Symbol: AZM.TSX Venture
LONGUEUIL, QC, Oct. 7, 2015 /CNW Telbec/ - Azimut Exploration
Inc. ("Azimut" or the "Company") (TSXV:
AZM) is pleased to announce that Osisko Gold Royalties Ltd.
("Osisko"), through their 100% owned subsidiary Osisko
Exploration James Bay Inc., Newmont Northern Mining ULC
("Newmont") and SOQUEM Inc. ("SOQUEM") have agreed to
transfer the Duquet Property (the "Property") to
Azimut.
The Duquet Property, located in Nunavik, Northern Quebec, consists of 30 claims in two
blocks covering 12.8 km2. All the rights, titles
and interests in the Property have been transferred to Azimut in
consideration of an aggregate 2.25% net smelter return royalty
("NSR") on the Property, with a 0.75% NSR granted to each of the
Property's three previous joint owners, Osisko, Newmont and
SOQUEM.
Entirely positioned within the Rex Property (Cu-Au-W-REE)
held 100% by Azimut (see appended map), the Duquet Property
hosts significant gold and copper mineralization, including the
following historical grab and channel results:
- Gold: 74.75 g/t Au, 56.78 g/t Au, 34.29
g/t Au, 16.08 g/t Au, 12.58 g/t Au, 11.4 g/t
Au
- Silver: 552.9 g/t Ag, 331 g/t Ag,
64 g/t Ag over 1.5 m (channel)
- Copper: 10.38% Cu, 6.4% Cu over 1.5 m
(channel), 2.9% Cu, 1.51% Cu
Azimut considers the transfer of the Duquet Property as a
positive development for the Company. It adds excellent prospects
on strike with known major targets on the Rex Property.
The Rex and Duquet properties are part of Azimut's controlling
position over a strong regional-scale lake-bottom sediment copper
and rare earth anomaly. The Company has confirmed the potential of
the region, which it calls the "Rex Trend" (press release on
March 19, 2015). Azimut's most significant results along the
Rex Trend include the discovery of a 30 km by 10 km district-scale
intrusion-related polymetallic mineralized system, and five Iron
Oxide Copper Gold (IOCG) systems.
Azimut is a mineral exploration company with the objective of
discovering major ore deposits. The Company's core business is
project generation using advanced processing methodologies,
concurrently 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.