Symbol: AZM.TSX Venture
LONGUEUIL, QC, Sept. 11, 2018 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or "the Company")
(TSXV: AZM) is pleased to announce the start of a new
exploration program on the Eleonore South JV Property
(Azimut-Eastmain-Goldcorp) where a substantial gold-bearing system
has been uncovered from 2016 to 2018. The adjacent property to the
north west hosts the major Eleonore gold mine owned and operated by
Goldcorp (see Figure 1).
Fall 2018 Exploration Program
The new $2.5 million budget will
consist of the following work:
- 2,000 metres of mechanized trenching to expose gold
mineralization and alteration in the Cheechoo tonalite intrusion
and along the intrusion-metasediment contact (1,250 m of trenching), and to expose the
southwestern extensions of the high-grade Moni Prospect
(750 m of trenching);
- 7,000 metres of diamond drilling with the following
objectives:
- Continue to evaluate gold-bearing zones within the Cheechoo
intrusion to establish the continuity of significant previous
drilling results;
- Expand exploration along the intrusion-metasediment
contact;
- Assess the gold potential of the tonalite below the
sediment-hosted JT Prospect, along the western edge of the
intrusion; and
- Assess the extensions of the high-grade Moni Prospect and of
the Moni Trend based on the results of the above trenching
program.
Large intrusion-hosted gold-bearing system
From 2016 to 2018, surface exploration work and diamond drilling
(76 holes totalling 15,134 m) revealed a large tonalite-hosted
gold-bearing system in the eastern part of the Eleonore South
Property. Key features are (see Figures 2 and 3):
- The delineation of a gold corridor at least 2 km long by 600 to
700 m wide, largely constrained
within the Cheechoo tonalite intrusion but close to its contact
with the surrounding metasedimentary rocks.
- The corridor is marked by consistent anomalous gold values
(>0.5 g/t Au) and comprises several networks of quartz veins and
veinlets, strong sodic alteration, very low sulphide concentrations
(<0.5%) and frequent native gold grains.
- Two main mineralized trends are identified within this
corridor: a) the Contact Trend characterized by clusters of
quartz-albite-biotite stockworks accompanied by arsenopyrite,
pyrrhotite, pyrite, scheelite and native gold; and b) the Moni
Trend, a dominantly quartz-feldspar pegmatitic vein system with
native gold.
The new exploration model for the Eleonore South gold system
represents a major step forward. It is largely based on the
geometry of the tonalite intrusion and the surrounding
metasediments. Key points are as follows:
- The Cheechoo tonalite intrusion is interpreted as a
mushroom-shaped body (lopolith) 450 to 500
m thick from top to bottom contacts. This is supported by
mapping, drilling and high-definition aeromagnetic data. It has a
moderate to shallow dip to the south or southeast along its
southern boundary, and a dip to the west along its western
boundary.
- The syn- to late tectonic age of the Cheechoo intrusion (2,612
million years) and a magnetically quiet core zone, viewed as a
possible root zone corresponding to the thickest part of the
mushroom-shaped intrusion, suggest that the intrusion has not been
overturned. The interpreted geometry is thus defined by a lower
tonalite contact (base of the intrusion) over metasediments and an
upper tonalite contact (top of the intrusion) overlain by
metasediments (see Figure 4).
- According to this model, the Contact Trend represents a
decompression stockwork zone either at or close to the top of the
intrusion. This mineralized trend may extend downdip along the top
of the intrusion, both parallel to and below the contact with the
overlying host metasediments. The high-grade quartz-feldspar
pegmatite vein-type mineralization characterizing the Moni
Trend (also observed within the Contact Trend) appears as a
late-stage hydrothermal-magmatic phase.
- This model considerably expands the exploration potential of
the Eleonore South Property:
- The upper contact of the intrusion may extend along the 10.4-km
intrusive-metasediment contact all the way to the boundary between
the Eleonore South JV and Eleonore (Goldcorp) property boundary,
including the FD Prospect area;
- The metasediments overlying the intrusion also represent highly
prospective targets, one such example being the sediment-hosted
JT Prospect;
- Finally, gold mineralization and/or alteration zones observed
within metasediments overlying the tonalite may indicate the
presence of exploration targets in the underlying tonalite, one
such example being hole ES08-12 in the JT Prospect area where
2.15 g/t Au was obtained over 14 m of tonalite.
About the Eleonore South Joint Venture Property
The Eleonore South Property is a three-way joint venture between
Azimut, Eastmain Resources Inc. (TSX: ER) and Les Mines
Opinaca Ltée ("Opinaca"), a wholly-owned subsidiary of
Goldcorp Inc. (TSX: G; NYSE: GG). Ownership in the
Property is as follows: Azimut 26.6%, Eastmain 36.7% and Goldcorp 36.7%.
Eastmain is the manager of the
joint venture and the operator of the current program under the
supervision of William McGuinty,
P.Geo., a qualified person under National Instrument 43-101. This
press release has been prepared by 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. 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 (22 properties covering 4,556
claims or 2,367 km2).
www.azimut-exploration.com
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.