The zone is 600m long and 100-150m wide. Grab samples from the outcrop have returned gold values between 1.53-11 grams per tonne gold, 0.05%-1.67% copper and 5.84-435g/t silver.

Longueuil, Quebec-based Azimut said the discovery was the direct result of its predictive mineral potential modelling. The company modelled 176,300 square kilometres in the James Bay region in 2016.

The mineralisation was mostly disseminated chalcopyrite or quartz veins hosted in foliated metasediments with strong biotite alteration, the company said.

The Munischiwan property is about 85km east of the Cree community of Eastmain, in an area serviced by permanent roads, power grids and airport facilities. The exploration programme is funded by SOQUEM with Azimut acting as the operator.

Azimut's exploration portfolio includes 22 properties covering 4,541 claims in the James Bay region.

Azimut gained 23.4% Thursday to C29c a share, having lost 20% in the past 12 months. The equity traded in a range of 23c-48c over this period.