Symbol: AZM.TSX Venture
LONGUEUIL, QC, July 18, 2018 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to report the results of
thirty-two (32) diamond drill holes totalling 5,448.6 metres on the
Eleonore South Property (Azimut-Goldcorp-Eastmain JV). This
phase completes the 2017-2018 diamond drilling program of fifty
(50) holes for 9,891.6 metres. Located in the James Bay region of Quebec, Eleonore South is adjacent to the
property that hosts the major Eleonore gold mine owned and operated
by Goldcorp (see Figure 1). A new work program is being prepared
and will soon be announced.
From 2016 to 2018, Azimut has been the operator of surface
exploration work and diamond drilling programs (76 holes totalling
15,134 m) that revealed a large
tonalite-hosted gold-bearing system with the following key
features:
- A gold corridor at least 2 kilometres long by 600 to 700 metres
wide largely constrained within the tonalite intrusion but close to
its contact with the surrounding metasedimentary rocks;
- Consistent anomalous gold values (>0.5 g/t Au) within the
mineralized corridor, along with several networks of quartz veins
and veinlets, strong sodic alteration, very low sulphide
concentrations (<0.5%) and frequent native gold grains;
- Several higher-grade zones within the mineralized envelope,
characterized by: a) clusters of quartz-albite-biotite stockworks
accompanied by arsenopyrite, pyrrhotite, pyrite, scheelite and
native gold (principally along the "Contact Trend"); and b)
a quartz-feldspar pegmatitic vein system with native gold
(principally along the "Moni Trend").
In addition, gold zones in the metasediments around the
intrusion, such as the JT Prospect, define a semi-circular area
approximately 5.5 kilometres across with considerable exploration
upside (see Figures 2 and 3).
http://www.azimut-exploration.com/en/presentations/PR_20180718_Figures.pdf
http://www.azimut-exploration.com/en/presentations/PR_20180718_Table1.pdf
New Drilling Highlights
Hole
ES18-92a:
|
5.7 g/t Au over
2.9 m
|
|
|
|
|
Hole
ES18-93:
|
3.8 g/t Au over
4.2 m
|
including 20.1 g/t
Au over 0.7 m
|
|
|
|
Hole
ES18-95:
|
13.58 g/t Au over
2.5 m
|
including 33.0 g/t
Au over 1.0 m
|
|
|
|
Hole
ES18-98:
|
8.56 g/t Au over
8.4 m
|
including 71.4 g/t
Au over 1.0 m and 18.01 g/t Au over 3.9 m
|
|
|
|
Hole
ES18-99:
|
2.58 g/t Au over
7.8 m
|
including 17.4 g/t
Au over 0.9 m
|
|
|
|
Hole
ES18-100:
|
42.37 g/t Au over
7.0 m
|
including 294.0
g/t Au over 1.0 m
|
|
|
|
Hole
ES18-101:
|
6.06 g/t Au over
3.5 m
|
including 13.6 g/t
Au over 1.5 m
|
|
|
|
Hole
ES18-102:
|
1.68 g/t Au over
5.0 m
|
|
15.7 g/t Au over
0.6 m
|
|
|
|
|
Hole
ES18-108a:
|
1.12 g/t Au over
33.6 m
|
including 18.5 g/t
Au over 1.5 m
|
0.69 g/t Au over
84.8 m
|
including 1.17 g/t
Au over 10.9 m and 1.23 g/t Au over 16.1 m
|
|
|
|
Hole
ES18-109:
|
1.69 g/t Au over
3.6 m
|
|
0.65 g/t Au over
30.0 m
|
|
|
|
|
Hole
ES18-111:
|
1.41 g/t Au over
9.4 m
|
including 5.64 g/t
Au over 1.0 m and 2.18 g/t Au over 5.6 m
|
|
|
|
Hole
ES18-51ext:
|
0.57 g/t Au over
143.1 m
|
including 5.0 g/t
Au over 4.0 m, 14.05 g/t Au over 1.0 m, 0.81 g/t Au
over 28.5 m, and 1.16 g/t Au over 6.7 m
|
|
|
|
Hole
ES18-112:
|
0.71 g/t Au over
43.4 m
|
including 1.17 g/t
Au over 19.3 m and 10.2 g/t Au over 1.0 m
|
|
|
|
Hole
ES18-113:
|
2.18 g/t Au over
3.0 m
|
|
1.13 g/t Au over
9.9 m
|
including 5.92 g/t
Au over 1.0 m
|
0.62 g/t Au over
16.0 m
|
|
|
|
|
Hole
ES18-118:
|
0.64 g/t Au over
25.1 m
|
|
|
|
|
Hole
ES18-119:
|
10.4 g/t Au over
1.5 m
|
|
Native gold has been identified in 18 of the 32 drill holes
(see Figure 4).
Technical Comments
The objectives of this diamond drilling phase were to (see press
release of February 27, 2018):
a) Test the Moni Trend, particularly through closely
spaced holes along the high-grade Moni Prospect;
and
b) Assess the grade and geometric continuity of the Contact
Trend in greater detail.
The Moni Trend has now been drilled with twenty (20)
holes totalling 2,351.2 metres, including twelve (12) holes
totalling 754.8 metres focused on the Moni Prospect. This
includes the extension of hole ES16-48 by 107.2 metres (final depth
of 258 m for ES18-48ext). One hole was abandoned (ES18-92 at
14.6 m). The northeast-striking Moni Trend is in the tonalite
intrusion, about 500 metres from the metasedimentary
contact.
The results of the closely spaced holes on the Moni Prospect
indicate good geometric continuity for the northeast-striking
quartz-feldspar pegmatitic vein, which starts at surface and has
been tested to a vertical depth of 40 metres along a 60-metre
strike length (see Figures 5 and 6). The best results include
42.37 g/t Au over 7.0 m (hole
ES18-100), 8.56 g/t Au over 8.4
m (hole ES18-98) and 13.58 g/t Au over 2.5 m (hole ES18-95). These drilling results
correlate well with channel results returning up to
79.5 g/t Au over 5.87 m
and 79.6 g/t Au over 4.25
m (see press release of October
17, 2017).
The veining encountered during this detailed drilling phase
shows variable width. Several holes testing the Moni Prospect
intersect a brittle post-mineralization fault causing strong
fragmentation and local core loss within some of the gold-bearing
pegmatitic veins.
Gold values obtained in these veins are generally related to the
presence of visible gold. The dense drilling test below known
surface mineralization was a useful tool for establishing the
potential for continuity of gold mineralization in a Moni Type vein
system. The results increase the confidence for successful drilling
of similar veins.
Other drill intercepts along the Moni Trend returned encouraging
values that may indicate multiple subparallel high-grade veins
within a 200-metre-wide corridor:
- 6.05 g/t Au over 3.5 m
(hole ES18-101)
- 15.7 g/t Au over 0.55 m
(hole ES18-102)
- 10.4 g/t Au over 1.5 m
(hole ES18-119)
The vein systems at the Moni Prospect and within the currently
defined Moni Trend remain open at depth and laterally, warranting
additional trenching and drilling.
The Contact Trend has been drilled with twelve (12) holes
totalling 3,097.4 metres. This includes the extension of hole
ES16-51 by 116.7 metres (final depth of 366 m for ES18-51ext).
One hole was abandoned (ES18-108 at 57.0
m). Drilling confirms the presence of consistent gold
mineralization along a zone at least 1.2 kilometres long and 150 to
300 metres wide, adjacent to the contact with the surrounding
metasedimentary rocks.
The recent drilling phase shows a reasonably good geometric
continuity of gold mineralization identified in 2017 in three drill
hole clusters (see Figures 3, 7 and 8). These zones remain open
down dip and along strike. From northeast to southwest, the
clusters yielded the following results:
- 1.12 g/t Au over 33.6 m
and 0.69 g/t Au over 84.8 m,
including 1.17 g/t Au over 10.9
m and 1.23 g/t Au over 16.1
m (hole ES18-108a).
Hole ES18-108a represents the downdip extension of the following
previously reported results:
1.46 g/t Au over 45.5 m, 0.53 g/t Au over 106.0 m (hole ES17-77); and
0.65 g/t Au over 144.0 m
including 1.9 g/t Au over 22.5
m, 4.74 g/t over 6.0
m (hole ES17-60).
This cluster trends northeast and is 200
m long by 100 m wide with a
dip of 50 to 60 degrees to the southeast.
- 1.41 g/t Au over 9.4 m
including 5.64 g/t Au over 1.0
m and 2.18 g/t Au over 5.6
m (hole ES18-111); and
0.57 g/t Au over 143.1 m
including 5.0 g/t Au over 4.0
m, 14.05 g/t Au over 1.0 m, 0.81 g/t Au over
28.5 m and 1.16 g/t Au over
6.7 m (hole ES18-51ext).
Both holes represent the extension of the following previously
reported results:
3.06 g/t Au over 77.3 m including 4.9 g/t Au over
45.0 m (hole ES17-64)
1.58 g/t Au over 12.0 m and
0.59 g/t Au over 28.5 m (hole
ES16-55)
0.45 g/t Au over 87.0 m (hole
ES17-74)
This cluster measures at least 300 metres by 50 metres and trends
northeast with a possible subhorizontal to shallow dip to the
southeast.
- 2.18 g/t Au over 3.0 m,
1.13 g/t Au over 9.9 m and
0.62 g/t Au over 16.0 m (hole
ES18-113).
This hole represents the extension of the following previously
reported significant results:
0.49 g/t Au over 76.5 m (hole
ES17-87)
0.62 g/t Au over 147.5 m
including 1.11 g/t Au over 6.0
m, 5.76 g/t Au over 9.0
m (hole ES17-80)
1.53 g/t Au over 6.0 m and
3.15 g/t Au over 24.0 m (hole
ES17-88)
0.50 g/t Au over 123.5 m
including 4.45 g/t Au over 4.5
m, 12.35 g/t Au over 1.5
m and 1.04 g/t Au over 6.0 m (hole ES17-90).
This cluster has a northeast trend with a minimum extent of 300
metres by 100 metres and a possible subhorizontal dip.
Drilling also investigated an untested area between two drill
hole clusters centred on ES18-111 and ES18-113, respectively. Three
holes have been drilled within a 500-metre interval. Salient
results are: 0.71 g/t Au over 43.4
m including 10.2 g/t Au over 1.0
m (hole ES18-112) and 0.48 g/t Au over
15.4 m (hole ES18-117).
Exploration Model and Upside
- Several key factors point toward a reduced intrusion-related
deposit type for the gold-bearing system identified at Eleonore
South (see press release of February 27,
2018). The Fort Knox mine in Alaska (Kinross Gold Corporation) and the Côté
Lake Project in Ontario (IAMGOLD)
are useful examples of large-scale intrusion-related gold
deposits.
- In this scenario, assessing the geometry of the intrusion and
the surrounding metasedimentary rocks is critical given that the
tops of intrusions are typically viewed as highly prospective.
- 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). In this geometric context, the upper contact of the uneroded
intrusion is overlain by metasediments.
- Decompression along the upper contact of the tonalite intrusion
may have been the main control for mineralization along the
Contact Trend, with decompression-related fracturing acting
as a conduit and trap for late-stage magmatic-hydrothermal fluids.
The main features in this zone include networks of veins and
veinlets, stockworks, and quartz-feldspar pegmatites, all of which
are associated with large alteration zones (200 m to 400 m
thick).
- Additional significant exploration upside exists within the
portions of the tonalite that extend below the metasediments, as
shown by the results obtained in holes ES18-108a and ES18-113. The
same configuration exists at the JT Prospect where historical hole
ES08-12 returned 2.15 g/t Au over 14
m.
- The metasedimentary rocks overlying the tonalite also appear to
be highly prospective, as illustrated by sediment-hosted gold
mineralization at the JT Prospect; these warrant further
evaluation.
- Future exploration at Eleonore South will focus on two main
target types: the network of high-grade veins along the Moni
Trend, and the wide low-grade (0.5 g/t to 1.0 g/t Au)
gold-bearing system along the Contact Trend.
Drilling Contract and Analytical Protocol
The drilling contract was awarded to Chibougamau Drilling Ltd
based in Chibougamau, Quebec. The
hole diameter is BTW. 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 3.0 g/t Au. Samples were also analyzed for
a 48-element suite using ICP. Azimut applied industry-standard
QA/QC procedures to the program. Certified reference materials,
blanks and field duplicates were inserted in all batches of drill
core sent to the laboratory.
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%.
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. This press release was prepared by Jean-Marc Lulin, 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 concurrent partnership
development. Targeting is performed using a pioneering proprietary
approach to Big Data analytics, enhanced by extensive exploration
knowledge. The Company maintains rigorous financial discipline and
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 4,421
claims or 2,297 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.