Corporate growth buoyed by the Elmer gold discovery

In January 2020, Azimut announced a substantial gold discovery after the maiden drilling campaign on its wholly-owned Elmer Property. This discovery solidified the reputation of the Company as a meticulous and bold explorer. Several active partnerships are maintained and advanced. The contiguous Elmer and Duxbury properties, amalgamated in 2020, provide a controlling position in a 35-km-long prospective greenstone belt.

Striking gold in the Elmer sector

  • High-density grab and channel sampling over the Patwon prospect extends the initial encouraging results obtained in 2018. The best channel results notably include 9.52 g/t Au over 7.1 m; 9.56 g/t Au over 5.36 m; and 3.36 g/t Au over 10.32 m. Surface results outline a roughly 30-m-wide gold-bearing envelope.
  • The drilling discovery at Elmer occurred in late 2019 during an initial seven-hole program of 996 m. Follow-up drilling with 38 adjacent holes defines the Patwon discovery over a strike length of 500 m, a depth of 250 m and a thickness of up to 80 m thick. The zone remains open in all directions.
  • Major intervals comprise 3.15 g/t Au over 102.5 m, including 10.1 g/t Au over 20.5 m; 3.01 g/t Au over 90.20 m, including 13.82 g/t Au over 14.2 m; and 2.61 g/t Au over 72.15 m, including 29.24 g/t Au over 4.95 m.
  • A new partnership is forged with Mont Royal Resources by optioning the Wapatik Property, a 24.4-km-long project on strike with Elmer, 13 km to the east.

A copper outlook in James Bay

  • Continued exploration with SOQUEM at Pikwa defines the Copperfield East trend, a 10-km-long copper-gold quality target with grades up to 20.1% Cu from boulders and up to 9.81% Cu and 13.4 g/t Au from outcrops.
  • Regional predictive modelling for copper is carried out, and five new highly prospective copper-gold properties are staked.

Back in Nunavik under a major strategic alliance with SOQUEM

  • Azimut and SOQUEM sign a $40 million agreement covering three major polymetallic properties: Rex, Rex South and Nantais. SOQUEM can earn a 50% interest by investing $16 million over 4 years on these properties and an additional 10% interest by investing $8 million over 2 years per selected property.
  • The work program operated by Azimut yields multiple new polymetallic zones after resuming exploration:
  • At Rex, new discoveries along kilometre-scale corridors include Mousquetaires (up to 13.65% Cu from grabs) and Subtle (up to 141 g/t Au, 915 g/t Ag and 7.87% Zn from grabs). Other prospects return up to 133.5 g/t Au, 851 g/t Ag, and >500 g/t Te from grabs.
  • At Rex South, the property’s potential is strengthened with new discoveries and extensions of previously recognized zones. The best results from grab samples are from Boreal (up to 3.07% Cu), Copperton (up to 5.0 g/t Au and 1.75% Cu), Dragon (up to 4.05% Cu) and Lebreuil (11.12 g/t Au, 48.5 g/t Te and 3.67% Cu).
  • At Nantais, systematic prospecting leads to the discovery of a new 1.6-km-long gold-bearing area and improves the definition of a 3.1-km-long gold-polymetallic corridor.


Expanding strategic alliances

Azimut demonstrates its efficiency as an operating partner as it advances drilling and prospecting programs on several properties. In 2017, the Company expands its strategic position in James Bay with SOQUEM by adding 7 new properties and ultimately discovering new polymetallic mineralization on Munischiwan and Pikwa.

Hitting gold in James Bay

As operator at Eleonore South until July 2018, Azimut continues to focus on a large intrusion-hosted gold-bearing system, defining a 2 km long by 600 m to 700 m wide gold-bearing corridor. The best drilling result along the Contact Trend is 4.9 g/t Au over 45 m. The best channel results on the Moni Prospect are 79.6 g/t Au over 25 m and 79.5 g/t Au over 5.87 m. Very high-grade results are also obtained by prospecting along the Moni Trend: up to 1,500 g/t Au from a boulder and up to 101 g/t Au from an outcrop.

Several discoveries advance the strategic alliance between Azimut and SOQUEM:

  • At Munischiwan, the InSight zone is discovered during follow-up prospecting work on an AZtechMineTM This metasediment-hosted prospect is 600 m long by 100 m to 150 m wide and returns up to 100.5 g/t Au, 435.0 g/t Ag, 156.0 g/t Te and 1.67% Cu (best results from different grab samples).
  • At Pontois, gold is discovered during a preliminary program (up to 6.02 g/t Au in grab samples; Black Hole prospect). The property had no known previous showings.
  • At Galinée, prospecting yields a subcropping intrusion-related gold-bearing zone (Gamora prospect).

Staking the Elmer Property

  • Azimut stakes the Elmer Property as soon as it becomes available (June 2018). A reconnaissance field program yields promising results from the underexplored Patwon prospect, which returns up to 54.6 g/t Au in grab samples.


Advancing on a solid base

The Company continues to follow a conservative business approach by minimizing equity dilution and preserving its cash position. Exploration risk is mitigated through its advanced data analytics approach.

Expansion in James Bay

  • Azimut retains its key positions in the Eleonore mining camp where commercial production is reached at the Eleonore mine belonging to Goldcorp (now Newmont).
  • A new Strategic Alliance with SOQUEM covers 176,300 km2 to outline major gold targets using the proprietary AZtechMineTM expert system.
  • In 2016, Azimut becomes the operator on the Eleonore South JV after proposing new exploration ideas to its JV partners. Fieldwork leads to the discovery of the Moni Prospect, a very high-grade gold vein system (up to 142 g/t Au in grabs, up to 49.18 g/t Au over 4 m in channels) hosted in a large gold-bearing intrusion. Drilling within the intrusion builds a model of a kilometre-scale mineralized zone along the intrusion’s contact with host metasediments. The best drilling result is 76.1 g/t Au over 1.55 m.

Committed to Nunavik

  • The Company remains focused above the 55th parallel, where the provincial government supports infrastructure and mining development.
  • The acquisition of the Duquet polymetallic property, a claim block within the Rex Property, provides better coverage of the vast exploration target defined by a giant copper anomaly in lake-bottom sediments. The target is subsequently validated by the discovery of numerous copper prospects.


Azimut maintains a strong position and strategy

In the market context of 2013–2014, Azimut stays focused on minimizing equity dilution and preserving its cash position while pursuing gold projects in the James Bay area and developing new partnerships for its polymetallic holdings in Nunavik.

Largest property portfolio in Nunavik

  • The Company continues to hold a commanding land position on the Rex Trend, considered by management to be a new mineral province with the potential to host large-scale deposits, including IOCG-type, intrusion-related polymetallic and sediment-hosted gold.
  • A heliborne survey over the Nantais gold property provides geophysical coverage of a gold-polymetallic corridor measuring 3.1 km by 500 m.

A maturing gold outlook in James Bay

  • Partner Hecla renews its option on the Opinaca A and B gold properties.
  • Three of the Company’s properties near the Eleonore gold mine (Opinaca A, Opinaca B, Eleonore South) are at the drilling stage through partner-funded exploration programs.


Azimut wins ‘Prospector of the Year’ Award

In 2011, Azimut was honoured with the prestigious Prospector of the Year Award from the province’s mineral exploration association (AEMQ). The AEMQ awards this annual distinction to highlight a discovery that has had a significant impact on exploration activities at the property and regional scales. The AEMQ chose to recognize Azimut’s important contribution to the industry and to Northern Quebec through the discovery and exploration of the Rex Trend, an extensive new mineral district over which Azimut gained a controlling land position.

Strong portfolio in mining-friendly Quebec

  • At Rex South, encouraging grades are obtained for a suite of metals with the discovery of additional kilometre-scale prospects (Copperton, Jemima, Pegor, Ferrus, etc.).
  • At Nantais, also in Nunavik, gold-rich polymetallic VMS is the target after grab sampling results and the geological context reflects an excellent potential for this type of deposit.
  • In the James Bay region, Goldcorp (now Newmont) exercises its second option on the Wabamisk Property, and Aurizon Mines announces the renewal of its option on Opinaca A and B for a second year.
  • Also in James Bay, high-grade chromium mineralization is discovered at Eastmain West (now Chromaska), with grab samples from a 4-km-long ultramafic intrusion grading up to 39% Cr2O3 and up to 1.9 g/t platinum group elements.


Quebec’s top exploration portfolio

In 2010, Azimut’s portfolio represents approximately 8% of the mineral rights granted in Quebec, maintaining its position as the #1 claim holder in the province.

Discovery of a new polymetallic district in Nunavik

  • Azimut stakes the 60-km-long Rex South Property to cover a large copper-gold-REE target and signs an agreement with Aurizon Mines (now Hecla Mining). An initial $1.5-million partner-funded exploration program ensues, uncovering a major intrusion-related gold-silver-copper-tin-tungsten mineralized system with topaz and fluorite.
  • Azimut’s self-funded $1.8-million program at Rex uncovers the 3-km-long copper-bearing IOCG-type RBL Zone, yielding grab samples grading up to 11.3% Cu. A new prospect returns up to 580 g/t Au in grab samples (Subtle Zone).

Gold exploration momentum builds in James Bay

  • At the Eleonore South project, a partner-funded drilling program tests the JT Zone gold discovery, with 9 holes intersecting gold-bearing sedimentary rocks over wide intervals along a 1-km-long corridor.
  • At Wabamisk, partner Goldcorp (now Newmont) drills a broad gold-bearing envelope (up to 0.7 g/t Au over 19 m) carrying antimony and arsenic.


A new exploration leader in Quebec

In 2008, Azimut becomes the #1 claimholder in Quebec with approximately 10% of the mineral rights granted in the province.

Building a strong position in a challenging market

In 2007, Azimut signs a total of 14 agreements including two new strategic alliances and 12 joint venture agreements with 9 different companies. This includes:

  • A third strategic alliance with Rio Tinto to use predictive modelling to identify nickel targets in the Grenville geological province.
  • A strategic alliance with Channel Resources to apply country-scale predictive mineral potential modelling in Ecuador.
  • Despite the stock market downturn starting in 2008, Azimut remains one of the leading exploration companies in Quebec, with 18 distinct mineral exploration programs on its 21 properties, including 16 partner-funded programs totalling $10 million.

Expanded exploration outlook

  • As one of the strongest results of Azimut’s cutting-edge targeting methodology, the Company begins staking a giant 300-km-long play in Nunavik (“the Rex Trend”) after identifying one of the most extensive geochemical footprints for copper and rare earth elements in all of Quebec and Labrador. The ensuing fieldwork rapidly confirms the potential of the region to host IOCG and intrusion-related polymetallic systems related to crustal-scale structures.
  • Exploration programs are active on half a dozen uranium projects in the Nunavik and North Shore regions leading to the discovery of numerous uranium prospects.
  • Multiple exploration projects are advanced in the James Bay region.


Building momentum

Azimut continues its growth by establishing new partnerships and ramping up exploration across Quebec with a new commodity play.


  • Three new partnership agreements are signed, including Cambior (now IAMGOLD) and Placer Dome (now Newmont) for gold projects in the James Bay region.
  • In 2006, a second strategic alliance is signed with Rio Tinto to use predictive modelling to identify intrusion-related uranium targets (“Rössing type”) in the geological Grenville Province.
  • In 2006, the Company marks a new milestone when it signs its 12th partnership agreement: a sign of increasing recognition of Azimut’s ability to generate high-quality exploration targets.
  • By late 2006, 15 exploration programs are underway or completed on Azimut’s properties, with $4.5 million in work commitments.

A unique outlook on uranium potential

  • Azimut expands its portfolio by acquiring a large land position after conducting provincial-scale predictive modelling for uranium. Azimut announces the discovery of 10 uranium prospects that reveal the regional-scale uranium potential of the Ungava Bay region.


New leadership and vision

Azimut builds a forward-looking exploration portfolio in Quebec with a pioneering predictive modelling methodology.

Pioneering a unique data-driven predictive modelling exploration approach

  • In 2003, Jean-Marc Lulin becomes President and CEO with a vision of Azimut becoming an industry leader in project generation through regional-scale mineral potential modelling.
  • The Company’s first potential modelling for gold in the James Bay region leads to staking near what would later become the Eleonore gold mine (one year prior to the announcement of its discovery by Virginia Mines). This move helps solidify Azimut’s reputation as a generator of high-quality targets.

Laying the foundation of solid partnerships

  • In 2004, the Company signs its first strategic alliance with Rio Tinto using predictive modelling to identify iron oxide copper gold (“IOCG”) targets over 489,000 km2 in the geological Grenville Province.
  • Two joint venture agreements are signed for gold projects in the James Bay region.