Symbol: AZM.TSX Venture
LONGUEUIL, QC,
July 3, 2014 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to announce the start of a
helicopter-borne geophysical survey on the Nantais Property (Au,
Ag, Cu, Zn). The property covers an under-explored 20-km-long
greenstone belt where Azimut had previously reported the discovery
of a 3-km-long mineralized corridor, open in all directions. Azimut
holds the largest exploration portfolio in Nunavik and is one of
the leading mineral exploration companies in this region.
The work will consist of a VTEM plus
time-domain electromagnetic survey and high-resolution magnetic
survey totalling 750 linear kilometres, with a line spacing of 200
metres. The survey will be performed by Geotech Ltd of Aurora, Ontario. The objective is to advance
the project to the drilling stage by delineating high-quality
conductors superimposed on, or on strike with, known mineralized
prospects and structures.
The Nantais Property comprises 383 claims with a
surface area of 101 km2. Mineralization is hosted within
a steeply dipping, north-trending unit of mafic and felsic volcanic
rocks belonging to the Nantais Complex of the Minto Block, a
geological division of the Archean Superior Province. The property
is located about 80 km south of Glencore's world-class Raglan
nickel-PGE mine and 115 km southwest of the Inuit village of
Kangiqsujuaq.
The best grades reported for rock grab samples
from Nantais are presented below (see press releases of
April 19 and September 18, 2012):
Gold (g/t) |
|
Silver
(g/t) |
|
Copper (%) |
|
Sample # |
16.70 |
|
19.50 |
|
0.32 |
|
L253160 |
26.10 |
|
6.28 |
|
0.20 |
|
L253161 |
15.15 |
|
31.30 |
|
0.86 |
|
J351726 |
15.50 |
|
4.53 |
|
0.10 |
|
J351722 |
9.98 |
|
9.26 |
|
0.06 |
|
J351723 |
2.21 |
|
66.10 |
|
0.80 |
|
J351728 |
1.83 |
|
41.50 |
|
0.45 |
|
J351717 |
In addition to Nantais, main Azimut's properties
in Nunavik are:
- Rex (Cu, Au, REE) and Rex South (Cu, Au, Ag, W, Sn). These
properties are part of the Rex Trend, an emerging
330-km-long polymetallic mineral province controlled by Azimut. The
region hosts intrusion-related polymetallic mineralization and Iron
Oxide Copper Gold ("IOCG") systems. A strong 100-km-long rare earth
anomaly in lake-bottom sediments may be related to undiscovered
IOCG zones or carbonatites. The next step in assessing the Rex
Trend will be to drill several already identified
multi-kilometre-long targets (RBL, CM, Copperton, Jemima and
Augossan).
- Qassituq (Platinum-Palladium). Located 140 km west from
the Raglan mine, this property is a quality, drill-ready, regional
PGE target related to an extensive ultramafic layered
intrusion.
This press release was prepared by geologist
Jean-Marc Lulin acting as Azimut's
Qualified Person under National Instrument 43-101.
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. Azimut has 37.6
million shares issued, of which 48% are held by insiders and
institutional shareholders. The Company has no debt and
$2.2 million in working capital.
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.