DRILLS 3.15 G/T AU OVER 102.0 M INCLUDING 10.1 G/T AU OVER 20.5 M AT THE PATWON PROSPECT, ELMER GOLD PROPERTY, JAMES BAY REGION, QUEBEC

 

Diamond Drill Core in Box

 

Azimut Exploration Inc. (AZM.V) has discovered substantial gold mineralization in multiple drill hole intersections, including frequent high-grade intervals, in all seven holes of its maiden diamond drilling program on the 100-per-cent-owned Elmer property in the James Bay region of Quebec. Significant additional drilling will be required to define the true width and extent of this discovery. The Patwon prospect is part of a larger seven-kilometre-long high-potential target zone on the property. A ground geophysics survey (induced polarization) is currently under way over the discovery area and its vicinity to prepare for a more comprehensive upcoming drilling program.

The results from this initial phase of drilling indicates that gold-bearing mineralization occurs in three different orientations: 1) along an extensive set of veins oblique to the schistosity; 2) parallel to the schistosity; and 3) as flat-lying veins. Drill holes were oriented to intersect the three types of veins.

Azimut's management considers these results to be among the most significant gold exploration results in the James Bay region since the 2004 discovery of the Eleonore deposit by Virginia Gold Mines. The Eleonore mine is currently owned and operated by Newmont.

Highlights

Hole ELM19-001:

  • 0.62 gram per tonne (g/t) gold (Au) over 101.3 metres (m) (from 13.5 m to 114.8 m), including;
  • 0.78 g/t Au over 32.0 m (from 27.4 m to 59.4 m);
  • 2.45 g/t Au over eight m (from 85.0 m to 93.0 m).

Hole ELM19-002:

  • 3.15 g/t Au over 102.0 m (from 34.0 m to 136.0 m), including;
  • 5.15 g/t Au over nine m (from 33.5 m to 42.5 m);
  • 1.10 g/t Au over 28.5 m (from 58.7 m to 87.2 m);
  • 10.1 g/t Au over 20.5 m (from 96.5 m to 117.0 m);
  • Including 12.43 g/t Au over six m (from 99.5 m to 105.5 m);
  • And 107.0 g/t Au over one m (from 116.0 m to 117.0 m);
  • 3.22 g/t Au over 11.0 m (from 125.0 to 136.0 m).

Hole ELM19-003:

  • 2.84 g/t Au over 108.2 m (from 34.3 m to 142.5 m), including;
  • 27.36 g/t Au over 4.7 m (from 34.3 m to 39.0 m);
  • Including 254.0 g/t Au over 0.5 m (from 34.3 to 34.8 m);
  • 4.65 g/t Au over 29.0 m (from 65.5 m to 94.5 m);
  • Including 16.0 g/t Au over 6.5 m (from 78.0 m to 84.5 m);
  • 2.2 g/t Au over 7.6 m (from 109.3 m to 116.9 m);
  • 1.66 g/t Au over six m (from 121.0 m to 127.0 m);
  • 1.08 g/t Au over 11.0 m (from to 131.5 m to 142.5 m).

Hole ELM19-004:

  • 1.68 g/t Au over 97.0 m (from five m to 102.0 m), including;
  • 4.16 g/t Au over 15.5 m (from five m to 20.5 m);
  • 7.85 g/t Au over 5.5 m (from 25.5 m to 31.0 m);
  • Including 80.0 g/t Au over 0.5 m (from 25.5 m to 26.0 m);
  • 3.78 g/t Au over 11.0 m (from 44.5 m to 55.5 m);
  • Including 59.5 g/t Au over 0.5 m (from 51.2 m to 51.7 m).

Hole ELM19-005:

  • 1.54 g/t Au over 54.1 m (from 28.4 m to 82.5 m), including;
  • 29.8 g/t Au over 0.5 m (from 28.4 m to 28.9 m);
  • 2.53 g/t Au over 13.5 m (from 50.0 m to 63.5 m);
  • 3.91 g/t Au over 5.6 m (from 74.8 m to 80.4 m);
  • Including 37.0 g/t Au over 0.5 m (79.9 m to 80.4 m).

Hole ELM19-006:

  • 1.15 g/t Au over 129.0 m (from five m to 134.0 m), including;
  • 3.38 g/t Au over 25.3 m (from 69.2 m to 94.5 m);
  • Including 121.0 g/t Au over 0.5 m (from 70.2 m to 70.7 m);
  • 1.49 g/t Au over 33.5 m (from 100.5 m to 134.0 m);
  • Including 64.9 g/t Au over 0.5 m (from 104.6 m to 105.1 m).

Hole ELM19-007:

  • 1.93 g/t Au over 82.0 m (from 21.0 m to 103.0 m), including;
  • 3.46 g/t Au over 44.1 m (from 30.0 m to 74.1 m);
  • Including 13.09 g/t Au over 6.6 m (from 34.4 m to 41.0 m);
  • And 25.35 g/t Au over 1.9 m (from 45.4 m to 47.3 m).

Based on previously reported surface information (see press releases of July 16, Sept. 19, Oct. 22 and Nov. 28, 2019), the objectives of the 996-metre core-oriented drill program were to:

  • Cut perpendicularly the main vein system striking northwest-southeast, with six holes totalling 849 metres (holes ELM19-001 to 006) in two parallel 40-metre-spaced drill sections of three drill holes each;
  • Cut perpendicularly shear veins striking northeast-southwest subparallel to the schistosity with one hole (ELM19-007, 147 m); schistosity is roughly parallel to the fabric of the magnetic gradient and to lithological contacts.

The drilling program provided the following critical preliminary information:

  • Gold mineralization is related to different sets of quartz veins and veinlets and their wall rocks and more locally to metre-scale hydrothermal breccias. Quartz veining seems to be principally related to a felsic intrusion, either at or close to the lithological contacts between the intrusion and the surrounding mafic volcanics and gabbros.
  • Three sets of quartz veins contain gold, two of which corroborate surface observations:
    • Subvertical veins striking northwest-southeast (main system);
    • Veins striking northeast-southwest, subparallel to the schistosity and dipping 65 degrees to 80 degrees to the north;
    • Subhorizontal veins so far observed in drill core only.
  • Variable amounts of pyrite (1 per cent to 30 per cent) are present as coarse-grained disseminations or centimetric stringers, both forms associated with quartz veining and their wall rocks.
  • Native gold grains are frequent, generally associated with quartz veins, or as isolated grains in pyrite stringers.
  • Gold-bearing facies are accompanied by pervasive silica, chlorite, sericite and carbonate alteration and occasionally by tourmaline seams in quartz veins.
  • The following interpretation at this early discovery stage is based on the results of seven drill holes and detailed surface sampling:
    • Mineralization has been recognized over a 200 metres length (open laterally to the northeast and southwest) with an apparent width at surface ranging from 50 to 70 metres;
    • Mineralization is known down to 100 metres, open at depth;
    • The principal control on mineralization appears to be a dextral northeast-southwest shear zone generating two main vein sets: northeast-southwest shear veins and northwest-southeast extensional veins (Riedel type);
    • Both vein types commonly display sulphide-rich wall rocks;
    • The intensity of quartz veining in the felsic intrusion may be partly controlled by the rheologic contrast with the surrounding mafic host rocks.
  • The detailed geometric relationships between drill hole intercepts will be better defined with further data analysis and additional drilling.
  • The Patwon prospect, located in a central position on the property, has potential kilometre-scale strike extensions that have seen very little exploration. Two high-grade occurrences (25.2 g/t Au over one m and 12.65 g/t Au), respectively 270 metres and 840 metres southwest of Patwon, underscore the potential of this area, which is part of a larger seven-kilometre-long high-potential target zone.
  • A detailed induced polarization survey is currently under way over all three prospects on a 2.1-kilometre-by-0.7-kilometre grid. It is expected that this survey will be an efficient method to generate quality drill targets.

The Elmer property and the adjacent wholly owned Duxbury property provide Azimut with a controlling position over a 35-kilometre-long segment of a prospective greenstone belt. Both properties were staked following the company's predictive modelling for gold in the James Bay region using its proprietary AZtechMine expert system.

Elmer comprises 276 claims covering 145.4 square kilometres over a 22-kilometre strike length. Duxbury, located to the east, covers a further 13 km along strike. The projects are located 285 kilometres north of Matagami, 60 kilometres east of the municipality of Eastmain and 20 kilometres west of the paved James Bay road. The region benefits from quality infrastructure that includes major access roads, a hydropower grid and airports.

Drilling contract and analytical protocol

The drilling contract was awarded to Chibougamau Drilling Ltd., based in Chibougamau, Que. The hole diameter is BTW. Drilling took place from Nov. 19 to Nov. 30, 2019.

Drill core samples were sent to ALS Minerals in Val d'Or, Que. Gold was analyzed by fire assay with atomic absorption and gravimetric finish for grades above three g/t Au. Samples were also analyzed for a 48-element suite using ICP. Azimut applied industry-standard quality assurance/quality control procedures to the program. Certified reference materials, blanks and field duplicates were inserted in all drill core shipments to the laboratory.

This program has been made possible thanks to the financing completed in fall 2019, which involved the following six Quebec institutional funds: Capital regional et cooperatif Desjardins, CDPQ Sodemex Inc., Fonds de solidarite FTQ, Fonds regionaux de solidarite FTQ Nord-du-Quebec, SIDEX sec and Societe de developpement de la Baie James.

This press release was prepared by Dr. Jean-Marc Lulin, professional geoscientist, acting as Azimut's qualified person under National Instrument 43-101. The field program is under the direction of Francois Bissonnette, professional geoscientist, operations manager, and Dr. Martin Tuchscherer, professional geoscientist, chief geologist.

About Azimut Exploration Inc.

Azimut is a mineral exploration company whose core business is target generation and partnership development. The company uses a pioneering approach to big data analytics, enhanced by extensive exploration know-how.