Le Lézard
Classified in: Mining industry, Business
Subject: ECO

Azimut and Partners continue to hit gold mineralization at Eleonore South, James Bay region, Quebec



Symbol: AZM.TSX Venture

LONGUEUIL, QC, Dec. 12, 2017 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to announce the results of the first eighteen (18) holes (4,443 m) of the 8,000-metre 2017-2018 diamond drilling program on the Eleonore South JV Property. The Eleonore South Property is adjacent to the Eleonore Property hosting the major Eleonore gold mine owned and operated by Goldcorp.

Eleonore South continues to deliver very encouraging drilling results that complement the previously reported high-grade channel and grab samples (see press releases of October 17 and November 16, 2017). A new diamond drilling phase of 3,600 metres is scheduled for early next year to complete the program. It will follow up on drill results and test new high-grade targets (Moni Trend).

New Results Highlights (see attached Figures 1 to 5 and Table)

 

Hole ES17-74:

0.88 g/t Au over 21.0 m



Hole ES17-75:

0.94 g/t Au over 10.5 m



Hole ES17-77:

1.46 g/ Au over 45.5 m (including 23.1 g/t Au over 1.5 m) and

11.69 g/t Au over 1.5 m



Hole ES17-80:

1.11 g/t Au over 6.0 m and

6.13 g/t Au over 9.0 m (including 22.9 g/t Au over 1.5 m)



Hole ES17-81:         

5.93 g/t Au over 1.5 m



Hole ES17-85:

22.4 g/t Au over 1.2 m



Hole ES17-88:

1.53 g/t Au over 6.0 m

3.15 g/t Au over 24.0 m (including 13.5 g/t Au over 3.0 m and

19.3 g/t Au over 1.50 m)



Hole ES17-89:

1.04 g/t Au over 6.2 m



Hole ES17-90:

4.45 g/t Au over 4.5 m (including 12.35 g/t Au over 1.5 m and

1.04 g/t Au over 6.0 m)



Hole ES17-91:

1.17 g/t Au over 4.5 m

 

A significant feature of the project is that most of these gold-bearing sections are found within or near wide gold-bearing mineralized envelopes. These notably include:

 

Hole ES17-74:

0.45 g/t Au over 87.0 m

Hole ES17-75:

0.49 g/t Au over 63.0 m

Hole ES17-77:

0.53 g/t Au over 106.0 m

Hole ES17-80:

0.65 g/t Au over 147.5 m

Hole ES17-87:

0.49 g/t Au over 76.5 m

Hole ES17-89:

0.57 g/t Au over 19.5 m

Hole ES17-90:

0.49 g/t Au over 123.5 m

Hole ES17-91:

0.61 g/t Au over 15.0 m

 

Objectives of the Program

The drilling objectives are to: a) further assess the grade and geometric continuity of previous significant drill results within the tonalite intrusion; and b) continue drill testing the 4-kilometre by 500-metre corridor, particularly south of the JT Prospect where the intrusion-metasediment contact changes direction.

Key progress

Table 1 presents the significant gold assays for eighteen (18) holes (ES17-74 to ES17-91) from the current drilling phase. Drill hole locations are shown on Figures 2, 3 4 and 5.

From east to west, the most significant drilling results are summarized as follows:

Two new holes returned the following significant gold intercepts:

These results suggest a subhorizontal gold-bearing lens 35 to 50 metres thickness. Within this envelope, higher grade sections of still undefined geometry correspond to strongly silicified tonalite with quartz-biotite stockwork, arsenopyrite and native gold.

This area displays strong similarities with the two zones described above. This tonalite-hosted gold-bearing envelope is roughly 45 to 100 metres thickness with a shallow dip to the southeast. The geometry of higher grade sections is still undefined. This prospective zone appears open laterally and down dip, below the tonalite-metasediment contact dipping 20o to the southeast.

Target types

Two main target types stand out within the tonalite intrusion:

  1. A high-grade gold-bearing quartz-feldspar pegmatitic vein system with native gold ("Moni-type"). The extent and geometry of this mineralized system remain largely undefined, but surface results at the Moni Prospect clearly indicate the potential for grade and geometric continuity. This target type will be thoroughly tested by drilling during the upcoming program.
  2. Kilometre-scale zones of considerable width characterized by quartz-albite-biotite stockworks or a network of quartz-albite veinlets of variable density, both accompanied by small amounts of sulphides (arsenopyrite, pyrite, pyrrhotite) and frequent native gold. This press release reports on drilling corresponding to this target type. Results warrant in-fill drilling and drilling along the strike of several well-defined target zones.

Both types are interpreted to be part of an extensive late-magmatic hydrothermal system related to the tonalite intrusion. In this geological environment, the surrounding metasediments may also constitute potential targets depending on favourable lithological and structural settings.

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 drill core batches shipped 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 and qualified persons under National Instrument 43-101. This press release was prepared by Jean-Marc Lulin, acting as Azimut's qualified person.

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 know-how.

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 4,135 claims or 2,116 km2).

The Company maintains rigorous financial discipline. It has 45.4 million shares outstanding. Azimut's 2017 exploration budget is $6.3 million, 77% of which is funded by partners.

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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