Symbol: AZM.TSX Venture
LONGUEUIL, QC, March 25, 2020 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) announces it will immediately suspend all its field operations to respect the order of the Government of Quebec in response to the COVID-19 pandemic. All of Azimut's employees and contractors are safely demobilizing and will be ready to resume operations as soon as possible.
At the current time, there is no anticipated change regarding the fully funded $10.5 million program planned for 2020. This program includes 18,000 metres of drilling on five (5) gold and copper-gold properties in Quebec.
On the Elmer Property (100% Azimut), two rigs are already positioned for a 6,000-metre (30-hole) diamond drilling program. The objective is to expand the Patwon gold discovery recently reported on the Property, which consists of multiple substantial drill hole intersections, including 3.12 g/t Au over 102.0 m. Most targets should be accessible and drillable year-round (see press release of March 18, 2020).
A heliborne high-definition magnetic survey totalling 2,706 line-kilometres with 50-metre line spacing has just been completed over the eastern part of the Property. The results of this survey will be processed and interpreted over the next few weeks.
On the Pikwa Property (SOQUEM/Azimut), an induced polarization survey totalling 21 line-kilometres has been conducted over a grid 5.6 kilometres long by 700 metres wide with 200-metre line spacing. The results are being processed and interpreted to support a forthcoming maiden diamond drilling program. Excellent results were obtained during the last field program, notably the delineation of a multi-kilometre long copper-gold target zone (up to 9.8% Cu and 13.4 g/t Au on outcrops, up to 20.1% Cu on boulders) (see press releases of October 23 and December 9, 2019).
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut's qualified person under National Instrument 43-101.
About Azimut Exploration
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 65.2 million shares outstanding.
Azimut holds the largest mineral exploration portfolio in Quebec. The Company's competitive 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]