Symbol: AZM.TSX Venture
LONGUEUIL, QC, March 19, 2015 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or "the Company")
(TSXV: AZM) is pleased to provide a strategic update on the
Company. Azimut is a leading explorer in Northern Quebec – a vast region of 1.2 million
square kilometres that is widely viewed as one of the most
prospective and underexplored areas in Canada.
Business approach
Azimut's core business is founded on its expertise to process
large multi-source databases to generate high-quality exploration
targets. Focusing on selected major mineral deposit types, Azimut
has concluded 30 strategic and option agreements with senior and
junior companies since 2003. To date, $50.2
million has been invested in exploration work by the
Company's partners, and $16.9 million
by Azimut.
This approach is an efficient way to reduce the systemic risk
faced by early stage explorers while minimizing share dilution and,
in the case of a discovery, maximizing the per-share value. Azimut
has 37.6 million shares issued (44% held by insiders and
institutional shareholders), no debt and $1.6 million in working capital.
Strategic land holdings have been established in Quebec, 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.
In the current exploration downturn, Azimut is actively considering
new opportunities that will fit with its business strategy.
Eleonore gold camp, James
Bay region
Azimut owns interests in five gold properties in the
James Bay region, four of which
are in the vicinity of Goldcorp's Eleonore gold mine and the fifth
further south. The Company's James
Bay portfolio comprises the following properties:
- Eleonore South (gold): 26.4% Azimut, 36.8% Goldcorp,
36.8% Eastmain JV
- Opinaca B (gold): 50% Azimut, 50% Everton JV, Hecla
Option
- Wabamisk (gold): 51% Goldcorp, 49% Azimut
- Opinaca A (gold): 50% Azimut, 50% Everton JV
- Opinaca D (gold): 100% Azimut
- Eastmain West (chromium, platinum, palladium, nickel):
100% Azimut
In 2015, partner-funded exploration programs have been planned
or will soon be defined for the Opinaca B, Wabamisk and Eleonore
South properties.
On the Opinaca B property, a $320,000 exploration program has been confirmed
by Hecla Mining Company, which will keep its option to acquire up
to 60% interest on this property only. The 2014 Hecla-funded
program on both the Opinaca A and B properties amounted to
$850,000 and comprised 2,316.9 metres
of diamond drilling (9 holes on Opinaca A), prospecting (521 grab
samples), channelling (202 samples) and till sampling (309
samples). The drilling program on the Smiley prospect was designed
to test a strong gold anomaly in till. The target remains
unexplained to date, although alteration, locally intense, has been
recognized in greywackes and paragneiss. The prospecting and till
surveys improved target definition in the D 8, Charles and
Dominic sectors. The Charles prospect was notably extended with
grades up to 2.57 g/t Au.
On the Wabamisk property, data processing and compilation work
is underway. The 2014 Goldcorp-funded program amounted to
$271,000 and consisted of mapping and
prospecting (195 grab samples). Significant results include the
following: 2.42% Cu, 0.41 g/t Au, 23.6 g/t Ag (sample
P155906); 1.42% Cu, 7.1 g/t Ag (sample P155867); and 1.01% Cu,
0.67 g/t Au, 9.1 g/t Ag (sample P155855, angular
boulder). Field work helped delineate three areas where altered
shear zones merit additional follow-up.
On the Eleonore South property, the operator Eastmain will soon provide Azimut and Goldcorp
with an update.
Nunavik polymetallic properties
Azimut acquired key properties in Northern Quebec to establish a commanding
position over a strong copper and rare earth anomaly identified
using the provincial government's regional lake-bottom sediment
survey data. The Company has since confirmed the potential of the
region, which it calls the "Rex Trend", by conducting major
exploration work including 21,400 line-km of airborne
geophysics, 6,226 infill lake-bottom sediment geochemical samples,
7,630 prospecting samples and 7,070 metres of rotary drilling.
The most significant results (see press release of September 9, 2014) include the discovery of a 30
km by 10 km district-scale intrusion-related polymetallic
mineralized system, and five Iron Oxide Copper Gold (IOCG)
mineralized zones.
The Rex Trend is covered by two of Azimut's properties:
- Rex (copper, gold, rare earths)
- Rex South (gold, silver,
tellurium, copper, tungsten)
The Company's other salient properties in Nunavik include:
- Nantais (gold, silver, copper, zinc)
- Qassituq (platinum, palladium, gold, nickel,
copper)
- Diana (nickel, copper, cobalt, platinum, palladium)
At Nantais, a 998 line-km helicopter-borne geophysical survey
performed by the Company in 2014 has identified extensive
electromagnetic anomalies with a cumulative length of 18.4 km,
including a large footprint corresponding to a 3 km by 200 m
gold-polymetallic corridor previously recognized by Azimut (see
press releases dated August 27 and
September 29, 2014). The Nantais
property completely covers an underexplored greenstone belt with
potential for gold-rich volcanogenic massive sulphides.
All these properties are 100% owned by Azimut and in good
standing. Upcoming programs are designed to rapidly advance these
properties to the drilling stage, and will depend on establishing
new partnerships.
Corporate information
Mr. Dennis Wood, who has acted as
a director of the Company since 2006 and as Chairman of the Board
since 2007, announced at the last Annual General Meeting that he is
retiring from his position. Mr. Wood's contribution and engagement
have been unanimously commended by the directors and management of
the Company. Azimut's board is composed of four seasoned directors:
Jean-Marc Lulin (Montreal), Jean-Charles Potvin (Toronto), Louis P.
Salley (Vancouver) and
Jacques Simoneau (Montreal).
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 National Instrument 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.