Azimut Announces Initial Mineral Resource Estimate for the Patwon Gold Zone, Elmer Property, James Bay Region, Quebec
21 Novembre 2023 - 12:30PM
Azimut Exploration Inc. (“Azimut” or the
“Company”) (
TSXV: AZM)
(
OTCQX: AZMTF) is pleased to announce the
results of the initial mineral resource estimate (“MRE”) for the
Patwon Gold Zone on its 100% owned Elmer Property
in the Eeyou Istchee James Bay region of Quebec:
- Indicated
resources: 311,200
ounces in 4.99 million tonnes grading 1.93 g/t
Au
- Inferred
resources:
513,900
ounces in 8.22 million tonnes grading 1.94 g/t
Au
The MRE, prepared according to National
Instrument 43-101 (“NI 43-101”), confirms the quality of the gold
mineralization in the Patwon Zone and supports additional
exploration to further expand the mineral inventory. Two objectives
have been defined for the upcoming drilling program, which is
scheduled to commence in early 2024:
- Expand the
Patwon Gold Zone, which remains open near surface along
strike, using shallow drill holes from surface down to a vertical
depth of 300 metres; and
- Follow up on significant
gold-bearing zones along shear zones directly on strike or
subparallel to Patwon. The main drill-ready target zones have a
cumulative strike length of 20.5 kilometres.
HIGHLIGHTS (see Figures 1 to
6)
- The initial MRE
comprises:Open-pit mineral resources using a 0.55
g/t Au cut-off:Indicated: 309,200 ounces
(“oz”) in 4.97 million tonnes (“Mt”) grading 1.93 g/t AuInferred:
310,700 oz in 4.21
Mt grading 2.29 g/t AuBulk underground mineral
resources using a 1.05 g/t Au
cut-off:Inferred: 163,700
oz in 3.49 Mt grading 1.46 g/t AuSelective underground
mineral resources using a 1.90 g/t Au
cut-off:Indicated: 2,000 oz in 0.022 Mt
grading 2.83 g/t
AuInferred: 39,500
oz in 0.52 Mt grading 2.36 g/t Au
- As noted above, the MRE considers
three potential mining methods for Patwon. The MRE is based on
approximately 60,609 metres of diamond drill core in 167 holes
drilled by Azimut between November 2019 and March 2023. A complete
list of results is available on the following webpage: Elmer
Drilling Data.
- 3D modelling of the gold zone
indicates that Patwon remains open along strike and at depth.
Incremental drilling at shallow depth along strike could add
resources to the initial MRE. Patwon is currently defined along a
strike length of 600 metres, from surface to a
vertical depth of 860 metres (900 m
down-dip), with an average estimated true width of
35 metres and a dip of 75° to the north. The
open-pit resources are defined from surface to a maximum depth of
376 m. The key geologic features of the zone are described in Table
1 in the press release issued on June 29, 2023.
- A sensitivity analysis indicates
low variability of the MRE under various gold price and cut-off
grade scenarios, underscoring the robustness of the Patwon Gold
Zone.
- Preliminary metallurgical tests
indicate non-refractory free-milling gold that is easily
recoverable through a combination of gravity circuit and
conventional cyanide leaching. Recovery rates reach up to 94%, with
gravity recoveries up to 37%. (see press releases of May 4 and
November 21, 2021).
- Several target areas outside the
Patwon Zone have been tested by 15,554 metres of diamond drill
core in 75 holes drilled by Azimut. The results from these
programs have been very encouraging (see press release of June 29,
2023). Follow-up drilling is part of the work planned for
2024.
Table 1: Patwon Gold Zone – 2023 Mineral
Resource Estimate
Patwon Gold Project |
Bulk Underground Mineral Resource (at 1.05 g/t Au
cut-off) |
Category |
Tonnes |
Grade |
Ounces |
(t) |
(g/t Au) |
(oz Troy Au) |
Indicated |
|
|
|
Inferred |
3,496,000 |
1.46 |
163,700 |
Selective Underground Mineral Resource (at 1.9 g/t Au
cut-off) |
Category |
Tonnes |
Grade |
Ounces |
(t) |
(g/t Au) |
(oz Troy Au) |
Indicated |
22,000 |
2.83 |
2,000 |
Inferred |
520,000 |
2.36 |
39,500 |
Open-Pit Mineral Resource (at 0.55 g/t Au
cut-off) |
Category |
Tonnes |
Grade |
Ounces |
(t) |
(g/t Au) |
(oz Troy Au) |
Indicated |
4,972,000 |
1.93 |
309,200 |
Inferred |
4,212,000 |
2.29 |
310,700 |
Patwon Gold Project Total Resources |
Classification |
Tonnes |
Grade |
Ounces |
(t) |
(g/t Au) |
(oz Troy Au) |
Total Indicated |
4 994 000 |
1.93 |
311,200 |
Total Inferred |
8,228,000 |
1.94 |
513,900 |
Notes:
- These mineral resources are not
mineral reserves as they do not have demonstrated economic
viability. The MRE follows current CIM Definition Standards (2014)
and CIM MRMR Best Practice Guidelines (2019). A technical report
supporting the MRE will be filed within 45 days in accordance with
NI 43-101. The results are presented undiluted and are considered
to have reasonable prospects for eventual economic extraction
(“RPEEE”).
- The independent and qualified
persons (“QPs”) for the mineral resource estimate, as defined in NI
43-101, are Martin Perron, P.Eng., Chafana Hamed Sako, P.Geo., and
Simon Boudreau, P.Eng., all from InnovExplo Inc. The effective date
is November 14, 2023.
- The estimate encompasses six (6)
mineralized domains and one (1) dilution zone developed using
LeapFrog Geo and interpolated using LeapFrog Edge.
- 1.0-m composites were calculated
within the mineralized zones using the grade of the adjacent
material when assayed or a value of zero when not assayed.
High-grade capping on composites (supported by statistical
analysis) was set between 15.0 and 40.0 g/t Au for high-grade
envelopes, 0.2 and 12.5 g/t Au for lower-grade envelopes, and 1.0
g/t Au for the dilution envelope.
- The estimate was completed using a
sub-block model in Leapfrog Edge, with a parent block size of 4m x
4m x 4m (X,Y,Z) and a sub-block size of 1m x 1m x 1m (X,Y,Z).
- Grade interpolation was obtained by
the Inverse Distance Squared (ID2) method using hard
boundaries.
- Density values of 2.76 to 2.8 g/cm3
were assigned to all mineralized zones.
- Mineral resources were classified
as Indicated and Inferred. Indicated resources are defined with a
minimum of three (3) drill holes in areas where the drill spacing
is less than 20 m, and Inferred resources with two (2) drill holes
in areas where the drill spacing is less than 40 m and there is
reasonable geological and grade continuity.
- The MRE is locally pit constrained.
The out-pit resources meet the RPEEE requirement by applying
constraining volumes to all blocks (combined bulk and selective
underground long-hole extraction scenario) using Deswik Mineable
Shape Optimizer (DSO).
- The RPEEE requirement is satisfied
by having cut-off grades based on reasonable parameters for surface
and underground extraction scenarios, minimum widths, and
constraining volumes. The estimate is presented for potential
underground scenarios (realized in Deswik) over a minimum width of
2 m for blocks 20 to 24 m high by 16 to 20 m long at
a cut-off grade of 1.05 g/t Au for the bulk long-hole method (BLH)
and 1.90 g/t Au for the selective long-hole method (SLH). Cut-off
grades reflect the currently defined geometry and dip of the
mineralized envelopes. The potential open-pit component (OP) of the
2023 MRE is locally constrained by an optimized surface in GEOVIA
Whittle™ using a rounded cut-off grade of 0.55 g/t Au. The surface
cut-off grade was calculated using the following parameters: mining
cost = CA$3.55/t; mining overburden cost = CA$2.49/t; processing
cost = CA$22.00/t; G&A cost = CA$15.60/t; selling costs =
CA$5.00/t; gold price = US$1,800/oz; USD/CAD exchange rate = 1.30;
overburden slope angle = 30°; bedrock slope angle = 50°; and mill
recovery = 94%. The underground MRE was based on two mining
methods, the choice of which depends on the width of the
mineralization. The underground cut-off grade was calculated using
the following parameters: mining cost = CA$35.00/t (bulk long-hole)
to CA$95.00/t (selective long-hole); processing cost = CA$22.00/t;
G&A cost = CA$15.60/t; selling costs = CA$5.00/t; price =
US$1,800/oz; USD/CAD exchange rate = 1.30; and mill recovery =
94%.
- Cut-off grades should be
re-evaluated in light of future prevailing market conditions (metal
prices, exchange rates, mining costs etc.).
- The number of metric tons (tonnes)
was rounded to the nearest thousand, following the recommendations
in NI 43-101. The metal contents are presented in troy ounces
(tonnes x grade / 31.10348) rounded to the nearest hundred. Any
discrepancies in the totals are due to rounding effects.
- The QPs are not aware of any known
environmental, permitting, legal, title-related, taxation,
socio-political, or marketing issues or any other relevant issue
not reported in the Technical Report that could materially affect
the Mineral Resources Estimate.
Table 2: Patwon Gold Zone – Mineral
Resource Sensitivity to Cut-Off Grade
Gold Price(US$) |
Mining Method |
Cut-Off Grade(g/t Au) |
Indicated Resources |
Inferred Resources |
Tonnes(t) |
Grade (g/t Au) |
Ounces Au |
Tonnes(t) |
Grade (g/t Au) |
Ounces Au |
1,440 |
OP |
0.65 |
4,297,000 |
2.11 |
291,400 |
3,033,000 |
2.66 |
260,000 |
BLH |
1.30 |
0 |
0 |
0 |
2,543,000 |
1.68 |
137,000 |
SLH |
2.35 |
26,000 |
2.97 |
2,400 |
407,000 |
2.78 |
36,000 |
1,620 |
OP |
0.60 |
4,604,000 |
2.02 |
299,600 |
3,418,000 |
2.52 |
276,600 |
BLH |
1.15 |
0 |
0 |
0 |
3,218,000 |
1.54 |
159,400 |
SLH |
2.10 |
25,000 |
2.81 |
2,300 |
464,000 |
2.55 |
38,000 |
1,710 |
OP |
0.55 |
4,958,000 |
1.94 |
308,500 |
4,024,000 |
2.33 |
301,000 |
BLH |
1.10 |
0 |
0 |
0 |
3,266,000 |
1.51 |
158,200 |
SLH |
2.00 |
19,000 |
2.93 |
1,800 |
479,000 |
2.45 |
37,800 |
1,800 Base Case |
OP |
0.55 |
4,972,000 |
1.93 |
309,200 |
4,212,000 |
2.29 |
310,700 |
BLH |
1.05 |
0 |
0 |
0 |
3,496,000 |
1.46 |
163,700 |
SLH |
1.90 |
22,000 |
2.80 |
2,000 |
520,000 |
2.36 |
39,500 |
1,890 |
OP |
0.50 |
5,308,000 |
1.85 |
315,700 |
4,691,000 |
2.18 |
328,700 |
BLH |
1.00 |
0 |
0 |
0 |
3,678,000 |
1.41 |
166,800 |
SLH |
1.80 |
21,000 |
2.80 |
1,900 |
549,000 |
2.26 |
40,000 |
1,980 |
OP |
0.50 |
5,333,000 |
1.85 |
316,800 |
4,890,000 |
2.16 |
339,100 |
BLH |
0.95 |
0 |
0 |
0 |
3,851,000 |
1.36 |
168,000 |
SLH |
1.70 |
22,000 |
2.74 |
2,000 |
576,000 |
2.18 |
40,400 |
2,160 |
OP |
0.45 |
5,692,000 |
1.76 |
322,900 |
5,543,000 |
2.04 |
363,600 |
BLH |
0.85 |
0 |
0 |
0 |
4,760,000 |
1.22 |
186,500 |
SLH |
1.55 |
22,000 |
2.74 |
1,900 |
551,000 |
1.99 |
35,300 |
Notes: Numbers may not add up
due to rounding. The reader is cautioned that the figures provided
in Table 2 should not be interpreted as a statement of mineral
resources. Quantities and estimated grades for different gold
prices (and cut-off grades) are presented for the sole purpose of
demonstrating the sensitivity of the mineral resources model to the
selection of a specific gold price. OP: Open Pit /
BLH: Bulk Long-Hole / SLH:
Selective Long-Hole.
EXPLORATION UPSIDE
Azimut considers the 35-kilometre-long Elmer
Property to remain at an early exploration stage with strong gold
potential supported by the following salient features:
|
1) |
A favourable
geological and structural context: |
|
|
- |
Archean greenstone belt dominated by felsic intrusions, felsic
volcanics and gabbroic sills |
|
|
- |
Extensive shear zones along the
belt |
|
|
- |
Low-grade greenschist metamorphic
window over a large part of the property |
|
|
- |
Close to a major geological
subprovince boundary |
|
2) |
The presence of numerous gold prospects outlining a highly
prospective area 12 kilometres long by 3 kilometres wide,
containing frequent high-grade gold values often accompanied by a
broad and consistent alteration footprint (Ag-Bi-Mo-Pb-S-Te-W);
and |
|
3) |
A low level of
exploration maturity with limited follow-up drilling on many of the
property’s prospects. |
Main target zones
Four extensive target areas (Patwon East, Patwon
West, Wolf – A21, Gabbro) have been reassessed and prioritized for
follow-up drilling (see press release of June 29, 2023):
Patwon East
- A gold-bearing shear zone at least
2.3 kilometres long
- Good correlation with induced
polarization anomalies
- Ten (10) mineralized holes,
including:ELM22-225: 1.35
g/t Au over 8.87 m, including 15.30 g/t Au over
0.57 mELM21-088:
122.0 g/t Au, 160.0 g/t Ag, 307.0 g/t Te over
0.50 mELM22-202: 4.29
g/t Au over 0.95 m
Patwon West
- A gold-bearing shear zone at least
3.5 kilometres long
- Surface mineralization grading up
to 12.65 g/t Au (grab samples). Note that grab
samples are selective by nature and unlikely to represent average
grades.
- Two (2) holes with significant
mineralized
intercepts:ELM20-043: 1.90
g/t Au over 1.70
mELM20-045: 0.52
g/t Au over 1.50 m
Wolf – A21
- A 12-kilometre-long trend of
altered felsic volcanics, with gold-rich polymetallic potential
(Au, Cu, Zn, Ag volcanogenic target)
- Surface mineralization
grading:19.25 g/t Au over 1.00 m (channel
sample)12.03 g/t Au over 1.75 m (channel sample)Up
to 58.2 g/t Au (grab
samples)
- Seven (7) drill holes with
significant mineralized intercepts,
including:ELM21-107: 3.70
g/t Au over 0.70
mELM22-212: 0.30
g/t Au over 17.0 m, including 2.55 g/t Au over
1.00 m
Gabbro
- A gold-bearing shear zone at least
2.7 kilometres long
- Surface mineralization grading up
to 77.8 g/t Au, 167.0 g/t Ag (grab samples)
- Nine (9) holes with significant
mineralized intercepts,
including:ELM22-183: 1.06
g/t Au over 2.16
mELM22-185: 1.38
g/t Au over 1.50
mELM22-187: 0.40
g/t Au over 7.75 m, including 2.85 g/t Au over
0.75
mELM22-182: 2.51
g/t Au over 0.50 m
About the Elmer Property
The Elmer Property comprises 515 claims (271.3
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 paved highway. The region benefits from
excellent infrastructure, including significant road access, a
hydroelectric power grid and airports.
Qualified Persons
InnovExplo Inc., a mining consulting firm based
in Val-d’Or (Quebec), prepared the MRE as defined by NI 43-101. The
independent QPs, within the meaning of NI 43-101, are Martin Perron
(P.Eng.), Chafana Hamed Sako (P.Geo.), and Simon Boudreau (P.Eng.),
all from InnovExplo Inc.
Dr. Jean-Marc Lulin (P.Geo.) prepared this press
release as Azimut’s QPs within the meaning of NI 43-101. Rock
Lefrançois (P.Geo.), Vice President Exploration, François
Bissonnette (P.Geo.), Operations Manager, Brigitte Dejou (P.Eng.),
Senior Consultant, and Lise Chénard (P.Eng.), Senior Consultant,
have also reviewed the content of this press release.
About Azimut
Azimut is a leading mineral exploration company
with a solid reputation for target generation and partnership
development. The Company holds the largest mineral exploration
portfolio in Quebec (Canada). Its wholly owned flagship project,
the Elmer Gold Project, has advanced to the
resource stage with a strong exploration upside. The Company also
controls a strategic land position for copper-gold, nickel and
lithium (see the document: Azimut in Numbers).
The Company uses a pioneering approach to big
data analytics (the proprietary AZtechMine™ expert
system) enhanced by extensive exploration know-how. Azimut’s
competitive edge is based on systematic regional-scale data
analysis and concurrently active projects. The Company maintains
rigorous financial discipline and a strong balance sheet, with 85.2
million shares issued and outstanding.
Contact and Information
Jean-Marc Lulin, President and
CEOTel.: (450) 646-3015
Jonathan Rosset, Vice President Corporate
DevelopmentTel: (604)
202-7531info@azimut-exploration.com
www.azimut-exploration.com
Cautionary note regarding forward-looking
statements
This press release contains forward-looking
statements, which reflect the Company’s current expectations
regarding future events related to the drilling results at the
Elmer Property. To the extent that any statements in this press
release contain information that is not historical, the statements
are essentially forward-looking and are often identified by words
such as “consider”, “anticipate”, “expect”, “estimate”, “intend”,
“project”, “plan”, “potential”, “suggest” and “believe”. The
forward-looking statements involve risks, uncertainties, and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements.
There are many factors that could cause such differences,
particularly volatility and sensitivity to market metal prices, the
impact of changes in foreign currency exchange rates and interest
rates, imprecision in reserve estimates, recoveries of gold and
other metals, environmental risks, including increased regulatory
burdens, unexpected geological conditions, adverse mining
conditions, community and non-governmental organization actions,
changes in government regulations and policies, including laws and
policies, global outbreaks of infectious diseases, including
COVID-19, and failure to obtain necessary permits and approvals
from government authorities, as well as other development and
operating risks. Although the Company believes that the assumptions
inherent in the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply
as of the date of this document. The Company disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, other than as required to do so by applicable securities
laws. The reader is directed to carefully review the detailed risk
discussion in our most recent Annual Report filed on SEDAR+ for a
fuller understanding of the risks and uncertainties that affect the
Company’s business.
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.
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