Azimut Exploration drills 0.2% nickel over 21.5 metres at Wapatik, Quebec

Azimut Exploration Inc. [AZM-TSXV; AZMTF-OTCQX] reported results of the third drilling phase comprising four holes (1,017 metres) on the Wapatik property in the Eeyou Istchee James Bay region of northern Quebec. The objective was to follow up on previously reported encouraging nickel results. A comprehensive work program for 2023 is under review, including a high-resolution heliborne magnetic-electromagnetic survey, core drilling and prospecting.

The property is under option to Mont Royal Resources Limited [MRZ-ASX]. Mont Royal can acquire an initial 50% interest in the property by spending $4 million in exploration expenditures over four years and a further 20% interest with an additional investment of $3 million and the delivery of a preliminary economic assessment over three years. Azimut is the operator.

HIGHLIGHTS: The three first phases of drilling in 2022 (holes WAP22-001 to -015; 3,395.3 metres) led to the recognition of significant nickel-copper mineralization related to an ultramafic intrusion 900 metres long by 400 metres wide. This intrusion (W1) is interpreted as a folded synvolcanic sill.

Nickel-copper mineralization, encountered in 12 of the 15 holes, has now been delineated over a 750-metre strike length. The system remains entirely open at depth and on strike, and consists of two main horizons: a basal horizon along or close to the contact with metasediments or paragneiss and a middle horizon within the ultramafic intrusion.

Mineralization occurs as disseminated to semi-massive (locally massive) sulphides with pentlandite, chalcopyrite and pyrrhotite. The W1 intrusion comprises three main lithologies: peridotite, pyroxenite and a late gabbroic phase.

Salient drilling results from this third phase include Hole WAP22-013 that returned 0.15% nickel, 0.66% copper, 0.012% cobalt, 7.18 g/t silver over 3.3 metres (from 72.0 m to 75.3 m).

Hole WAP22-014 returned 0.20% Ni, 0.13% Cu, 0.017% Co, 0.78 g/t Ag over 21.5 metres (from 125.5 m to 147.0 m), including 0.40 % Ni, 0.47% Cu, 0.025% Co, 2,46 g/t Ag over 2.0 metres; 0.52% Ni, 0.70% Cu, 0.020% Co, 3.27 g/t Ag over 8.0 metres (from 169.0 m to 177.0 m), including 1.34% Ni, 1.21% Cu, 0.050% Co, 4.76 g/t Ag over 1.1 metres.

Hole WAP22-015 returned 0.22% Ni, 0.20% Cu, 0.018% Co, 0.97 g/t Ag over 7.5 metres (from 47.0 m to 54.5 m).

Previous drilling: Hole WAP22-003 returned 2.68% Ni, 1.30% Cu, 0.09% Co, 4.0 g/t Ag over 3.30 metres (from 143.4 m to 146.7 m). Hole WAP22-009 returned 1.16% Ni, 3.85% Cu, 0.04% Co, 7.8 g/t Ag over 0.70 metres (from 151.8 m to 152.5 m).

Management considers the nickel-copper results from the W1 intrusion very encouraging and warrant additional drilling. Two other nickel-copper priority targets have also been identified: a recently discovered intrusion (W2) with comparable mineralization at surface and a potential third ultramafic intrusion in the western part of the property.

The Wapatik property s a 25-km long project comprising one block of 220 claims (115 km²) in an area with excellent infrastructure, including road access and power lines. It covers a largely underexplored part of the Lower Eastmain greenstone belt of Archean age, on strike from Azimut’s wholly owned Elmer Property (Patwon Gold Zone), approximately 35 km to the west.

Mont Royal has a binding JV option agreement with Azimut to earn up to 70% interest in the Wapatik gold-copper-nickel project. Mont Royal has also acquired 75% of Northern Lights Minerals’ 536-km2 package in the Upper Eastmain greenstone belt.

Azimut holds the largest mineral exploration portfolio in Quebec. Its wholly-owned flagship Elmer Gold Project is actively advanced to the initial resource stage in the James Bay region. Azimut also controls a strategic land position for copper-gold, nickel and lithium. At least 10 work programs are planned for 2023, including an aggressive lithium-focused field assessment phase as early as possible after the winter season.

Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine expert system), enhanced by extensive exploration know-how. The company’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 79.7 million shares issued and outstanding.

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