High Grade Gold Discovered at Larken Prospect, West Omai
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UNITED STATES./
PERTH, Australia, Jan. 10, 2013 /CNW/ – Azimuth Resources Limited (ASX and TSX: AZH) (the “Company” or
“Azimuth”) is pleased to announce the discovery of high grade gold at
its Larken Prospect, less than 1km from its existing Hicks Deposit.
Highlights
-- First assays from shallow RC drilling at the Larken Prospect
returned high grades over substantial widths. Best results
were:
o LRC007:12 metres @ 4.8 g/t Au from 25 metres
o LRC009:5 metres @ 2.5 g/t Au from 91 metres.
-- Assay results from this drilling program indicate that the
Larken Prospect appears to be on a separate sub parallel
structure 700m NE of Hicks. The Company believes this may be
the same structure that hosts the Norby Prospect, some 3km to
the NW of Larken.
-- The results of drill holes LRC007 and LRC009 when combined with
the recently reprocessed and interpreted aeromagnetics
illustrate the prospectivity of the West Omai region and
specifically, the potential for additional high grade gold
bearing structures in close proximity to the Smarts and Hicks
Deposits.
“Richard Monti”
Richard MontiExecutive Director
Larken Prospect
Azimuth Resources Limited (“Azimuth” or “the Company”) (ASX:AZH) is
pleased to announce results from the first assayed reverse circulation
drill hole at its 100% owned Larken Prospect (“Larken”) located within
the West Omai Gold Project, Guyana, South America.
Larken is a small artisanal open pit in saprolite, approximately 50
metres wide by 120 metres in strike and less than 15 metres deep, that
was mined in the mid to late 1990s. The pit lies approximately 700
metres to the northeast of the Hicks prospect and is likely to be a sub
parallel structure to the one that hosts both Hicks and Smarts (see
Figure 1). Recent aeromagnetic processing and interpretation would
indicate that there may well be a parallel zone of gold anomalism with
a strike of at least 3 kilometres.
The Company believes the Norby Prospect (including SRC559 – 5m @ 1.1 g/t
Au from 91m) which was drilled in the early stages of 2012, is likely
hosted within this same structure, 3km to the northwest.
Results were received recently for LRC007 and LRC009. These were part of
a program of 11 holes/1,265 metres drilled directly under the Larken
pit as well as into a magnetic trend to the southeast. Significant
intercepts from the program are as follows;
-- LRC007 12m @ 4.8 g/t Au (from 25m) and
8m @ 0.95 g/t Au (from 91m)
-- LRC009 5m @ 2.5 g/t Au (from 91m)
Encouragingly there is 130m of strike between LRC007 and LRC009, and
there has been no drilling to the NW of LRC007, leaving the possibility
that the structure remains open at this end. Other holes within the
program were successful in intercepting the structure, however returned
low grades. These results suggest that there is the potential for ore
shoots, similar to those seen within the Smarts Deposit, within the
broader structure. The geology of the prospect appears similar to that
of Smarts, being a volcanic host with abundant quartz veining in a NW
trending shear zone.
The Company is excited by this discovery as it validates the belief that
there are other high grade gold bearing structures separate to the
Hicks and Smarts structure within the West Omai project.
These intercepts are an extremely encouraging result from the first
drilling campaign by Azimuth on a prospect that has not been subject to
recent drilling. Although further drill results are needed to place
these intercepts into a definitive geological framework, these results
are a great starting point for a new high priority exploration target
expected to be better defined in the coming months.
Outlook
As the Company recommences drilling activities in 2013, Larken is a
prospect that will receive a more prioritised focus. Along with several
other targets generated by the Company, Larken will be further tested
in the first quarter of 2013.
In parallel, the Company is working diligently towards releasing its
upgraded resource statement within the same period.
Competent Person’s Statement
The scientific and technical information in this news release is based
on information compiled by Mr. Richard Monti who is a member of the
Australasian Institute of Mining and Metallurgy. Mr. Monti is a
Director of Azimuth Resources Ltd. Mr. Monti has sufficient experience
which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’ and a qualified person as defined in
National Instrument 43-101. Mr. Monti consents to the inclusion in this
news release of such information and approves such information in the
form and context in which it appears.
For a description of Azimuths data verification process, quality
assurance and quality control measures, the effective date of the
mineral resource and mineral reserve estimates contained herein,
details of the key assumptions, parameters and methods used to estimate
the mineral resources and reserves set out in this report and the
extent to which the estimate of mineral resources or mineral reserves
set out herein may be materially affected by any known environmental,
permitting, legal, title, taxation, socio-political, marketing or other
relevant issues, readers are directed to the technical report entitled
“Technical Report – West Omai Gold Project, Guyana” dated May 30, 2012.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information, including
statements regarding exploration results, the potential mineralisation
and geological merits of the Hicks and Smarts Deposits and Larken
Prospect, other geological prospects and the plans, objectives or
expectations of the Company with respect to the advancement of these
projects and completion of programs and studies. Any statements that
express or involve predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as “expects”, “is
expected”, “likely”, “appears”, “Indicates”, “believes”, “possibility”,
“suggests”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”,
“intends”, “strategy”, “goals”, “objectives”, “potential” or variations
thereof or stating that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved, or
the negative of any of these terms and similar expressions) are
forward-looking statements.
Forward-looking statements are subject to a variety of known and unknown
risks, uncertainties and other factors that could cause actual events
or results to materially differ from those reflected in the
forward-looking statements, including, without limitation: inherent
uncertainties and risks associated with mineral exploration;
uncertainties related to the availability of future financing;
uncertainties related to the outcome of studies; uncertainties relating
to fluctuations in gold or uranium prices; the risk that Azimuth’s
title to its properties could be challenged; uncertainties related to
general economic and financial conditions; and uncertainties related to
fluctuations in Azimuth’s share price. This list is not exhaustive of
the factors that may affect any of Azimuth’s forward-looking
statements. Forward-looking statements are statements about the future
and are inherently uncertain, and actual achievements of Azimuth or
other future events or conditions may differ materially from those
reflected in the forward-looking statements due to a variety of risks,
uncertainties and other factors, including, without limitation, those
referred to in the Company’s Annual Information Form under the heading
“Description of the Business – Risk Factors” and elsewhere.
Azimuth’s forward-looking statements are based on the assumptions,
beliefs, expectations and opinions of management as of the date hereof
and which Azimuth believes are reasonable in the circumstances, but no
assurance can be given that these expectations will prove to be
correct. These assumptions include, but are not limited to public
statements and stated goals, that there will be no material adverse
change affecting the Company or its properties and such other
assumptions as set out herein. Azimuth disclaims any intention or
obligation to update or revise forward-looking statements if
circumstances or management’s beliefs, expectations or opinions should
change, except as required by law. For the reasons set forth above,
undue reliance should not be placed on forward-looking statements.
Table 1: Larken Drillhole Details
_________________________________________________________________
|Hole ID|Azimuth|Dip|End of|UTM Zone|UTM Zone|From|To|Width|Grade |
| | | | Hole | 21 | 21 | | | |g/t Au|
| | | |Depth |Northing|Easting | | | | |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC001 | 215 |-55| 103 | 620002 | 273960 | | | | NSI |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC002 | 215 |-55| 121 | 619961 | 273938 | | | | NSI |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC003 | 215 |-55| 121 | 619914 | 273917 | | | | NSI |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC004 | 35 |-55| 121 | 619989 | 273960 | | | | NSI |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC005 | 35 |-56| 121 | 620040 | 273971 | | | | NSI |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC006 | 35 |-55| 121 | 620095 | 273981 | | | | NSI |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC007 | 215 |-55| 103 | 620397 | 273507 | 25 |37| 12 | 4.8 |
|_______|_______|___|______|________|________|____|__|_____|______|
| | | | | | | 91 |99| 8 | 0.95 |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC008 | 215 |-56| 109 | 620315 | 273620 | 26 |27| 1 | 0.85 |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC009 | 215 |-55| 109 | 620343 | 273629 | 91 |96| 5 | 2.5 |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC010 | 35 |-55| 121 | 620220 | 273682 | 11 |12| 1 | 0.64 |
|_______|_______|___|______|________|________|____|__|_____|______|
| | | | | | | 31 |32| 1 | 0.65 |
|_______|_______|___|______|________|________|____|__|_____|______|
|LRC011 | 35 |-56| 115 | 620184 | 273650 | 44 |47| 3 | 0.54 |
|_______|_______|___|______|________|________|____|__|_____|______|
SOURCE Azimuth Resources
