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Azimut and Mont Royal Outline Nickel-Copper Mineralization along a 750-metre Strike Length at Wapatik

Apr 24, 2023

Azimut Exploration Inc. announced the results of the third drilling phase comprising four holes 1,017 metres in depth on the Wapatik Property in the Eeyou Istchee James Bay region of Quebec. 

The wholly-owned Wapatik Property is under option to Mont Royal. It is a 24-kilometre-long gold project located 13 kilometres to the east of the Elmer Property and along the same geological trend. It covers a geological and structural context similar to that of Elmer, along the Lower Eastmain greenstone belt within the La Grande Subprovince. The James Bay Road crosses the western end of the property.
Azimut and Mont Royal launched a gold exploration program on the property following a preliminary target assessment. Past exploration appears very limited in this part of the Lower Eastmain belt.

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.

Under the terms of the arrangement 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.

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.

Drilling results from this third phase are:

Hole WAP22-013:     0.15% Ni, 0.66% Cu, 0.012% Co, 7.18 g/t Ag over 3.3 m (from 72.0 m to 75.3 m)

Hole WAP22-014:     0.20% Ni, 0.13% Cu, 0.017% Co, 0.78 g/t Ag over 21.5 m (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 m

 0.52% Ni, 0.70% Cu, 0.020% Co, 3.27 g/t Ag over 8.0 m (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 m

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

Hole WAP22-003:    2.68% Ni, 1.30% Cu, 0.09% Co, 4.0 g/t Ag over 3.30 m (from 143.4 m to 146.7 m)

Hole WAP22-009:    1.16% Ni, 3.85% Cu, 0.04% Co, 7.8 g/t Ag over 0.70 m (from 151.8 m to 152.5 m)

Management considers the nickel-copper results from the W1 intrusion very encouraging and warrant additional drilling. 
Wapatik is a 25-kilometre-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 kilometres to the west.
Mont Royal Resources Limited (ASX: MRZ) is an Australian company that pursues various mining opportunities in the resources sector with the aim of building shareholder value by acquiring, exploring, evaluating and exploiting mineral resource project opportunities. 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. The projects are prospective for precious (gold, silver) and base metals (copper, nickel) in the James Bay area, a tier-1 mining jurisdiction in Quebec, Canada. For further information regarding Mont Royal, please visit the ASX platform (ASX: MRZ) or the Company's website www.montroyalres.com

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. 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. Azimut is led by a team with a wide range of national and international expertise in the mining industry, including technical, financial and legal experience from exploration to production. The Company maintains rigorous financial discipline and a strong balance sheet, with 79.7 million shares issued and outstanding.

For further information: Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045; Jonathan Rosset, Vice President Corporate Development, Tel: (604) 202-7531, info@azimut-exploration.com, www.azimut-exploration.com

Image Map of Wapitik

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