Azimut advances on Quebec drilling update
Azimut Exploration Inc. [AZM-TSXV] and Australia Stock Exchange-listed partner Mont Royal Resources Ltd. [MRZ-ASX] said exploration work is progressing at the Wapatik property in Quebec’s James Bay region following an “encouraging maiden drilling program and second drilling phase.”
Exploration work is focused on two main target types, including nickel-copper mineralization related to an ultramafic intrusion and gold mineralization related to extensive shear zones on strike with the Patwon Zone on the adjacent Elmer Property, which is 100%-owned by Azimut.
Earlier this year, the companies said ground geophysics identified highly-conductive zones potentially related to intrusion-hosted nickel-copper mineralization.
The maiden drill program uncovered nickel-copper massive to semi-massive sulphide mineralization associated with an ultramafic intrusion. Drilling results received to date from the first and second phases totalled 11 holes (2,366.4 metres).
Drilling highlights include hole WAP22-003, which intersected 2.68% nickel, 1.30% copper, 0.09% cobalt over 3.30 metres rom 143.4 metres to 146.7 metres, including 3.63% nickel, 0.48% copper, 0.12% copper over 1.0 metre and 3.04% nickel, 0.75% copper and 0.10% cobalt over 1.1 metre.
Hole WAP22-009 returned 1.16% nickel, 3.85% copper over 0.8 metres from 152 metres to 152.8 metres.
The companies said results obtained to date clearly warrant additional drilling to test other identified targets within the intrusion. A total of five holes (1,100 metres) is planned.
The company said new gold targets have also been identified at Wapatik following a systematic property-wide evaluation that included a high-resolution magnetic survey, remote sensing analysis, lithostructural interpretation and extensive till survey to characterize the gold grain counts of these samples.
The Wapatik gold-copper project consists of 220 claims covering 115 square kilometres of continuous tenure and is located in the James Bay-Eeyou Istchee region.
The project is situated 93 kilometres east of Eastmain airport and 58 kilometres southwest from the Newmont Corp.’s [NGT-TSX, NEM-NYSE] Eleonore Gold Mine.
It is worth noting that Wapatik lies approximately 12 kilometres from the Patwon gold discovery on Azimut’s 100%-owned Elmer property, where Azimut recently reported the discovery of substantial gold mineralization in multiple drill hole intersections, including frequent high-grade intervals in all seven holes of its maiden diamond drilling program.
Highlights from previous drilling include 3.15 g/t gold over 102.0 metres, including 10.1 g/t gold over 20.5 metres at the Patwon Prospect on the Elmer property.
Under an agreement announced on September, 2020, Mont Royal can earn up to a 70% interest in the Wapatik project. Mont Royal said the transaction would allow it to leverage off Azimut’s strong technical exploration team as it works to unlock the full potential of the Wapatik project.
Azimut is currently the project operator. On Monday, the shares rose 5.2% or $0.03 to 61 cents. The shares are currently trading in a 52-week range of $2.08 and 57 cents.