Symbol: AZM.TSX Venture
LONGUEUIL, QC,
Jan. 28, 2014 /CNW Telbec/ - Azimut
Exploration Inc ("Azimut" or "the Company") (TSXV:
AZM) is pleased to provide an update on the Company's
advancement and to highlight its core strategy. Azimut holds the
largest mineral exploration portfolio in Quebec.
Azimut is a leading project generation company
in the province of Quebec,
recognized as one of the most favourable mining jurisdictions
worldwide. Azimut uses a rigorous technical approach and consistent
financial discipline to overcome the systemic risk faced by mineral
exploration companies. Azimut, with 36.4 million shares issued of
which 45% are held by insiders and institutional shareholders, has
no debt and $2.3 million in working
capital.
In the past 10 years, Azimut has concluded 30
option agreements on its properties with junior and major partners,
including deals with Rio Tinto, Goldcorp, IAMGOLD and Hecla Mining.
Azimut firmly maintains its business strategy of developing new
partnerships on its key properties.
Azimut has developed province-scale modelling of
Quebec's mineral potential with a
focus on gold, copper and strategic metals. Strategic land holdings
have been established in several regions, most notably in the
Eleonore gold camp in the James
Bay region and along a 330-km polymetallic
copper-gold-tungsten mineral belt in Nunavik.
Eleonore Gold
Camp, James Bay Region
Azimut owns interests in five (5) gold
properties in the James Bay
region, four (4) of which are located in the vicinity of Goldcorp's
Eleonore gold property with the fifth being further to the south
(see press release on November 7,
2013). Production at the Eleonore mine is scheduled to begin
in 2014 with an estimated average annual output of more than
600,000 ounces of gold over an approximate 15-year mine life.
Azimut's James Bay property
portfolio includes:
- Eleonore South
(Au): 26.4% Azimut, 36.8% Goldcorp, 36.8% Eastmain JV
- Opinaca A and Opinaca B (Au): 50% Azimut,
50% Everton JV, Hecla Option
- Wabamisk (Au): 51% Goldcorp, 49% Azimut
- Opinaca D (Au): 100% Azimut
- Eastmain West (Cr, PGE, Ni): 100% Azimut
All the properties under JV and option will be
subject to partner-funded exploration programs in 2014. Program
specifications will be provided as soon as they are finalized.
Nunavik Copper-Gold Trend
Azimut acquired key properties in northern
Quebec to establish a commanding
position over a strong copper anomaly identified by the provincial
government's regional lake-bottom sediment survey data (see press
releases on January 17, 2013 and
June 12, 2012). This 330-km-long
copper anomaly is coincident with a strong 100-km-long rare earth
anomaly. This region appears to be a new mineral belt of major
importance. Azimut's management believes the belt has the potential
to host large-scale Iron Oxide Copper Gold (IOCG) deposits,
intrusion-related polymetallic deposits, and sediment-hosted gold
deposits.
Azimut's salient properties in Nunavik
include:
- Rex (Cu, Au, REE)
- Rex South (Cu, W, Au, Ag,
Te)
- Nantais (Au, Ag, Cu, Zn)
- Diana (Ni, Cu, Co, PGE)
- Qassituq (PGE, Ni, Cu)
All these properties are 100% owned by Azimut.
During the past few years, extensive exploration work, performed
most notably on the Rex, Rex South
and Nantais properties, has led to the discovery of numerous
outcropping mineralized zones. Future programs are designed to
rapidly advance these properties to the drilling stage and will
depend on the conclusion of new partnerships.
Azimut is a mineral exploration company with the
objective of discovering major ore deposits. The Company's core
business is project generation using cutting-edge targeting
methodologies, along with partnership development.
This press release was prepared by geologist
Jean-Marc Lulin acting as Azimut's
Qualified Person under NI 43-101.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Azimut Exploration Inc.