Azimut expands drilling in Quebec, shares jump

Helicopter supported exploration at James Bay region (Credit: Azimut)

Azimut Exploration (TSXV: AZM) announced the expansion of the drilling program on its wholly owned Elmer property in the Eeyou Istchee James Bay region of Quebec.

A total of 6,399 metres (32 holes) have been drilled since late May. The company said it has decided to expand the program to 10,000 metres, to further assess the main target (ELM-1) and other previously identified targets.

According to Azimut, visual observations from several holes have showed significant quartz veining and pyrite, significant associated alteration (pervasive silica, sericite, chlorite, tourmaline and carbonates) and the presence of native gold grains.

Azimut's first seven drill holes at its Elmer property have returned long intercepts of gold mineralization, including 102 metres of 3.15 g/t gold.

Midday Tuesday, company's stock was up 12% on the TSXV. The company has a C$203 million market capitalization.