Symbol: AZM.TSX Venture
LONGUEUIL, QC, Sept. 1, 2020 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to provide an update on its main exploration projects in the James Bay and Nunavik regions of Quebec.
Elmer (gold)
Pikwa (copper-gold)
Rex and Rex South (copper-gold, strategic metals)
The Pikwa Property is part of the Azimut-SOQUEM James Bay Strategic Alliance. The Rex and Rex South properties are part of the Azimut-SOQUEM Nunavik Strategic Alliance (see press release of May 15, 2019).
The sections below provide additional information on the current Elmer and Pikwa work programs (see Figure 1).
Elmer Property (100% Azimut)
Azimut resumed drilling on August 18, 2020, to complete its 10,000-metre summer program with 15 additional holes for a total of 54. The objective is to continue expanding the Patwon discovery along strike and at depth (down to 250 m) with a systematic drill pattern on 50-metre centres. Azimut's management considers this to be a highly rewarding low-risk technical approach based on the robustness of the Patwon mineralized system. Preliminary geometry and grade characteristics may support the concept of an open pit mining operation. Significant additional drilling will be required to define the full extent, shape and grade of the mineralized body.
Results reported to date (see press releases of January 14 and July 27, 2020) indicate the following:
The Elmer Property is favourably located just 5 kilometres west of the paved James Bay Road, a major all-season highway. In addition, the project can benefit from nearby quality infrastructure, including a hydro-power grid and airports.
Azimut staked the Property in 2018 based on the Company's gold predictive modelling over the James Bay region using its proprietary AZtechMineTM expert system. The first work program started in October 2018.
Pikwa Property (SOQUEM / Azimut option)
Ground geophysics (IP) is underway on Copperfield East, a 10-kilometre-long copper-gold target in the extensive Copperfield Trend on the Pikwa Property. The current survey represents a 4.4-kilometre strike extension of a previous survey that identified an extensive series of moderate to strong IP anomalies (see press release of April 27, 2020).
Copperfield East displays excellent spatial correlation between the following previously reported features:
The integration of these data will be used to prepare for a 2,000-metre diamond drilling program scheduled to start this fall.
A total of 268 grab samples collected from the Copperfield Trend, namely in the area covered by a geochemical soil survey, includes 141 samples from boulders and 127 from outcrops. Outcrop exposure on the main soil anomaly is generally poor. The key grab sample results can be summarized as follows (see press releases of October 16, October 23 and December 9, 2019 for details):
Grab samples are selective by nature and unlikely to represent average grades.
The Copperfield Trend is interpreted as a porphyry system emplaced along the margins of an intrusion and subsequently sheared during regional-scale tectonic events.
As previously reported, several geological and mineralogical features of the Copperfield Trend suggest it may represent an Archean analogue of the context of Sweden's Paleoproterozoic Aitik Cu-Au-Ag-Mo porphyry deposit. The Aitik mine, owned by Boliden, is the largest open pit operation in northern Europe. It provides valuable parameters regarding geometry, size and grades that are being used to optimize the exploration approach for Copperfield.
Azimut acquired the Pikwa Property in 2016 based on the Company's gold predictive modelling over the James Bay region using its proprietary AZtechMineTM expert system.
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
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 65.8 million shares outstanding. Azimut's competitive edge against exploration risk is founded on systematic regional-scale data analysis and multiple concurrently active projects.
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.
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