Good Luck, Buena Suerte, And Bonne Chance!

Mar 26

Good Luck, Buena Suerte, And Bonne Chance!

Anybody and everybody within the exploration industry should start sending positive wishes toward the James Bay region of Quebec right now.  We need to muster up all the luck we can get for Azimut (AZM, TSX-V) and CEO Jean-Marc Lulin.

Azimut’s highly anticipated 6,000-m (30-hole) diamond drilling program to expand its Elmer Gold discovery starts this weekend!

AZM tripled from 50 cents to $1.50 in 1 day (January 14) after discovering substantial Gold mineralization in multiple drill hole intersections, in 7 of 7 holes on a property that had never been drilled before, including 3.1 g/t Au over 102 m and 2.8 g/t Au over 108 m.  Wisely, in retrospect, the company closed a $6 million flow-through financing at $2.45 a share February 26.  Just 2 weeks later the stock plummeted as low as 86 cents as global markets cratered.  AZM recovered about half of its losses by closing at $1.21 Friday.

With the IP and magnetic geophysical survey results in-hand (pictured above), we can see the drill holes that got everyone so excited about AZM were taken from the northern nub of a larger chargeability and resistivity high called ELM-1, which measures 850 m long by 350 m wide.

Azimut has outlined 5 priority target areas identified by a combination of moderate to strong chargeability and resistivity anomalies that delineate a cumulative prospective length of 3.5 km.

With the exception of ELM-1, the target areas remain untested by drilling.

These IP anomalies are thought to represent the potential footprint of a significant Gold-bearing system for the following reasons:

  • The 5 high-grade Gold prospects known thus far within the grid area, including Patwon, show good spatial correlations with the IP anomalies;
  • The features displayed by these prospects – e.g., Gold associated with disseminated with pyrite and intense quartz veining, are known to produce good IP signatures characterized by chargeability anomalies (generated by chargeable pyrite) and resistivity anomalies (generated by resistive quartz veining).

The Elmer Project was staked based on the results of Azimut’s predictive modelling for Gold in the James Bay region using their proprietary AZtechMine expert system.

We need a GIANT new discovery and we need it now more than ever.

Wish Lulin and Azimut luck because their good fortune could rub off on other companies seeking grassroots metal discoveries, especially those with projects in the James Bay region (Canada’s youngest and most prospective emerging Gold district?).