Avino Silver & Gold Mines Ltd. press release
Azimut and SOQUEM define a 5.2-kilometre-long Copper-Gold Target on the Pikwa Property, James Bay region, Quebec
TSX - Toronto Stock Exchange · Silver · Gold · Copper · Canada
Canada NewsWire
LONGUEUIL, QC, Oct. 16, 2019
Symbol: AZM.TSX Venture
LONGUEUIL, QC, Oct. 16, 2019/CNW Telbec/ -Azimut Exploration Inc.("Azimut" or the "Company") (TSXV: AZM) is pleased to announce key progress arising from its 2019 summer field program on the Pikwa Property(the "Property") in the James Bayregion of Quebec(see Figure 1).
A mineralized boulder field 5.2 kilometres longhas been identified along the Copperfield Trend (see press release of July 22, 2019). Copper-bearing outcrops have been discovered within the boulder field forming a discontinuous area roughly 700 metres acrossin the eastern part of the Copperfield Trend. A total of 114 mineralized grab samples were collected from the outcrops and boulders and the first 16 results received yielded grades up to:
9.81% Cu,13.45 g/t Au and37.6 g/t Ag(outcrop) 4.94% Cu, 2.99 g/t Au, 41.3 g/t Ag and0.163% Mo (angular boulder)
The next exploration step will consist of ground geophysics (induced polarization survey) and diamond drilling.
Several of the features identified on the Copperfield Trend share similarities with the geological context of the world-class Aitik porphyry Cu-Au-Ag-Mo deposit in Sweden. The Copperfield Trend is considered a major copper-gold exploration target based on these similarities.
The Property was acquired in 2016 as a follow-up to Azimut's regional predictive modelling covering 176,300 square kilometres of the James Bayregion using the proprietary AZtechMineTMexpert system.
The Property is part of the Strategic Alliance betweenAzimut andSOQUEM Inc.("SOQUEM"), a subsidiary of Ressources Québec. Major new developments of the Alliance, which covers the James Bayregion, were disclosed in the Company's press release of May 15, 2019. Azimut is the operator of the Alliance.
2019 HIGHLIGHTS (see Figures 2 to 8and Photos 1 to 8)
Significant assay results received to date from Copperfield outcrops (o) and boulders (b) include:
| Copper (%) | Gold (g/t) | Silver (g/t) | Molybdenum (%) | Sample # | | 4.94 | 2.99 | 41.3 | 0.1635 | A0366264 (b) | | 0.93 | 0.38 | 10.0 | 0.0097 | A0366266 (b) | | 0.69 | 0.36 | 8.81 | 0.2460 | A0366268 (b) | | 2.54 | 1.36 | 3.64 | 0.0035 | A0366269 (o) | | 9.81 | 13.45 | 37.6 | 0.0007 | A0366271 (o) | | 0.61 | 0.18 | 6.82 | 0.0800 | A0366432 (b) | | 0.70 | 0.15 | 6.04 | 0.0143 | A0366435 (b) | | 2.06 | 0.41 | 6.27 | 0.0115 | A0366439 (b) |
The full suite of samples collected from the Copperfield Trend comprises: Assay results are pending for 98 rock samples, 1,185 soil samples and 10 till samples. The mineralization context is characterized as follows: Prospecting work and initial assay results indicate an extensive copper-bearing boulder field 5.2 kilometres long by roughly 100 to 800 metres across.Furthermore, several outcrops displaying comparable mineralization have been discovered within this area where there are few outcrop exposures. In this part of the Property, the strength of the copper footprint in the secondary environment (LBS, soils, and boulders) and its multi-kilometre extent may indicate a substantial proximal copper-bearing mineralized system in the bedrock; the discovery of a high-grade copper-gold outcrop (up to 9.8% Cu and 13.45 g/t Au), as well as bornite-chalcocite veinlets in angular boulders (Photos 1 and 2), are positive indicators for the potential of Copperfield. The Copperfield Trend is directly on strike with the adjacent Mythril Prospectto the east, discovered by Midland Exploration Inc.(TSXV: MD). Midland's closest diamond drill hole (MYT19-024), about 270 metres east of the Pikwa property boundary, returned 0.29% Cu, 0.03 g/t Au and 1.0 g/t Ag over 51.0 m(from publicly disclosed information). The western extension of Copperfield on the Pikwa Property remains largely open. An additional 15-kilometre strike length is interpreted based on strong copper anomalies in LBS, two (2) strong electromagnetic conductors, and a linear magnetic high. The westward weakening of the copper footprint is explained by the thicker till coverage. The preliminary features of the Copperfield Trend suggest it may represent an Archean analogue to Sweden'sPaleoproterozoic Aitik porphyry Cu-Au-Ag-Mo deposit. The relevant features of the Aitik deposit are: The Aitik mine is the largest open pit operation in northern Europe. In 2018, mineral reserves (proven and probable) were estimated at 1.148 billion tonnes at 0.22% Cu, 0.14 g/t Au and 1.2 g/t Ag. Total historical ore production from 1968 to 2018 is 821 million tonnes at 0.29% Cu, 0.17 g/t Au and 1.8 g/t Ag (Boliden Summary Report 2018). The main pit (Aitik) measures 4 kilometres by 1.1 kilometre at surface and reaches a depth of 450 metres. A second pit (Salmijärvi) measures 0.9 by 0.6 kilometre and reaches a depth of 165 metres.
The Pikwa Property (701 claims, 359.4 km2) is 40 kilometres long by 17 kilometres wide and provides a controlling position over a major polymetallic target. It is located 303 kilometres east of the Cree community of Wemindjiin an area serviced by excellent infrastructure, including permanent roads, power grids and airport facilities. The Trans-Taiga Road, an east-west gravel highway through the region, crosses the Property, as well as two power lines.
The 2019 Pikwa field program consisted of focused prospecting, manual stripping and geochemical sampling. In addition to the Copperfield Trend focus, it also included additional exploration along the Hyperion Trend(hosting the Hyperion Prospect). Sample breakdown from the 2019 program is as follows:
285 grab samples (98 pending results); grab samples are selective by nature and unlikely to represent average grades; 87 channel samples for a length of 82.83 metres; 1,920 soil samples (1,185 pending results); 10 till samples (10 pending results); and 168 lake-bottom sediment samples.
Additional results of the campaign will be announced on a timely basis.
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut's qualified person under National Instrument 43-101. The field program is under the direction of François Bissonnette, P.Geo., Operations Manager, and Dr. Martin Tuchscherer, P.Geo., Chief Geologist, both from Azimut. SOQUEM's employees were also part of the exploration team.
About SOQUEM
SOQUEM, a subsidiary of Ressources Québec, has a mission to encourage the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec'smineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well positioned for the future.
About Azimut
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 AZtechMineTMexpert system) enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline and has 57.4 million shares outstanding.
Azimut holds the largest mineral exploration portfolio in Quebec. The Company's edge against exploration risk is founded on systematic regional-scale data analysis and multiple concurrently active projects. This includes two regional strategic alliances with SOQUEM for six (6) gold properties in the James Bayregion and three (3) major gold-copper properties in the Nunavik region.
Azimut's other high-potential properties in the James Bayregion comprise:
Four (4) gold properties in the Eleonore camp (Eleonore South JV, Opinaca A, Opinaca B, Opinaca D); Two (2) gold properties in the Lower Eastmain greenstone belt (Elmer, Duxbury); and Six (6) copper and copper-gold properties with strong regional-scale footprints (Kukamas, Masta, Corvet, Kaanaayaa, Corne, Mercator).
www.azimut-exploration.com
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.
View original content: http://www.newswire.ca/en/releases/archive/October2019/16/c1719.html
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045, info@azimut-exploration.comCopyright CNW Group 2019