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8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 m6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.6 m3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.5 m0.81% Ni, 0.07% Cu, 0.52 g/t PGE over 24.2 m
LONGUEUIL, Quebec, Jan. 20, 2025 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the results of the maiden 2,000-metre diamond drilling program on the Kukamas Property (the “Property”) in the Eeyou Istchee James Bay (“James Bay”) region of Quebec. The Property is subject to an option agreement with KGHM International Ltd (“KGHM”), with Azimut as the operator.
The drilling program consisted of 9 holes (KUK24-001 to -009) for a total of 1,998.5 metres to complete a first assessment of the Perseus and Halley magmatic nickel sulphide surface discoveries (see press release of April 2, 2024, and September 23, 2024) and other strong conductors defined by airborne and ground electromagnetic (“EM”) geophysical surveys.
This phase confirms the Perseus Zone as a significant high-grade nickel and platinum group element (“PGE”) discovery, likely associated with komatiitic volcanics. A second mineralized horizon, also hosted in komatiites, has been intersected approximately 80 metres deeper (along hole) from the Perseus horizon. Both zones remain open in all directions. The features of the mineralization (high-grade Ni, high Ni/Cu ratio, high Pd/Pt ratio) and the lithological context highlight a fertile system, with similarities to Archean Kambalda-type komatiitic nickel deposits, exemplified by the Kambalda district in Western Australia.
These initial results underscore the potential of Kukamas, which also hosts several under-explored, kilometre-scale, high-quality nickel targets. A work plan for 2025 is currently being developed to further advance the Perseus discovery and test surrounding targets.
HIGHLIGHTS (see Figures 1 to 6, Tables 1 and 2)
| • Hole KUK24-001: | Perseus Zone |
| 1.64% Ni, 0.11% Cu, 1.12 g/t PGE over 8.5 m (from 16.5 m to 25.0 m), including | |
| 3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.5 m (from 22.5 m to 25.0 m) | |
| New sulphide horizon | |
| 0.90% Ni, 0.32 g/t PGE over 9.05 m (from 126.65 m to 135.70 m) | |
| • Hole KUK24-002: | Perseus Zone |
| 8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 m (from 27.0 m to 28.9 m) | |
| • Hole KUK24-003: | Perseus Zone |
| 0.81% Ni, 0.52 g/t PGE over 24.2 m (from 30.0 m to 54.2 m), including | |
| 1.63% Ni, 0.14% Cu, 1.61 g/t PGE over 1.25 m (from 42.5 m to 43.75 m) and | |
| 3.46% Ni, 0.21% Cu, 2.44 g/t PGE over 0.75 m (from 52.4 m to 53.15 m) | |
| • Hole KUK24-007: | Perseus Zone |
| 6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.6 m (from 32.4 m to 35.0 m), including | |
| 19.6% Ni, 0.81% Cu, 9.43 g/t PGE over 0.75 m (from 33.4 m to 34.15 m) | |
| New sulphide horizon | |
| 3.18% Ni, 0.15% Cu, 1.17 g/t PGE over 1.7 m (from 109.3 m to 111.0 m) |
Perseus Target Area (see Figure 4)
—KUK24-001: 0.90% Ni, 0.33 g/t PGE over 9.05 m, including 1.04% Ni, 0.30% Cu, 0.40 g/t PGE over 6.05 m (from 126.65 m to 132.70 m) in a zone of disseminated pyrrhotite-pentlandite; and
—KUK24-007: 2.04% Ni and 1.02 g/t PGE over 1.0 m (from 100.0 m to 101.0 m) in an 8-metre section of disseminated and stringer pyrrhotite-(pentlandite), followed by 3.18% Ni, 0.15% Cu and 1.17 g/t PGE over 1.7 m (from 109.3 m to 111.0 m) in a section of net-textured and massive pyrrhotite-pentlandite.
Halley Showing
About the Kukamas Property
Kukamas covers a 41-kilometre cumulative strike length and comprises 665 mining claims in two claim blocks for a total surface area of 337.8 square kilometres. This includes 128 claims recently added to the Property following the discovery of the Perseus Zone. These new claims cover favourable geology, including ultramafic units prospective for nickel. The project benefits from major infrastructure, including high-voltage power lines, and its proximity to the Trans-Taiga Road, an all-weather regional highway 4 kilometres to the north, and the La Grande-3 airstrip near the La Grande-3 hydroelectric generating station. The closest town is Radisson, 80 kilometres to the west-northwest.
James Bay-Scale Predictive Modelling for Nickel
The Perseus discovery on the Kukamas Property and the W1 discovery on the Wapatik Property (see press release of April 24, 2023) help validate Azimut’s regional-scale predictive modelling for nickel. Both discoveries correspond to areas of interest that were identified by the modelling work. This approach also identified numerous other targets in the region, collectively grouped under the Company’s wholly-owned James Bay Nickel Project (3,714 claims, 109 claim blocks, roughly 200 distinct targets).
Drilling Contract, Analytical Protocols and Management
Chibougamau Diamond Drilling Ltd of Chibougamau (Quebec) conducted the program with a core diameter of BTW. All holes were surveyed downhole with a gyroscope instrument.
Rock samples were sent to ALS Laboratories in Val-d’Or (Quebec) for analysis. Samples were analyzed for a 48-element suite by 4-acid digestion and ICP-MS finish, for gold by fire assay and atomic absorption or ICP-AES finish, and for platinum and palladium by fire assay and ICP-AES finish. Overlimit nickel assays (10,000 ppm) were reanalyzed using 4-acid digestion and ICP-AES finish. Azimut applies industry-standard QA/QC procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks, and field duplicates.
The drill program was conducted under the supervision of Rock Lefrançois (P.Geo.), Azimut’s Vice-President Exploration.
Qualified Person
Dr. Jean-Marc Lulin (P.Geo.), Azimut’s President and CEO, prepared this press release and approved the scientific and technical information disclosed herein, acting as the Company’s qualified person within the meaning of National Instrument 43-101.
About KGHM International
KGHM International is a subsidiary of the Polish corporation KGHM Polska Miedź S.A., a leading producer of copper and silver for over 60 years, with mining projects in Europe, North America and South America. Under the option agreement, KGHM can acquire an initial 50% interest in the Property from Azimut by funding $5.0 million in work expenditures over four years. KGHM has a second option to earn an additional 20% interest according to certain terms and conditions, which include delivering a preliminary economic analysis and incurring work expenditures of at least $4.2 million over three years (see press release of December 8. 2022).
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, controlling strategic land positions for gold, copper, nickel and lithium.
Azimut’s wholly owned flagship project, the Elmer Gold Project, is at the resource stage (311,200 oz Indicated; 513,900 oz Inferred*) and has a strong exploration upside. The Company is also advancing the Galinée lithium discovery with its joint venture partner SOQUEM Inc. In addition, significant exploration progress was made in 2024 on three other projects: Wabamisk (antimony-gold; lithium), Kukamas (nickel-copper-PGE) and Pilipas (lithium).
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. Azimut maintains rigorous financial discipline and a strong balance sheet, with 85.7 million shares issued and outstanding.
Contact and Information
Jean-Marc Lulin, President and CEOTel.: (450) 646-3015 – Fax: (450) 646-3045
Jonathan Rosset, Vice President Corporate DevelopmentTel: (604) 202-7531[email protected] www.azimut-exploration.com
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* Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Quebec. Canada, dated January 4, 2024, and prepared by Martin Perron, P.Eng., Chafana Hamed Sako, P.Geo., Vincent Nadeau-Benoit, P.Geo., and Simon Boudreau, P.Eng., of InnovExplo Inc.
Cautionary note regarding forward-looking statements
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 from the Kukamas 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. Many factors 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.
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.
