Gold exploration company Azimut Exploration Inc. (TSX-V: AZM) (OTCQX: AZMTF) has had an explosive month this January, with shares of AZM rallying from a consolidated base of $0.70 cents, hitting a 52-week high of $1.80. AZM rallied a total of 157% in the month of January.
Azimut Exploration Inc. is a growing mineral exploration company that is known for holding the largest mineral exploration portfolio within the Province of Québec and for its strategic use of proprietary exploration technology AZtechmine™.
Azimut holds a total of 29 properties which covers over 6,500 km2 with 13,600 claims, giving AZM significant exposure to gold, copper and nickel within a geologically rich province such as Québec. AZM’s main focus is their Elmer Gold project located in the region of James Bay, situated approximately 100 km west of the Eleonore Gold Mine, an underground goldmine operated by American gold company Newmont Corporation.
In October of 2022, the Mineral Exploration Association of Québec (AEMQ) presented the Discovery of the Year award to AZM for the discovery if the Patwon Gold Zone on the company’s Elmer property. “The Azimut team is very honoured by this recognition from its peers. Advancing the Elmer discovery to reveal its full potential is an exciting enterprise for which the Azimut team is entirely committed despite the market turbulence” the company stated.
In more recent news from AZM’s Elmer property, last week Azimut announced new assay results from 15 mineralized holes from the Patwon Gold Zone. These new results further expand the Patwon Zone. Patwon has now been outlined along a strike length of 690 meters, from surface to a depth of 860 meters (900 m along dip), with an average estimated true width of 35 meters.
A new subparallel zone was identified at Patwon which is about 300 meters north of the main Patwon Zone. It is marked by a prominent interval grading 82.1 g/t Au, 87.0 g/t Ag and 124.5 g/t Te over 0.5 m in hole ELM22-177. Another intercept from this zone returned 33.9 g/t Au, 40.8 g/t Ag and 58.1 g/t Te over 0.5 m from hole ELM22-134. AZM considers the massive 35km long Elmer property to be at an early stage still but are aiming to produce a resource estimate on the Patwon zone. There remains 36 holes that need to be reported on which total 8,699m of drilling from 2022.
On January 23rd, 2023, Azimut reported that the company has identified 6 properties with 3,370 claims, as highly prospective for lithium. The Pikwa property and Galinée property are two properties which AZM shares in partnership with SOQUEM Inc., a subsidiary of Investissement Québec and is located near the geological corridor which Patriot Battery Metals reported impressive lithium mineralization and to the south of Australian based Winsome Resources. AZM will begin exploration for lithium this year, which also includes AZM’s wholly owned Kaanaayaa property and Corvet property. Also planned for 2023, is the preparation of a maiden mineral resource estimate for the Elmer property.
The photo above represents the extensive exploration of properties AZM holds in its portfolio that is either 100% owned by AZM or in strategic partnership or joint ventures.
Azimut has 79.3 million shares outstanding with Québec-based institutions holding 30%, High net worth individuals representing another 30%, and Agnico Eagle holding 10%. As per their annual financial statement, AZM sits on a hefty $14 million in cash.