Symbol: AZM.TSX Venture
LONGUEUIL, QC, May 8, 2017 /CNW Telbec/ - Azimut Exploration
Inc. ("Azimut") (TSXV: AZM) is pleased to report
the results of a recent ground-based gravity survey on its
100%-owned Eastmain West Property in the James Bay region of Quebec. A linear gravity anomaly has been
defined along the entire length of a 1.2 km by 900 m grid on the
central part of a 4-km-long ultramafic-mafic horizon. The gravity
anomaly is spatially associated to the high-grade Dominic Prospect,
where channel sampling recently yielded
17.21% Cr2O3 over 7.54 m
including 33.2% Cr2O3 over 3.55
m (see press release of January 19, 2017). The next phase
of work will consist of diamond drilling to determine the chromite
potential of the anomaly.
The residual gravity anomaly is 1.2 km long and up to 200 m
wide, and remains open to the north and south. According to the
interpretation of a property-scale airborne magnetic and
electromagnetic survey, the position of the gravity anomaly is
stratigraphically high in the intrusion and favourable for chromite
sills.
Inversion modelling was performed to construct subsurface 3D
models of possible causative bodies to explain the gravity anomaly.
The results suggest a body of significant strike, generally more
developed at depth, below 50 m. It could reflect a subvertically
dipping chromite body of substantial size, or disseminations or
thin interdigitations of chromite within high-density host rocks
(dunite, harzburgite).
The gravity method is a proven geophysical tool for delineating
the footprints of major chromite deposits in the Ring of Fire in
Northern Ontario. As an example, a
strong gravity anomaly marks the 1,400-m strike length of the Big
Daddy deposit owned by Noront Resources Ltd and KWG Resources Inc.
(measured and indicated resource of 29.1 Mt at 31.7%
Cr2O3, inferred resource of 3.4 Mt at
28.1% Cr2O3) (from public data). The
geological context and chromite mineralization of the Eastmain West
Property share many features with the Ring of Fire chromite-bearing
intrusions, as highlighted by several independent studies (e.g.,
Geological Survey of Canada Open File 7856, 2015). In addition to
chromite, the geological setting of the Eastmain West Property has
significant potential for massive sulphide Ni-Cu-PGE
mineralization.
The Eastmain West Property covers 66 claims with a surface area
of 35 km2. Situated in the Province of Quebec, recognized as one of the best mining
jurisdictions worldwide, the project is close to major
infrastructure (permanent roads, power lines, airports), 45 km
northeast of the municipality of Nemaska, and would have access to seaborne
shipping via James Bay.
This project complements Azimut's strategic gold position in the
James Bay region, which comprises
15 properties. Four of the Company's gold projects are active
partnerships with Goldcorp Inc., Hecla Mining
Company, Eastmain Resources Ltd and Everton Resources
Inc., and four others are part of a regional Strategic Alliance
with SOQUEM covering 176,300 km2.
The geophysical survey was performed by Geosig Inc., a
geophysical consulting firm based in the city of Quebec. Modelling and interpretation was
conducted by Jeremy S. Brett, Senior
Geophysical Consultant at MPH Consulting Limited of Toronto.
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 a core business
centred 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 has
45.4 million shares outstanding.
SOURCE Azimut Exploration Inc.