Symbol: AZM.TSX Venture
LONGUEUIL, QC, Nov. 9, 2017 /CNW Telbec/ - Azimut Exploration Inc ("Azimut" or the "Company") (TSXV: AZM) is pleased to report that Hecla Mining Company ("Hecla") (NYSE-HL) has obtained encouraging results following a 2,945-metre diamond drilling program on the Opinaca B Property held by Azimut and its partner Everton Resources Inc. (TSXV: EVR). Best result is 0.61 g/t Au over 30.7 m (starting in mineralization), including 2.38 g/t Au over 2.0 m and 3.21 g/t Au over 1.7 m in hole OP-17-51 (see attached figure). A follow-up work program including mechanized trenching is planned in 2018.
The drilling campaign comprised 12 holes for a total of 2,945 metres of drilling on the following prospects: Dominic (4 holes), Fishhook (4 holes), D8 (2 holes), Eric (1 hole) and the eastern extension of Claude (1 hole).
The Dominic Prospect, where the most significant results have been obtained, corresponds to a folded epidote-amphibole-quartz-feldspar vein hosted in metasediments close to a felsic intrusion. Starting in mineralization, hole OP-17-51 intersected 0.61 g/t Au over 30.7 m in a chloritic breccia, including two higher grade intervals: 2.38 g/t Au over 2.0 m and 3.21 g/t Au over 1.7 m. These results warrant additional evaluation during the next field program, including trenching.
The Fishhook Prospect is a magnetic anomaly related to an iron-rich sedimentary unit. Drill targets correspond to possible alteration zones and faulting. Hole OP-17-49 returned 1.06 g/t Au over 1.5 m related to a fault zone.
The D8 Prospect corresponds to an arsenopyrite-tourmaline-rich shear zone (0.55 g/t Au over 4.0 m in previous trenching) and to amphibolite-hosted quartz veins (2.3 g/t Au over 1.0 m). No significant values were obtained in the two holes. At Eric and the eastern extension of Claude, only marginal values were obtained in the two holes.
The Opinaca B Property, comprising 248 claims covering 129.7 km2, is situated in a highly prospective part of the Eleonore mining camp where significant results have been recently released for the Eleonore South Property (Azimut-Goldcorp-Eastmain JV) (see press release of October 17, 2017). Hecla has the option to acquire a 50% interest in the Opinaca B Property by incurring $6 million in exploration work. The $928,000 spent during this program should complete Hecla's requirement to earn a 50% interest in the Property.
The drilling contract was performed by Chibougamau Drilling Ltd based in Chibougamau, Quebec. Drill core samples were sent to ALS Minerals in Val-d'Or, Quebec. Gold was analyzed by fire assay with atomic absorption and gravimetric finish for grades above 10.0 g/t Au. Altered and mineralized zones were also analyzed for a 48-element suite using ICP. Hecla applied industry-standard QA/QC procedures to the program. Certified reference materials and blanks were inserted in all drill core shipments to the laboratory.
This press release was prepared by geologist Jean-Marc Lulin, acting as Azimut's Qualified Person under NI 43-101.
Azimut is a mineral exploration company with its core business centred on target generation and concurrent partnership development. Targets are identified by Big Data Analytics (advanced processing of large geoscientific databases) enhanced by extensive exploration know-how. The Company has 45.4 million shares outstanding.
Azimut holds a strategic position for gold and base metals in Quebec, including one of the largest exploration portfolios in the James Bay region (20 properties covering 3,966 claims or 2,059 km2).
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