Azimut posts first resource for Patwon gold zone in Quebec

Azimut Exploration (TSXV: AZM; US-OTC: AZMTF) has released an initial resource for the Patwon gold zone at its Elmer property in Quebec totalling over 800,000 oz. contained gold.

Indicated resources total 5 million tonnes grading  1.93 grams gold per tonne for 311,200 ounces. Inferred resources come to 8.2 million tonnes grading 1.94 grams gold for 513,900 ounces.

Azimut first sampled the Patwon zone in October 2018 and found gold mineralization at the surface. The discovery hole was drilled in January 2020; it returned 102.5 metres grading 3.15 gram gold, including 10.1 grams gold over 20.5  metres. Visible gold has been noted in multiple drill holes.

The bulk of the ounces (over 600,000) are from open pittable resources, calculated at a cutoff grade of 0.55 gram gold per tonne. Bulk underground resources used a cutoff of 1.05 gram gold, with a small portion of selective underground resources using a 1.9 gram gold cutoff.

The resource was estimated using a US$1,800 per oz. gold price.

Patwon is located in the Eeyou Istchee James Bay region, 60 km from Eastmain, Que.

The Patwon zone has now been traced over a strike length of nearly 600 metres to a vertical depth of 860 metres. The average true width is about 35 metres. The zone is part of the 35-km-long Elmer gold corridor, which is considered highly prospective for shear-zone-hosted and intrusion-related gold deposits.

The Elmer project is located about 100 km west of Newmont’s (TSX: NGT; NYSE: NEM) Éléonore gold mine, close to paved roads, power lines, and airports. Work  to date has been focused on Patwon with drilling over an 8-km by 3-km area.

Knowing that greenstone orogenic gold deposits rarely occur in isolation, Azimut has defined 12 priority targets along strike and subparallel to Patwon. Follow-up drilling is planned at the Patwon East, Gabbro, Patwon West, and Wolf targets by the end of the year. The company says the Elmer property remains largely underexplored despite evidence of an extensive shear-related gold-bearing system.

Azimut shares fell by 2.5% in afternoon trading in Toronto to 78¢ per share for a market cap of $68.1 million. The stock has traded in a range between 56¢ and $1.80 over the last 12 months.