Symbol: AZM.TSX Venture
LONGUEUIL, QC, Aug. 29, 2016 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to announce the results of a
recently completed surface prospecting program on the Eleonore
South Property in the James Bay
region of Quebec. The program has
delivered some of the best prospecting gold grades obtained to date
in the Eleonore mining camp area.
High-grade grab samples collected on the Property approximately
12 kilometres from Goldcorp's Eleonore mine, ranging from 11.6
g/t Au to 142.0 g/t Au, confirm the exploration
potential of a 3-km-long corridor identified by soil geochemistry,
on strike with the Cheechoo discovery of Sirios Resources Inc. (see
appended figures). The first 2,500 metres of a 5,000-metre diamond
drilling program will begin in mid-September to test high-priority
targets.
Highlights:
- Confirmation of a 3-km-long by 500-m-wide highly prospective
corridor extending from the JT Prospect on the Eleonore South
Property to the boundary of the Cheechoo property; and
- Discovery of a new gold prospect (the FD Prospect), including
visible gold, located 4.5 km north of the JT Prospect along a
tonalite-metasediment contact, which appears to be a significant
control on the gold mineralization system (see press release of
March 30, 2016).
A total of 404 grab rock samples, mostly from outcrops, were
collected on the Property during a 14-day program. Grab samples are
selective by nature and unlikely to represent average grades. The
results are summarized as follows:
- High-grade samples collected over a 30-m by 20-m outcrop (the
Moni Prospect) include 142.0 g/t Au, 102.5 g/t
Au, 51.3 g/t Au, 39.3 g/t Au, 36.5 g/t Au,
34.2 g/t Au, 23.3 g/t Au, 21.6
g/t Au, 19.05 g/t Au, 12.5 g/t Au and 11.65
g/t Au.
- 114 samples returned grades higher than 0.1 g/t Au, including
53 samples with grades above 0.5 g/t Au, which in turn include 30
samples with grades above 1.0 g/t Au.
- Mineralization is mostly related to a strongly altered tonalite
with disseminated arsenopyrite and a network of quartz veinlets. A
large alteration envelope surrounds most of the known prospects and
can be used as an exploration guide.
All surface rock samples and historical drill holes in this part
of the Property are shown on Figure 2. It can be seen that
extensive non-outcropping sectors within this prospective area
remain largely untested. In these poorly exposed areas, strong
gold-arsenic soil anomalies will be used to guide drilling (Figure
3).
The Eleonore South Property is a three-way Joint Venture between
Azimut Exploration, Eastmain Resources Ltd
(TSX: ER) and Les Mines Opinaca Ltée
("Opinaca"), a wholly-owned subsidiary of
Goldcorp Inc. (TSX: G; NYSE: GG).
Azimut is the operator on the Property.
Rock samples were sent to ALS Minerals in Val-d'Or, Quebec. Gold was analyzed by fire
assay with atomic absorption and gravimetric finish for results
with grades higher than 10.0 g/t Au. All samples were assayed using
an ICP method for a 48-element analytical package. Azimut applied
industry-standard QA/QC procedures for this program.
The Company holds an interest in four properties covering 519
km2 in the Eleonore mining camp.
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 its core business
centered on target generation and concurrent partnership
development. Targets are identified using advanced processing of
large geoscientific databases enhanced by extensive exploration
know-how. Azimut holds a strategic position for gold and base
metals in Quebec.
The Company maintains a rigorous business discipline to limit
shareholder dilution. Azimut has 45.4 million shares
outstanding, including 43.2% held by insiders and institutional
funds. The Company has no debt and $3.0 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.