Azimut Resumes Drilling at Elmer and Discovers a Copper-Gold Showing by Prospecting

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Exploration Azimut Inc
Exploration Azimut Inc

LONGUEUIL, Quebec, July 09, 2024 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to report that diamond drilling has resumed on its 100% owned Elmer Property in the Eeyou Istchee James Bay region of Quebec, Canada. The minimum 3,000-metre program will test high-potential shallow-depth targets (see press release of April 16, 2024) (see Figures 1 and 2).

Azimut believes the Elmer Property has excellent exploration potential, which could significantly increase the mineral resources already identified on the project. Currently, estimated resources for the Patwon Gold Zone amount to 311,200 oz at 1.93 g/t Au Indicated and 513 900 oz at 1.94 g/t Au Inferred (see press release of January 4, 2024).

Another positive step is the discovery by Azimut’s prospecting team of a new significant copper-gold showing (“Equinox”) on the project. Azimut has consistently reiterated its confidence in the potential for additional surface discoveries along the 35-kilometre-long property.

The Equinox showing, located 14 kilometres east of the Patwon Zone, is a quartz-vein mineralized zone with disseminated chalcopyrite and bornite. It appears as a steeply dipping east-west-trending zone, at least 100 metres long by 30 metres wide, open in all directions. Lithologies in the vicinity are a felsic intrusion, iron formations and metasediments.

The best grades obtained from the initial grab sampling program reached 5.29% Cu, 1.02 g/t Au, 51.7 g/t Ag, 0.10% Bi and 54.3 g/t Te. Note that grab samples are selective by nature and unlikely to represent average grades. Natural Resources Canada lists copper, bismuth and tellurium as Critical Minerals.

Follow-up field work (detailed prospecting) is underway. A soil geochemical survey will also assess this target area, notably defined by a kilometre-scale intrusion–iron formation contact.

Summary of the best results (see Figure 3)

Sample number

Copper (%)

Gold (g/t)

Silver (g/t)

Bismuth (g/t)

Tellurium (g/t)

A0475462

5.290

1.025

51.70

445.0

13.35

A0475463

1.410

0.718

14.75

579.0

36.20

A0475514

1.165

0.535

9.96

169.5

13.15

A0475516

0.312

0.468

38.80

631.0

26.20

A0475519

0.830

0.336

10.45

172.0

18.00

A0475521

1.280

0.220

14.75

238.0

13.20

A0475522

0.551

0.940

9.50

1030.0

54.30


About the Elmer Property

The Elmer Property comprises 516 claims (271.8 km2) over a 35-kilometre strike length. It lies 285 kilometres north of the town of Matagami, 60 kilometres east of the village of Eastmain, and 5 kilometres west of the paved Billy Diamond Highway, a major all-season highway. The region benefits from excellent infrastructure, including significant road access, a hydroelectric power grid and airports.