Visible Gold Discovery Ignites Shares Of This Junior Miner
Despite a broader risk-off trading session and continued market pullback from the October highs, a few areas are still showing resilience. One of them is gold, which appears to be establishing a new base near its recent low of $4,000 per ounce. As the metal stabilizes at these levels, gold miners have also begun to show signs of strength. In fact, one miner is outperforming gold today after announcing the discovery of visible gold (VG) at its property in Quebec.
According to today’s press release, Azimut Exploration Inc. (TSX-Venture: AZM)(OTCQX: AZMTF) has successfully completed its first diamond drilling campaign on the Rosa Zone within the company’s fully owned Wabamisk Property, located in the Eeyou Istchee James Bay area of Québec. Originally planned at 1,500 metres, the program was expanded significantly to 3,633 metres across 26 drill holes after promising visual indicators were encountered. While assay results are still pending, the company has positioned two drill rigs and a fully equipped exploration camp on site and intends to advance drilling early next year if results confirm the potential.
Notably, visible gold was detected in over 40% of the drill holes, aligning with a 700-metre east–west corridor of gold-bearing outcrops. This trend also coincides with several induced polarization (IP) anomalies that extend across at least 1.4 kilometres, reinforcing the geological prospectivity of the area and supporting the decision to ramp up exploration efforts.
Out of the 26 drill holes completed, eleven have revealed VG, mainly associated with a network of quartz veins ranging from centimetre to metre scale within metasedimentary host rocks. Out of the new VG sightings, Hole WR25-26 was the standout, offering up strongly mineralized multiple VG intervals at 73.3 m, 73.47 m, 73.53 m, 74.54 m, 91.1 m, 104.36 to 104.43 m, 105.45 to 105.52 m, 106.78 m, 107.31 m, and 109.36 m.
Shares of AZM are currently up 17.91% at $0.79 while U.S. listed shares (AZMTF) are trading up 20.49% at $0.57 in mid-morning trading.
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