Symbol: AZM.TSX Venture
LONGUEUIL, QC, Oct. 17, 2017 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to announce the discovery
of a high-grade gold-bearing vein system on the Eleonore South JV Property in the James Bay
region of Quebec. Channel composite samples assayed up to
79.6 g/t Au over 4.25 m and 79.5 g/t Au over 5.87 m. The ongoing exploration program includes
18 recently completed drill holes (results pending); additional drilling is scheduled for January
2018. This new gold discovery confirms the highly prospective environment at Eleonore South. The discovery area is located
15 kilometres from the major Eleonore gold mine, owned and operated by Goldcorp Inc ( see attached figures 1 and 2 ).
The channel sampling results reported below were obtained on the Moni Prospect following mechanical stripping that
significantly enlarged the previous exposure (see press release of November 3, 2016). The current
work phase is part of the $3.9-million JV 2017-2018 program, which includes 8,000 metres of diamond
drilling (see press release of July 20, 2017).
The Eleonore South Property is a three-way joint venture between Azimut Exploration Inc., Eastmain Resources Inc.
(TSX: ER) and Goldcorp Inc. (TSX: G; NYSE: GG). Ownership in the Property is as follows: Azimut 26.6%,
Eastmain 36.7% and Goldcorp 36.7%.
Azimut is operator of the current program.
Highlights ( see attached figures 3 to 5 )
- Intrusion-hosted high-grade gold-bearing quartzo-feldspathic vein system of up to 6 metres in width over a strike length of
36 metres, oriented NE-SW and open along strike. From NE to SW, the best composite intervals are:
Channel 05-05':
|
24.2 g/t Au over 3.80 m
|
Channel 01:
|
79.5 g/t Au over 5.87 m
|
Channel 07:
|
51.4 g/t Au over 5.30 m
|
Channel 08:
|
53.8 g/t Au over 4.55 m
|
Channel 08':
|
40.0 g/t Au over 1.85 m
|
Channel 09:
|
13.5 g/t Au over 4.80 m
|
Channel 10:
|
79.6 g/t Au over 4.25 m
|
Channel 11:
|
28.1 g/t Au over 2.95 m
|
- Another vein, located about 15 m SE from the vein described above, returned the following composite intervals:
Channel 16:
|
47.1 g/t Au over 7.70 m
|
Channel 17:
|
35.6 g/t Au over 1.35 m
|
- The 17 regularly spaced channels were cut generally perpendicular to vein strike. Channel sampling in the newly exposed
area comprises 82 samples with a cumulative length of 64.95 metres. True widths may range from 70% to 100% of apparent widths
at surface.
- The potential for a kilometre-scale strike extension to the southwest of this high-grade vein system is supported
by:
-
- a newly discovered prospect ("the 101 Prospect") that returned up to 101.0 g/t Au in grab samples, located about
400 metres southwest of the Moni Prospect;
- a 1,100-metre-long NE-SW trend of strong gold-arsenic soil anomalies on strike with both the Moni and 101 prospects;
and
- an apparent correlation with a NE-SW magnetic trend.
Description of the Moni Prospect
Individual sample results are presented on figure 3 and composite intervals on figure 4. Reported gold values are uncut. The
samples weigh 3.75 kg each, on average. All channel samples have been individually described and preliminary mapping of the
stripped outcrop has been completed. Key features can be summarized as follows:
- The high-grade gold vein system is related to a network of quartz-feldspar veins and veinlets hosted in strongly altered
tonalite. The mineralized facies vary laterally from grey or black quartz veins to a quartzo-feldspathic pegmatite with trace
to 1-2% sulphides (mostly arsenopyrite with lesser pyrite, pyrrhotite), and small amounts of tourmaline and scheelite.
Alteration minerals are silica, albite, biotite and chlorite.
- 345 native gold grains have been observed in 42 of the 82 channel samples.
- The tonalite is pervasively altered (albite, silica) and displays a network of regularly spaced quartz veins and veinlets
with feldspathic selvages (sheeted veins).
- The NE-SW-trending gold-bearing system is deformed with some evidence of folding. The vein system appears roughly parallel
to the steeply dipping foliation trend.
All significant channel results from the Moni Prospect are presented below for the main vein system and a second lateral vein.
These results include channels 01, 02, 03 and 04, which were sampled in 2016. Several samples terminate in mineralization where
it meets overburden, warranting further stripping.
The composite mineralized results for the main vein system are as follows, from NE to SW:
Channel 05-05':
|
24.2 g/t Au over 3.80 m
|
|
Channel 01:
|
79.5 g/t Au over 5.87 m
|
Sampled in 2016, extended in 2017
|
Channel 02:
|
7.85 g/t Au over 3.40 m
|
Sampled in 2016
|
Channel 07:
|
51.4 g/t Au over 5.30 m
|
|
Channel 08:
|
53.8 g/t Au over 4.55 m
|
Open to the NW (limited by overburden)
|
Channel 08':
|
40.0 g/t Au over 1.85 m
|
|
Channel 09:
|
13.5 g/t Au over 4.80 m
|
|
Channel 10:
|
79.6 g/t Au over 4.25 m
|
|
Channel 11:
|
28.1 g/t Au over 2.95 m
|
Open to the NW (limited by overburden)
|
Channel 12:
|
26.40 g/t Au over 0.90 m
|
Open to the NW (limited by overburden)
|
Channel 13:
|
12.70 g/t Au over 0.90 m
|
Open to the NW (limited by overburden)
|
Channel 14:
|
12.95 g/t Au over 0.60 m
|
Open to the NW (limited by overburden)
|
Channel 15:
|
16.60 g/t Au over 0.75 m
|
Open to the NW (limited by overburden)
|
The lateral high-grade vein, for which the geometry and possible link to the main vein are not yet fully understood, yielded
the following composite channel results:
Channel 17:
|
35.6 g/t Au over 1.35 m
|
Open to the NW (limited by overburden)
|
Channel 16:
|
47.1 g/t Au over 7.70 m
|
|
Channel 03:
|
49.2 g/t Au over 4.00 m
|
Sampled in 2016, extended in 2017
|
Channel 04:
|
50.37 g/t Au over 3.50 m
|
Sampled in 2016
|
Only one exploration drill hole from a previous program has been adequately positioned to intersect the vein system. Hole
ES16-48 returned 8.88 g/t Au over 2.50 m from 6.10 m to 8.60 m along the hole.
Exploration Potential
Exploration work since 2016 has demonstrated the presence of a 4-kilometre-long by 500-metre-wide gold-bearing corridor
related to a hydrothermally altered tonalite intrusion and its contact with metasediments.
At Eleonore South, the primary target types are:
- A tonalite-hosted high-grade gold-bearing quartzo-feldspathic vein system ("Moni-type");
- Tonalite-hosted kilometre-scale zones of considerable width characterized by a quartz-albite-biotite stockwork, or a
variable density of quartz-albite veinlets, with small amounts of sulphides (arsenopyrite, pyrite, pyrrhotite) and frequent
native gold grains.
Both types are interpreted to be part of a 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.
For reference, the nearby Eleonore mine is a sediment-hosted gold deposit. High-grade quartz-feldspar-arsenopyrite-pyrrhotite
veins with visible gold that grade into pegmatitic material have been described in the mine. Of particular interest, the
pegmatite at the mine is the same age as the known tonalite on the Eleonore South Property (2.62 billion years).
Program Update
- Drilling: Phase 1 (18 holes totalling 4,443 m) is now completed and results are pending. Phase 2, totalling 3,600
metres, will run from January to March. The drilling pattern for this next phase will be defined using the highly encouraging
surface results from the Moni Prospect and the pending Phase 1 drill results.
- Heliborne high-definition magnetic survey: A total of 980 line-km has been flown at 25-m line spacing over the
prospective corridor and its surroundings. Results are pending.
- Property-scale lake-bottom sediment geochemical survey: The results of 121 samples collected early this summer have
been received and are currently under review.
- Property-scale prospecting: This work is underway. To date, 301 rock samples have been collected in several target
areas.
Partial prospecting results revealed the discovery of the 101 Prospect, which returned 101.0 g/t Au in a grab sample.
Preliminary field observations indicate tonalite-hosted grey to black quartz centimetre-scale veins with feldspar and native gold
striking NE-SW. These veins are 400 metres southwest of the Moni Prospect and may represent its lateral extensions. Additional
prospecting in this area is underway, as well as detailed soil geochemistry.
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.
Analytical Protocol
Channel samples were sent to ALS Minerals in Val-d'Or, Quebec. All samples have been analyzed
by fire assay with atomic absorption and gravimetric finish. For samples in which native gold had been observed and high-grade
gold results were therefore expected, the crushers and pulverizers were systematically cleaned with barren material between
samples. Azimut applied industry-standard QA/QC procedures to its program.
About Azimut Exploration
Azimut is a mineral exploration company with its core business centred on target generation and concurrent partnership
development. Targets are identified using advanced processing of large geoscientific databases enhanced by extensive exploration
know-how. The Company has 45.4 million shares outstanding, with 54% held by Quebec-based
large financial institutions, insiders and several individual shareholders.
Azimut's main exploration successes are directly related to its pioneering proprietary approach using Big Data analytics. This
includes the early recognition of the gold potential in the Opinaca region (notably the Opinaca C block, now part of Eleonore
South) and the discovery of two new mineral provinces in Nunavik (the Ungava Bay Uranium Province and the Polymetallic Rex
Trend).
The Company holds a strategic position for gold and base metals in Quebec, including one of
the largest exploration portfolios in the James Bay region (20 properties covering 3,966 claims
or 2,059 km2). In 2017, Azimut's exploration budget is $6 million, 76% 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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