- The outcropping Patwon Prospect, currently exposed over an area of about 150 metres by 100 metres, is open in most directions. A preliminary field assessment and initial analytical results point toward a sizeable target. The orientation of the mineralized envelope and true mineralized widths have not yet been determined.
- The Patwon Prospect is part of a newly interpreted 7-kilometre-long high-grade trend that includes four other prospects: East Zone, Patwon East, Gold Zone and Gabbro Zone (see Figure 2).
The Elmer Property comprises 247 claims covering 130 km2 over a 22-kilometre strike length. It is located 285 kilometres north of Matagami, 60 kilometres east of the municipality of Eastmain, and 40 kilometres west of the James Bay Road. The James Bay region benefits from quality infrastructure that includes major access roads, a hydro-power grid and airport infrastructure.
Azimut has identified and ranked 21 underexplored targets on Elmer since acquiring the Property by map designation in 2018 (see press releases of September 13, 2018 and June 13, 2019).
The current exploration program was made possible through funding from five of Quebec's financial institutions: CDPQ Sodemex Inc., Fonds de solidarité FTQ, SIDEX, Société de développement de la Baie James and Capital croissance PME II (see press release of December 21, 2018).
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 pioneering approach to big data analytics (the proprietary 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. The Company'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 (6) gold properties in the James Bay region and three (3) 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]