Azimut makes new nickel-copper discovery at Wapatik project in Quebec 

Azimut Exploration (TSXV: AZM; US-OT: AZMTF) has made a new nickel-copper sulphide discovery during its initial diamond drilling program at the Wapatik project in Quebec.  

Highlights from the discovery hole WAP22-003 included 3.3 metres grading 2.68% nickel and 1.3% copper starting from 143.4 metres. A six-hole follow-up program, totalling about 1,000 metres, is currently underway to further test the discovery.  

“This initial drilling interval is one of the best nickel-copper results recorded in the James Bay region based on public data (SIGEOM),” Azimut said in a press release. “It strongly supports Azimut’s view that the region is underexplored for nickel-copper deposits despite its favourable geological context.”  

Located in the Eeyou Istchee James Bay region, Wapatik is a 25-km-long land package that largely covers the lower Eastmain greenstone belt in the geological La Grande Subprovince of Archean age.  

It is under option to Quebec-focused Mont Royal Resources (ASX: MRZ). The Australia-based explorer can acquire an initial 50% interest in the project by spending $4 million on exploration over four years and earn another 20% by investing $3 million and delivering a preliminary economic assessment. Azimut is the operator.  

The initial drilling program consisted of four holes covering 1,068 metres, designed to test conductors identified by an electromagnetic ground survey. Assays from the remaining three holes are pending.   

Barry Allan, a mining analyst from Laurentian Bank Securities, described Azimut’s latest result as “very positive.”  

“While just one hole, there is a strong indication of a new high-grade discovery of nickel and copper in James Bay,” Allan wrote in a research note to clients.  

“In late 2021, Azimut staked 57 projects in the James Bay region they felt were prospective for nickel mineralization. A nickel discovery at Wapatik should help encourage prospective JV partners to earn-in on these projects,” the analyst added.  

At press time in Toronto, shares of Azimut were trading at $1 within a 52-week trading range of 98¢ and $2.49. The company has 81.9 million shares outstanding.