Symbol: AZM.TSX Venture
LONGUEUIL, QC, Nov. 2, 2017 /CNW Telbec/ - Azimut Exploration
Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to provide an update regarding
the exploration work conducted in the framework of its Strategic
Alliance ("the Alliance") with SOQUEM. The
Alliance, which covers 176,300 km2 in the Eeyou
Istchee James Bay Territory of Quebec (see attached figure), allows the
partners to conduct systematic exploration of high potential gold
targets identified by advanced numerical data processing. Azimut is
manager of the Alliance.
The following work has been completed over the course of the
Alliance, which started one year ago and was expanded last summer
(see press releases of September 26,
2016 and July 13, 2017):
- A detailed lake-bottom sediment geochemical survey totalling
635 samples on three properties (Pikwa, Pontois and
Desceliers).
- A helicopter-borne magnetic and VTEMTMPlus
electromagnetic survey totalling 838 kilometres of lines with
100-metre spacing on the Munischiwan Property.
These geochemical and geophysical surveys identified 18 target
areas on four properties: 13 geochemical targets on Pikwa, Pontois
and Desceliers, and 5 geophysical targets on Munischiwan (see press
release of July 11, 2017).
- A reconnaissance prospecting phase conducted this summer on
five (5) properties, yielding 953 rock samples as follows: 232
samples from Pikwa, 54 from Corvet, 225 from Pontois, 193 from
Desceliers, and 249 from Munischiwan.
- An additional detailed lake-bottom sediment geochemical survey
of 614 samples on six other properties (Galinée, Sauvolles,
Orsigny, Dalmas, Synclinal North and Synclinal South).
The compilation and interpretation of the results from the
prospecting program and additional geochemical survey are underway
and will be reported as soon as they are finalized.
The status of the properties subject to these work programs are
as follows:
- Properties jointly owned by SOQUEM and Azimut: Pikwa
(420 claims), Pontois (418 claims), Desceliers (363
claims) and Munischiwan (120 claims). SOQUEM has the option
to earn a 100% interest in these properties by investing
$3 million in exploration work over
four (4) years, at which point Azimut will retain a 2% Net Smelter
Return royalty of which 0.8% is purchasable for $800,000 per project. Claim acquisition costs
have been paid by SOQUEM.
- Properties owned 100% by Azimut: Corvet (72 claims),
Galinée (349 claims), Sauvolles (150 claims),
Orsigny (46 claims), Dalmas (77 claims), Synclinal
North (46 claims) and Synclinal South (54 claims).
SOQUEM is funding initial exploration work on these properties
before deciding which properties it will retain for additional
investment under the terms of the Alliance.
This press release was prepared by Jean-Marc Lulin, professional geologist, acting
as Azimut's qualified person under National Instrument 43-101.
About SOQUEM
SOQUEM, a subsidiary of Ressources Québec, is a leading player
in mineral exploration in Québec. Its mission is to explore,
discover and develop mining properties in Québec. SOQUEM has
participated in more than 350 exploration projects and contributed
to major discoveries of gold, diamonds, lithium and other
minerals.
About Azimut Exploration
Azimut is a mineral exploration company with its core business
centred on target generation and concurrent partnership
development. Targets are identified by Big Data Analytics (advanced
processing of large geoscientific databases) enhanced by extensive
exploration know-how. The Company has 45.4 million shares
outstanding.
Azimut holds a strategic position for gold and base metals in
Quebec, including one of the
largest exploration portfolios in the James Bay region (20 properties covering 3,966
claims or 2,059 km2).
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.