Avino Silver & Gold Mines Ltd. press release

Azimut and Partners announce Drilling Results from Eleonore South Gold Property, James Bay region, Quebec

2018-12-17

TSX - Toronto Stock Exchange · Silver · Gold · Copper · Canada

Canada NewsWire

LONGUEUIL, QC, Dec. 17, 2018

Symbol: AZM. TSX Venture

LONGUEUIL, QC, Dec. 17, 2018/CNW Telbec/ - Azimut Exploration Inc.("Azimut" or the"Company") (TSXV: AZM) announces assay results from 14 diamond drill holes (4,285 m) from the Fall 2018 exploration program at the Eleonore South JV Property (Azimut-Eastmain-Goldcorp) where a substantial gold-bearing system has been uncovered from 2016 to 2018. Results are pending on 10 additional drill holes. Located in the James Bayregion of Quebec, Eleonore Southis adjacent to the Eleonore Property hosting the major Eleonore gold mine owned and operated by Goldcorp (see Figure 1).

DRILLING HIGHLIGHTS

Best results are: ES18-133:14.7 g/t Au over 6.2 m, including 80.4 g/t Au over 1.0 m ES18-121A:1.85 g/t Au over 8.7 m, including 3.83 g/t Au over 3.9 m ES18-126:2.08 g/t Au over 8.0 m, including 8.22 g/t Au over 1.5 m ES18-129 : 12.7 g/t Au over 1.0 mand 2.09 g/t Au over 7.5 m Drilling continues to identify significant shallow intrusion-hosted gold-bearing mineralization over a corridor 2 kilometres long by 600 to 700 metres wide, comprising two main trends: Moni and Contact. Pending results of the program relate to holes drilled on the potential westward extensions of the Moni and Contact trends, as well as the JT Prospect area.

Highlights from completed holes are presented in Table 1 below and in Figures 2 and 3 (see attached). A more detailed summary of significant intersections can be found in Table 3.

Table 1: Highlights from Drill Hole Assay Results

| | | | | | | | Hole | Au g/t (1) | Interval (m)(2) | From (m) | To (m) | Vertical Depth (3) | | ES18-121A | 1.85 | 8.7 | 57.3 | 66.0 | 47 | | 3.83 | 3.9 | incl. 57.3 | 61.2 | | | | 2.84 | 3.9 | 78.6 | 82.5 | 62 | | | 9.06 | 0.9 | incl. 78.6 | 79.5 | | | | 0.61 | 15.0 | 90.0 | 105.0 | 75 | | | 1.12 | 4.0 | incl. 99.0 | 103.0 | | | | ES18-122 | 0.81 | 25.15 | 57.85 | 83.0 | 54 | | 1.95 | 6.0 | incl. 59.0 | 65.0 | | | | 3.53 | 2.0 | also incl. 59.0 | 61.0 | | | | ES18-123 | 1.15 | 10.6 | 232.0 | 242.6 | 182 | | 7.08 | 1.2 | incl. 241.4 | 242.6 | | | | 1.74 | 11.5 | 342.5 | 354.0 | 267 | | | 2.85 | 5.6 | incl. 348.4 | 354.0 | | | | 8.20 | 2.0 | also incl. 348.4 | 350.4 | | | | ES18-126 | 2.08 | 8.0 | 141.0 | 149.0 | 111 | | 3.52 | 4.5 | incl. 141.0 | 145.5 | | | | 8.22 | 1.5 | also incl. 141.0 | 142.5 | | | | ES18-129 | 1.51 | 10.0 | 143.5 | 153.5 | 114 | | 12.7 | 1.0 | incl. 143.5 | 144.5 | | | | 2.09 | 7.5 | 173.0 | 180.5 | 135 | | | 8.02 | 1.5 | incl. 179.0 | 180.5 | | | | ES18-132 | 2.22 | 5.1 | 43.9 | 49.0 | 36 | | 13.0 | 0.8 | incl. 43.9 | 44.7 | | | | ES18-133 | 2.82 | 3.0 | 103.0 | 106.0 | 80 | | 14.7 | 6.2 | 164.8 | 171.0 | 129 | | | 80.4 | 1.0 | incl. 167.0 | 168.0 | | | | 5.94 | 1.5 | incl. 169.5 | 171.0 | | |

| Notes: (1) Assays are not capped; (2) Intervals represent core lengths; true widths have not yet been determined; (3) Vertical depth is measured from surface to the mid-point of the reported interval. |

Completion of the Fall 2018 Drill Program

An additional 3,000 mof diamond drilling has been completed in December for a total of 7,000 mof core. These holes targeted the western edge of the Contact Trend at the JT Prospect and structural interpretations along the Moni Trend. An additional hole was recently drilled southwest of hole ES18-133 to test for an extension of a high-grade gold interval (14.7 g/t Au over 6.2 m) associated with a tonalite-lamprophyre dyke contact.

Contact Trend Target Observations

Holes ES18-120to ES18-124tested the extensions of mineralization previously encountered in a cluster of drill holes, including ES17-74 (0.56 g/t Au over 54.0 mfrom 190.5 mto 244.5 m).

Hole ES18-120 was collared 100 mnortheast of hole ES16-51 (0.6 g/t Au over 79.1 mfrom 171 mto 250.1 m) to test the lateral extension of mineralization in that hole, returning an interval averaging 0.40 g/t Au over 34.5 mfrom 220.5 mto 255.0 m. Hole ES18-121a was collared 100 msouthwest of hole ES17-74 and intersected several near-surface mineralized intervals starting at 57.3 m(1.85 g/t Au over 8.7 m), 78.6 m(3.83 g/t Au over 3.9 m) and 90.0 m(2.84 g/t Au over 3.9 m); however, this hole has not found the extend of the deeper interval seen in ES17-74. Hole ES18-122 was collared 100 msoutheast along section of Hole ES18-111 (1.4 g/t Au over 9.4 mfrom 267.3 m to 276.6 m) and returned numerous mineralized intervals, including 0.81 g/t Au over 25.15 mfrom 57.9 m to 83.0 m. Hole ES18-123 was collared 85 msoutheast along section from hole ES17-78 (0.51 g/t Au over 17.1 m from 212.5 m to 229.5 m) and returned several anomalous intervals including 0.47 g/t Au over 59.0 mfrom 119.0 mto 178.0 m. Hole ES18-124 was drilled between holes ES18-123 and ES18-108a (1.1 g/t Au over 33.6 mfrom 208.0 mto 241.5 m). This hole returned 0.74 g/t Au over 17.4 from 116.6 mto 134.0 mand 0.50 g/t Au over 13.4 mfrom 185.1 mto 198.5 m.

Holes ES18-125to ES18-129were drilled along a northeast trend, testing 100 mto the southwest and 200 mto the northeast along the Contact Trend, starting from the centre of a cluster of previous holes drilled around ES17-80 and ES17-88.

Hole ES18-125 was collared 100 mto the southeast along section of hole ES18-117 (0.48 g/t Au over 15.4 mfrom 44.7 mto 60.1 m). This hole returned 0.48 g/t over 19.0 mfrom 123.0 mto 142.0 m. Hole ES18-126 was drilled 50 mnortheast of hole ES18-112 (0.70 g/t Au over 43.4 mfrom 108.2 mto 151.6 m), returning two notable intervals of 2.08 g/t Au over 8.0 mfrom 141.0 mto 149.0 mand 0.51 g/t Au over 10.5 mfrom 167.5 mto 178.0 m. Hole ES18-127 was drilled on section to the southeast of ES18-112 and returned two intervals of 0.59 g/t Au over 16.5 mfrom 120.9 mto 137.4 m, and 0.69 g/t Au over 25.0 mfrom 266.7 mto 291.7 m. Hole ES18-128 was drilled 50 mnortheast of ES17-89 (1.04 g/t Au over 6.2 mfrom 74.8 mto 81.0 mand 0.57 g/t Au over 19.5 mfrom 164.5 mto 184 m), returning 1.0 g/t Au over 10.5 mfrom 139.5 mto 150 m, and 0.44 g/t Au over 11.3 mfrom 180 mto 191.3 m. Hole ES18-129 was drilled 50 msouthwest of hole ES17-90 (0.5 g/t Au over 123.5 mfrom 92.0 mto 215.5 m). This hole did intersect several gold intervals, including: 0.50 g/t Au over 6.4 mfrom 94.5 mto 100.9 m, 0.79 g/t Au over 5.5 mfrom 129.0 mto 134.5 m, 1.51 g/t Au over 10.0 mfrom 143.5 mto 153.5 m(incl. 12.7 g/t Au over 1.0 m), and 2.09 g/t Au over 7.5 mfrom 173.0 mto 180.5 m(incl. 8.02 g/t Au over 1.5 m).

Holes ES18-130to ES18-133were drilled as a fence section located 100 mto 150 m southwest of the cluster of drill holes around ES17-80 and ES17-88.

Holes ES18-130 and ES18-131 intersected short intervals of anomalous gold mineralization. Hole ES18-132 intersected 2.22 g/t Au over 5.1 mfrom 43.9 mto 49 mincluding 13.0 g/t Au over 0.8 m. Hole ES18-133 intersected 2.82 g/t Au over 3.0 mfrom 103.0 mto 106.0 m, and 14.7 g/t Au over 6.2 m including 80.4 g/t Au over 1.0 m. This intersection contains native gold in tonalite but close to the contact with an actinolite schist, interpreted as an altered and foliated lamprophyre dyke. A similar interval is cut by hole ES16-57 located 80 mto the NE of hole ES18-133. This intersection assayed 76.1 g/t Au over 1.55 min tonalite, spatially related in similar fashion to an adjacent lamprophyre dyke.

Exploration Potential in the Cheechoo Tonalite

From 2016 to April 2018, seventy-six (76) diamond drill holes totalling 15,134 mhave been completed and have successfully identified a large gold-bearing intrusion-hosted system located in the eastern section of the Eleonore South Property. Drilling has identified gold mineralization in a 600-700-metre-wide zone extending over 2 kilometres along a north-easterly trend within the intrusion and up to its contacts with the host metasedimentary rocks. The mineralization extends toward the Sirios Cheechoo discovery to the northeast and is open to the southwest on the Eleonore South Property. The gold-bearing system comprises two main trends:

Contact Trend:A mineralized and altered envelope of variable thickness in tonalite, which ranges from several tens of metres to over 100 min core length with continuous intervals of anomalous gold values. Within these intervals are sections ranging up to several tens of metres returning results above 0.5 g/t Au. This trend is characterized by clusters of quartz-albite-biotite stockwork accompanied by arsenopyrite, pyrrhotite, pyrite, scheelite and native gold. There is evidence of foliation and folding within the intrusive, as well as the injection and subsequent deformation of mafic dykes described as lamprophyres. Moni Trend:System of pegmatitic veins of coarse quartz and feldspar, veins of coarse-grained quartz with lesser amounts of interstitial feldspar, with native gold and very low sulphide contents.

The 2.61 billion-year-old Cheechoo tonalite, late in the geological sequence, is interpreted to be a mushroom-shaped intrusion with a roughly tabular top 450 mto 500 mthick, with a shallow to moderate dip to the south along its southern contact and a moderate dip to the west along its western contact (JT Prospect area). The current interpretation suggests the intrusion has not been overturned. According to this geometry, the Contact Trend is interpreted as a decompression stockwork zone close to the top of the intrusion.

The Contact Trend may extend down dip along the top of the intrusion, parallel to and below the contact with the overlying metasedimentary country rocks. The relationship of the high-grade Moni-type veins to the Contact Trend is not yet fully established. A more detailed discussion of the exploration model adopted for the Cheechoo tonalite mineralization can be found in the press releases of February 27and July 18, 2018.

The JT Prospectis located 2.5 km to 3 km to the west of the Contact and Moni trends. This gold-bearing zone was explored by drilling programs from 2008 to 2010 that targeted sedimentary sequences. These sequences display comparable characteristics with the stratigraphy hosting the Eleonore gold mine located 12 km to the northwest. Gold was identified in the metasedimentary rocks above the tonalite-metasedimentary. However analytical results from some historical drill holes indicate that the Cheechoo tonalite is also mineralized in this area, including hole ES08-12 which returned 2.15 g/t Au over 14.0 min the intrusion.

Gold intersections in tonalite at the JT Prospect near the intrusive-metasedimentary contact may be an extension of the Contact Trend to form a semi-ring shape approximately 5.5 km long. The Cheechoo tonalite below the JT Prospect will be drill tested in the coming months.

About the Eleonore South Joint Venture Property

The Eleonore South Property is a three-way joint venture between Azimut (TSXV:AZM) (26.6%), Eastmain Resources Inc. (TSX:ER) (36.7%) and Goldcorp Inc. (TSX:G; NYSE:GG) (36.7%). Eastmainis the operator of the current program under the supervision of William McGuinty, P.Geo., Eastmain'sVP Exploration, a qualified person as defined by National Instrument 43-101. The technical information supporting this press release was provided by Eastmainand reviewed by 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. Targeting uses a pioneering proprietary approach to Big Data analytics (AZtechMine expert system) enhanced by extensive exploration know-how. The Company maintains rigorous financial discipline. It has 48.5 million shares outstanding.

Azimut holds a strategic position for gold and base metals in Quebec, including one of the largest exploration portfolios in the James Bayregion (22 properties covering 4,767 claims or 2,476 km2).

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.

APPENDIX

Table 2: Fall 2018 Drill Hole Location Information (NAD 83, Zone 18N)

| | | | | | | | | Hole_ID | Target | UTM East | UTM North | AZM | DIP | Total Depth (m) | | ES18-120 | Contact Trend | 438078 | 5829848 | 320 | -50 | 306.0 | | ES18-121A | Contact Trend | 437882 | 5829784 | 320 | -50 | 173.2 | | ES18-121B | Contact Trend | 437882 | 5829785 | 320 | -50 | 300.0 | | ES18-122 | Contact Trend | 438126 | 5829673 | 320 | -50 | 299.0 | | ES18-123 | Contact Trend | 438252 | 5829749 | 320 | -50 | 354.0 | | ES18-124 | Contact Trend | 438321 | 5829772 | 320 | -50 | 321.0 | | ES18-125 | Contact Trend | 437942 | 5829437 | 320 | -50 | 300.0 | | ES18-126 | Contact Trend | 437788 | 5829462 | 320 | -50 | 291.0 | | ES18-127 | Contact Trend | 437791 | 5829377 | 320 | -50 | 312.0 | | ES18-128 | Contact Trend | 437597 | 5829343 | 320 | -50 | 324.0 | | ES18-129 | Contact Trend | 437417 | 5829286 | 320 | -50 | 258.0 | | ES18-130 | Contact Trend | 437361 | 5829194 | 320 | -50 | 261.0 | | ES18-131 | Contact Trend | 437466 | 5829069 | 320 | -50 | 264.0 | | ES18-132 | Contact Trend | 437263 | 5829312 | 320 | -50 | 261.0 | | ES18-133 | Contact Trend | 437160 | 5829438 | 320 | -50 | 261.0 |

Table 3: Eleonore South JV Project: Summary of Significant Drill Hole Results December 13, 2018(1),(2),(3)

| | | | | | | | | Hole | Target | Au g/t | Interval (m) | From (m) | To (m) | Vertical Depth | | ES18-120 | Contact Trend | 0.55 | 8.2 | 18.8 | 27.0 | 18 | | 1.75 | 1.5 | incl. 25.5 | 27.0 | | | | | 0.54 | 2.8 | 82.8 | 85.6 | 65 | | | | 0.35 | 4.8 | 197.0 | 201.8 | 153 | | | | 0.40 | 34.5 | 220.5 | 255.0 | 182 | | | | 0.50 | 9.5 | incl. 220.5 | 230.0 | | | | | 0.45 | 12.5 | incl. 234.0 | 246.5 | | | | | ES18-121A | Contact Trend | 1.85 | 8.7 | 57.3 | 66.0 | 47 | | 3.83 | 3.9 | VG incl. 57.3 | 61.2 | | | | | 2.84 | 3.9 | 78.6 | 82.5 | 62 | | | | 9.06 | 0.9 | VG incl. 78.6 | 79.5 | | | | | 0.61 | 15.0 | 90.0 | 105.0 | 75 | | | | 1.12 | 4.0 | incl. 99.0 | 103.0 | | | | | ES18- 121B | Contact Trend | 0.36 | 18.0 | 81.0 | 99.0 | 69 | | 0.43 | 10.0 | incl. 84.0 | 94.0 | | | | | 3.96 | 1.0 | 145.0 | 146.0 | 111 | | | | 0.68 | 2.9 | 204.0 | 206.9 | 157 | | | | 0.79 | 4.0 | 258.0 | 262.0 | 199 | | | | 1.80 | 1.0 | 292.0 | 293.0 | 224 | | | | ES18-122 | Contact Trend | 1.41 | 1.0 | 27.0 | 28.0 | 21 | | 0.49 | 5.5 | 41.5 | 47.0 | 34 | | | | 0.81 | 25.15 | 57.85 | 83.0 | 54 | | | | 1.95 | 6.0 | incl. 59.0 | 65.0 | | | | | 3.53 | 2.0 | also incl. 59.0 | 61.0 | | | | | 2.30 | 1.8 | incl. 81.2 | 83.0 | | | | | 0.75 | 2.0 | 133.0 | 135.0 | 103 | | | | 0.54 | 6.8 | 187.0 | 193.8 | 146 | | | | 0.95 | 6.0 | 213.0 | 219.0 | 165 | | | | 2.64 | 1.0 | incl. 217.0 | 218.0 | | | | | 0.61 | 4.0 | 245.0 | 249.0 | 189 | | | | 0.78 | 8.0 | 258.0 | 266.0 | 201 | | | | 1.99 | 2.35 | incl. 260.15 | 262.5 | | | | | ES18-123 | Contact Trend | 0.49 | 3.8 | 53.0 | 56.8 | 42 | | 0.47 | 59.0 | 119.0 | 178.0 | 114 | | | | 3.95 | 1.3 | incl. 166.7 | 168.0 | | | | | 1.15 | 10.6 | 232.0 | 242.6 | 182 | | | | 7.08 | 1.2 | incl. 241.4 | 242.6 | | | | | 0.61 | 3.0 | 290.0 | 293.0 | 223 | | | | 1.74 | 11.5 | 342.5 | 354.0 | 267 | | | | 2.85 | 5.6 | incl. 348.4 | 354.0 | | | | | 8.20 | 2.0 | also incl. 348.4 | 350.4 | | | | | ES18-124 | Contact Trend | 0.70 | 17.4 | 116.6 | 134.0 | 96 | | 1.09 | 6.0 | incl. 121.0 | 127.0 | | | | | 3.07 | 1.0 | also incl. 126.0 | 127.0 | | | | | 1.01 | 1.0 | 163.0 | 164.0 | 125 | | | | 0.50 | 13.4 | 185.1 | 198.5 | 147 | | | | 2.71 | 1.3 | incl. 197.2 | 198.5 | | | | | 3.42 | 4.0 | 295.0 | 299.0 | 228 | | | | 12.30 | 1.0 | incl. 298.0 | 299.0 | | | | | ES18-125 | Contact Trend | 1.14 | 1.1 | 44.0 | 45.1 | 34 | | 1.27 | 1.5 | 58.0 | 59.5 | 44 | | | | 0.48 | 19.0 | 123.0 | 142.0 | 102 | | | | 0.95 | 2.5 | incl. 127.5 | 130.0 | | | | | ES18-126 | Contact Trend | 0.39 | 2.8 | 29.5 | 32.3 | 24 | | 1.21 | 1.5 | 96.0 | 97.5 | 74 | | | | 2.08 | 8.0 | 141.0 | 149.0 | 111 | | | | 3.52 | 4.5 | incl. 141.0 | 145.5 | | | | | 8.22 | 1.5 | incl. 141.0 | 142.5 | | | | | 0.51 | 10.5 | 167.5 | 178.0 | 132 | | | | 1.28 | 3.0 | incl. 170.5 | 173.5 | | | | | 1.11 | 3.0 | 190.0 | 193.0 | 147 | | | | 1.62 | 1.5 | 252.0 | 253.5 | 194 | | | | ES18-127 | Contact Trend | 0.85 | 3.0 | 78.5 | 81.5 | 61 | | 0.45 | 31.3 | 109.4 | 140.7 | 36 | | | | 0.59 | 16.5 | incl. 120.9 | 137.4 | | | | | 2.16 | 1.1 | also incl. 120.9 | 122.0 | | | | | 0.53 | 9.0 | 169.5 | 178.5 | 133 | | | | 0.91 | 4.0 | 191.0 | 195.0 | 148 | | | | 2.08 | 1.0 | incl. 194.0 | 195.0 | | | | | 0.76 | 6.0 | 210.0 | 216.0 | 163 | | | | 1.54 | 1.5 | incl. 214.5 | 216.0 | | | | | 1.75 | 1.0 | 222.0 | 223.0 | 170 | | | | 0.69 | 25.0 | 266.7 | 291.7 | 214 | | | | 2.77 | 0.6 | incl. 266.7 | 267.3 | | | | | 5.15 | 1.4 | incl. 281.1 | 282.5 | | | | | 1.91 | 1.1 | 299.7 | 300.8 | 230 | | | | ES18-128 | Contact Trend | 0.77 | 1.9 | 59.3 | 61.2 | 46 | | 1.00 | 10.5 | 139.5 | 150.0 | 111 | | | | 9.08 | 0.7 | incl. 148.0 | 148.7 | | | | | 0.44 | 11.3 | 180.0 | 191.3 | 142 | | | | 0.52 | 3.5 | 231.0 | 234.5 | 178 | | | | 0.47 | 7.6 | 248.4 | 256.0 | 193 | | | | 1.41 | 1.5 | 268.0 | 269.5 | 206 | | | | 1.43 | 1.5 | 304.5 | 306.0 | 234 | | | | ES18-129 | Contact Trend | 1.87 | 1.0 | 70.0 | 71.0 | 54 | | 0.50 | 6.4 | 94.5 | 100.9 | 75 | | | | 0.79 | 5.5 | 129.0 | 134.5 | 101 | | | | 1.51 | 10.0 | 143.5 | 153.5 | 114 | | | | 12.70 | 1.0 | incl. 143.5 | 144.5 | | | | | 2.09 | 7.5 | 173.0 | 180.5 | 135 | | | | 8.02 | 1.5 | incl. 179.0 | 180.5 | | | | | 1.38 | 1.5 | 243.4 | 244.9 | 187 | | | | ES18-130 | Contact Trend | 1.04 | 1.1 | 46.5 | 47.6 | 36 | | 1.37 | 5.5 | 94.0 | 99.5 | 74 | | | | 4.24 | 1.5 | incl. 98.0 | 99.5 | | | | | 0.51 | 3.7 | 221.3 | 225.0 | 171 | | | | ES18-131 | Contact Trend | 0.58 | 5.5 | 133.5 | 139.0 | 104 | | 0.95 | 2.5 | 257.5 | 260.0 | 198 | | | | ES18-132 | Contact Trend | 2.22 | 5.1 | 43.9 | 49.0 | 36 | | 13.00 | 0.8 | incl. 43.9 | 44.7 | | | | | ES18-133 | Contact Trend | 2.82 | 3.0 | 103.0 | 106.0 | 80 | | 14.70 | 6.2 | 164.8 | 171.0 | 129 | | | | 80.40 | 1.0 | VG incl. 167.0 | 168.0 | | | | | 5.94 | 1.5 | incl. 169.5 | 171.0 | | | |

SOURCE Azimut Exploration Inc.

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Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045, info@azimut-exploration.comCopyright CNW Group 2018