Symbol: AZM.TSX Venture
LONGUEUIL, QC, Feb. 27, 2018 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to announce the start of the
Phase 2 diamond drilling program on the Eleonore South Property
(Azimut-Eastmain-Goldcorp JV). Phase 2 consists of 5,100 metres in
29 holes, representing a 40% increase from the initial plan of
3,600 metres. The results of Phase 1 (4,443
m in 18 holes) were reported in the press release of
December 12, 2017. The Eleonore South
Property is adjacent to Goldcorp's Eleonore mine property in the
James Bay region of Quebec (Figure 1). Azimut is the
operator of the current program.
http://files.newswire.ca/616/PR-20180227-Figures.pdf
Highlights (Figures 2 to 7)
Drilling on the Property since September
2016 (9,686 m in 44 holes), along with detailed
prospecting, mechanical stripping and channel sampling, have
generated significant progress, including the following
highlights:
- The delineation of a major intrusion-hosted gold-bearing
corridor 4 kilometres long by 600 metres wide, which extends onto
the adjacent Cheechoo property to the NE (Sirios Resources
Inc.).
- The division of this highly prospective corridor, characterized
by a low magnetic footprint and strong gold-arsenic soil anomalies,
into two parallel trends striking NE-SW:
a) the Moni Trend,
characterized by a high-grade quartz-felspar (±pegmatitic) vein
system; best results include 79.5 g/t Au over 5.87 m (channel sample, Moni Prospect),
101 g/t Au (outcrop grab sample, 101 Prospect) and
1,500 g/t Au (angular boulder, Trench Prospect);
b) the Contact Trend, characterized by highly altered
gold-bearing zones up to 60 m wide
(>0.5 g/t Au) near the contact with overlying
metasedimentary rocks; best results include 4.9 g/t Au
over 45.0 m (hole ES17-64);
1.46 g/t Au over 45.5 m (hole
ES17-77), 6.13 g/t Au over 9.0
m (hole ES17-80) and 3.15 g/t Au over 24.0 m (hole ES17-88).
Drilling Objectives (Figure 8)
The Phase 2 objectives are as follows:
- Moni Trend: Test highly prospective targets along a
1-kilometre strike by drilling 2,200
m in 18 holes, including closely spaced
holes on the high-grade Moni Prospect.
- Contact Trend: Assess the grade and geometric continuity
of three sectors that returned significant gold results and
commence drilling in untested sectors over a 1.5-kilometre strike
length near the tonalite/metasediment contact by drilling 2,900
metres in 11 holes.
Updated Exploration Model and Upside (Figures 9 and
10)
New information acquired over the past few months on the
Property, as well as public data, have been systematically reviewed
and integrated to optimize the ongoing discovery process.
- Several key factors point toward a reduced intrusion-related
deposit type given the following criteria:
-
- a close spatial association with a granitoid intrusion;
- a weak magnetic footprint;
- low sulphide contents (generally <0.5% arsenopyrite, pyrite,
pyrrhotite);
- free gold associated with large quartz-albite-(biotite)
stockwork zones;
- extensive silica-albite pervasive alteration; and
- Bi, As, W, Mo metal association.
- In this scenario, the geometry of the intrusion is critical in
identifying the main mineralization controls and potential traps.
Subject to further validation, the intrusion appears to be a thick
planar body (450 m to 500 m thick) with a moderate to
shallow dip to the south or southeast along its southern boundary,
and a dip to the west along its western boundary (JT Prospect
area).
- The current interpretation suggests the late (2.61 billion
year-old) tonalite has not been overturned. Consequently, where the
shallow-dipping intrusion is overlain by metasedimentary rocks,
this context may correspond to the top of the uneroded
intrusion.
- A magnetically quiet core area to the east of JT Prospect is
consistent with a central thicker part of a mushroom shaped
intrusion.
This general framework provides new guidelines for appraising
the Property's gold potential, as summarized below:
- Since the tops of intrusions are traditionally viewed as highly
prospective for intrusion-related mineralization, the Contact Trend
may represent decompression stockwork zones close to the top of the
intrusion, and the Moni Trend may represent a deeper vein system
(feeder zone?).
- Based on the observed 20o to 50o dipping
contact of the intrusion, potential occurrences of mineralization
could be found at shallow depth under the metasedimentary
sequences. A given mineralized intercept at 300 m depth would laterally increase the
prospective corridor by 400 m.
- This geometric model may also provide new exploration guides
for the surrounding metasedimentary rocks. A possible
interpretation for the sediment-hosted JT Prospect is proximal
mineralization trapped immediately above the intrusion-related
mineralized system. By extension, this could mean that sedimentary
rocks overlying the tonalite are very prospective. Lastly,
metasedimentary slabs within the intrusion and heterogeneities
along the contact may also have acted as traps, notably at the base
of the intrusion.
- In the scenario proposed above, the prospective corridor on the
Property would expand up to 6 kilometres long, superimposed on the
intrusion and a strip of overlying metasedimentary rocks; this
prospective strip of metasedimentary rocks would extend from the JT
Prospect to the area of drill holes ES17-60 and 77.
About the Eleonore South Joint Venture Property
The Eleonore South Property is a three-way joint venture between
Azimut Exploration Inc., Eastmain Resources Inc. (TSX: ER) and
Goldcorp Inc. (TSX: G; NYSE: GG). Ownership in the
Property is as follows: Azimut 26.6%, Eastmain 36.7% and Goldcorp 36.7%. The
2017-2018 program is operated by Azimut under the supervision of
Dr. Jean-Marc Lulin and the field
direction of François Bissonnette, both professional geologists and
qualified persons under National Instrument 43-101. This press
release was prepared by Jean-Marc
Lulin, on behalf of Azimut.
About Azimut Exploration
Azimut is a mineral exploration company whose core business is
centred on target generation and partnership development. Targeting
is performed using a pioneering proprietary approach to Big Data
analytics, enhanced by extensive exploration know-how. The Company
maintains rigorous financial discipline. It has 48.5 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 (21 properties covering 4,146
claims or 2,154 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.