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The latest assays from Azimut Exploration’s 55-hole drilling program focused on the Patwon zone within its Elmer property in Quebec suggest a “significant gold discovery.”
The explorer has released assay results for 24 holes – with these latest results, the company has confirmed a steeply dipping gold-bearing zone over 500 metres of strike, to a depth of 250 metres and over true widths of up to 80 metres. The zone remains open.
The latest drill highlights include 9.8 metres of 5.86 g/t gold starting at 95.3 metres; 48.1 metres of 1.38 g/t gold from 230.8 metres; 6.8 metres of 3.36 g/t gold starting at 129 metres; and 40.5 metres of 1.29 g/t gold from 247.6 metres.
Since November 2019, Azimut has drilled 62 holes, for a total of 11,511 metres at the site
This zone also appears to show excellent geometrical continuity and has, to date, been defined by 38 holes drilled on 50-metre centres. The release also states that its initial geometry suggests potential for an initial open pit operation, with additional optionality for an underground mine. The deposit type (an intrusion-hosted orogenic gold-bearing system) also indicates possibilities for ‘kilometre-scale’ vertical extension.
According to Azimut, the Patwon mineralization is analogous to Agnico Eagle’s Goldex deposit.
Recent grab sample highlights from mineralized outcrops within a 7 km by 2.5-km corridor around Patwon include 58.2 g/t gold, 18.55 g/t gold and 17.15 g/t gold.
The Patwon zone remains open with a “high probability of growth along strike and at depth.” The area around this discovery is underexplored and features a “thick belt of felsic intrusives and volcanics, close to a regional shear zone.”
Azimut is planning for a ‘substantial’ exploration program next year, to grow the discovery and test surrounding targets. Drilling is expected to start in January, for a minimum of 15,000 metres.
Since November 2019, Azimut has drilled 62 holes, for a total of 11,511 metres at the site.
The wholly owned, 271.3-sq.-km property lies in the James Bay region, 285 km north of Matagami, and covers 35 km of strike.
Midday Monday, Azimut’s stock was down 15% on the TSXV. The company has a C$58 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
