Top

Azimut Exploration Inc.

TSXV Exchange | Aug 12, 2020, 7:14 PM EDT | Real-time price

AZM $ 1.60 RT
CHANGE
0.00 (0.00%)
VOLUME
180,328
Day Low: 1.53
Day High: 1.72
 Back
Azimut expands Drilling Program on the Elmer Gold Discovery

Canada NewsWire

Symbol: AZM.TSX Venture

LONGUEUIL, QC, June 29, 2020 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to provide an update on the diamond drilling program on its wholly owned Elmer Property in the Eeyou Istchee James Bay region of Quebec (see Figures 1 and 2). A total of 6,399 metres (32 holes) has been drilled since late May 2020. Based on initial core examination, Azimut's management has decided to expand the ongoing program to 10,000 metres, from the 6,000 metres initially planned, to further assess the main target (ELM-1) and other previously identified targets (see press releases of January 14 and March 18, 2020). Assay results are pending.

Two rigs have drilled the following thus far:

  • 5,610 metres (26 holes) to test the lateral and depth continuity of the Patwon Gold Discovery
  • 255 metres (2 holes) to test other parts of the ELM-1 target
  • 534 metres (4 holes) to test the ELM-2 and ELM-3 targets.

Drill hole locations are shown on Figures 3 and 4, and the coordinates are provided in Table 1. Samples from eleven (11) of the holes have been sent to the ALS Minerals laboratory in Val-d'Or, Quebec.

Visual observations from several holes support the expanded drilling program:

  • Significant quartz veining and pyrite (finely to coarsely disseminated pyrite, semi-massive to massive pyrite stringers)
  • Significant associated alteration (pervasive silica, sericite, chlorite, tourmaline and carbonates)
  • Presence of native gold grains.

Five main target areas (ELM-1 to ELM-5) are located within a highly prospective corridor 2.5 kilometres long by 1.0 kilometre wide, open at both ends. The target areas are mostly defined by induced polarization anomalies along several subparallel axes, for a cumulative length of at least 7 kilometres. As a first phase, the current program aims to assess the gold potential from surface to a vertical depth of 200 metres. To date, drilling has concentrated on ELM-1.

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 Exploration

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 65.7 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.

Cision View original content: http://www.newswire.ca/en/releases/archive/June2020/29/c8748.html

Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 - Fax: (450) 646-3045, info@azimut-exploration.com, www.azimut-exploration.comCopyright CNW Group 2020

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.