Symbol: AZM.TSX Venture
LONGUEUIL, QC, Sept. 4, 2019 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to report that a $4 million exploration program is near completion
on three (3) major gold-copper properties under the Azimut – SOQUEM
Strategic Alliance in the Nunavik region (the "Nunavik
Alliance"). The objective of the 2019 program is to advance the
Rex-Duquet, Rex South
and Nantais properties to the drilling stage,
supported by a heliborne electromagnetic ("EM") survey and detailed
prospecting. Assay results are pending and will be delivered on a
timely basis. Azimut is the operator of the Nunavik Alliance.
See Figure 1:
http://www.azimut-exploration.com/en/presentations/PR_20190904_Fig1-p.pdf
Since 2009, the Company has acquired a controlling land position
over a vast underexplored region of Northern Quebec (the "Rex Trend")
through its Rex-Duquet and Rex South
properties. In addition, the Nantais Property covers a
high-potential greenstone belt located about 110 kilometres east of
the Rex Trend. All three projects are the result of copper-gold
predictive modelling using the Company's
AZtechMineTM expert system over a
1,247,900 km2 surface area. The properties may
represent district-scale targets as suggested by the initial
discovery of at least seven (7) multi-kilometre gold and/or
polymetallic zones and more than 200 distinct prospects.
See Figures 2 to 4:
http://www.azimut-exploration.com/en/presentations/PR_20190904_Fig2-4-p.pdf
The Rex Trend is defined as a strong 300-kilometre-long copper
anomaly in lake-bottom sediments ("LBS") coupled with a strong
100-kilometre-long rare earth ("REE") anomaly (press releases of
March 31 and July 22, 2011). Azimut considers the
Rex Trend to be a new mineral province related to a
deep-seated structural corridor (the "Allemand-Tasiat Zone") with
the potential to host large-scale deposits. This includes iron
oxide copper-gold ("IOCG") deposits, reduced intrusion-related
gold-polymetallic systems, copper-gold mineralization in shear
zones, and volcanogenic massive sulphides. The Rex Trend displays
common features with the world-class Carajás Mineral Province in
Brazil (press release of
April 4, 2012).
The Nunavik Alliance, announced on May
15, 2019, comprises two (2) option phases representing a
total investment of up to $40
million:
- First Option ($16 million for
50%): SOQUEM has the option to earn an initial 50% interest in
the Rex-Duquet, Rex South and
Nantais properties by investing $16
million in exploration work over a period of four (4) years,
the first two (2) years being a firm commitment of $4 million each year.
- Second Option ($8 million plus
a PEA per designated property for an additional 10%): SOQUEM
will have the option to earn an additional 10% interest in each
designated property (for a total 60% interest in each property) by
investing $8 million per designated
property over a period of two (2) years and delivering a
preliminary economic assessment ("PEA").
REX-DUQUET
The Rex-Duquet Property (1,840 claims) is composed of three (3)
main claim blocks totalling 785.9 km2 with a
cumulative length of 74 kilometres. The project is explored for its
gold, silver, copper and REE potential.
The 2019 work program comprises a heliborne EM survey (3,450
line-km) and detailed prospecting.
Two main copper-bearing mineralized zones are known on the
Property:
- RBL Zone: At least 3 kilometres long by 50 to 200 metres
wide with grades up to 11.3% Cu (grab sample). Copper values
are frequently associated with anomalous values of cobalt (up to
0.19% Co) and tungsten within a wide envelope (up to
200 m) containing anomalous barium,
manganese and phosphorus.
- CM Zone: At least 2.5 kilometres long by 50 to 150
metres wide with grades up to 4.3% Cu (grab sample). Copper
mineralization is associated with anomalous values in cobalt (up to
0.14% Co), molybdenum (up to 0.11% Mo), tungsten,
barium, manganese and phosphorous.
Hosted in migmatitic gneisses, the RBL and CM zones are
described as extensive late-tectonic brittle hydrothermal systems
with veins, veinlets and breccias. Both contain chalcopyrite,
bornite and pyrite, as well as intense networks of magnetite and/or
hematite with or without quartz veins and veinlets. Alteration is
dominated by strong potassic alteration and pervasive
silicification locally accompanied by albite, chlorite and epidote.
Located 30 kilometres apart, the zones are spatially associated
with two major subparallel structures suggesting significant
deep-rooted regional-scale systems.
A number of other prospects on the Rex-Duquet Property, several
of them kilometre-scale, have also yielded grab samples with
significant grades for gold (up to 580 g/t Au),
silver (up to 552.9 g/t Ag), copper (up to 4.4%
Cu), tungsten (up to 0.87% W), molybdenum (up to
0.57% Mo) and rhenium (up to 1.44 g/t Re)
(press releases of October 12, 2010 and
February 9, 2012). Grab samples are selective by
nature and unlikely to represent average grades. In addition,
results in the southern part of the property revealed a 4‑kilometre
trend defined by anomalous barium values (up to
11.95% Ba) within a strong, 13‑kilometre LBS footprint
of copper-molybdenum-cobalt-REE-manganese. The latter represents a
top-priority IOCG target.
REX SOUTH
The Rex South Property (2,362 claims) is composed of two (2)
main claim blocks totalling 1,029 km2 with a cumulative
length of 68 kilometres. The property is explored for gold, silver,
copper, REE and tungsten, but its nickel-copper-cobalt potential is
also considered.
The 2019 work program comprises a heliborne EM survey (4,580
line-km) and detailed prospecting.
Previously reported mineralized zones and significant prospects
are as follows:
- Augossan Zone: At least 7 kilometres long by 100 to 350
metres wide, open in all directions. This zone has returned
significant grades from grab samples in gold (up to 47.2 g/t
Au), silver (up to 90 g/t Ag), copper (up to 2.56%
Cu), bismuth (up to 0.19% Bi), molybdenum (up to
0.36% Mo), tin (up to 2.58% Sn), tellurium (up to
60.8 g/t Te) and tungsten (up to 4.62% W). This zone
represents a large polymetallic envelope at the contact between a
fluorite-topaz-bearing granitic intrusion (the Qalluviartuuq
Intrusive Complex) and volcano-sedimentary rocks. Results from an
initial RAB and RC drilling program include:
-
- 0.14% W over 15.24 m
- 0.12% W, 0.35% Cu over 7.62 m
- 1.28 g/t Au, 8.41 g/t Ag, 0.12% Cu
over 6.1 m
A channel sample returned 7.63% Sn and 0.72% W
over 2.7 m.
- Anorthosite Zone: 4 kilometres long by 200 metres wide
with Au, Ag, Cu, W and Te mineralization. Best grades include 33
g/t Au over 0.5 m (channel),
1.96% Cu (grab) and 0.22% W (grab).
- Copperton Zone: 3.5 kilometres long by 20 to 100 metres
wide with chalcopyrite and pyrite as disseminations, veinlets and
semi-massive to massive sulphide lenses in a variably sheared,
steeply dipping feldspathic intrusion, as well as amphibolites and
gneissic metasediments. Best grades from grab samples include
9.28% Cu, 9.56 g/t Au, 82.7 g/t Ag, and
38.4 g/t Te.
- Aura–Pegor Zone: 2 kilometres long characterized by
disseminated pyrite and strong alteration, including tourmaline in
veinlets or stockworks accompanied by silica and albite. Best
grades from grab samples include 11.75 g/t Au, 0.95%
Cu, 0.27% Mo, 0.23% W, 0.14% Bi, and 34
g/t Te.
- Jemima Zone: 2 kilometres long by 30 to 100
metres wide characterized by disseminated chalcopyrite and bornite
associated with hematite-magnetite in veins, veinlets or breccia
cement, accompanied by strong pervasive potassic alteration,
silica, chlorite and epidote. Mineralization and associated
alteration are related to a brittle structure that clearly
crosscuts gneissic country rocks. Best grades from grab samples
include 2.86% Cu, 0.17% Mo, and 0.42 g/t
Re.
The Rex South Property demonstrates a major potential for at
least two mineralization types:
- A system primarily emplaced around the 15-kilometre by
5-kilometre fluorite-topaz-bearing Qalluviartuuq Intrusive Complex
including the following zones and prospects: Augossan, Anorthosite,
Aura-Pegor, Ferrus, Le Breuil and
Dragon. A significant additional exploration potential exists along
the 30‑kilometre contact between the intrusion and
volcano-sedimentary host rocks, as well as within the intrusion
itself.
- IOCG mineralization with copper-dominant values, associated
with brittle structures, characterized by iron oxides (hematite
and/or magnetite) in veins, veinlets and locally breccias,
pervasive potassic and silica alterations. The Jemima Zone and the
Sombrero and Impact prospects appear comparable to the RBL and CM
zones identified on the Rex-Duquet Property. In addition, the
following prospects from Rex South
are also considered IOCG targets: Kumo, Larissa, Agaku-1, Agaku-2,
Agaku-4.
NANTAIS
The Nantais Property (541 claims), still largely underexplored,
is composed of one (1) claim block totalling 227 km2
with a length of 32 kilometres. The target types are gold-rich
volcanogenic massive sulphides (Au-Ag-Cu-Zn) and gold-copper shear
zones. The property covers a strong regional-scale LBS footprint of
arsenic-copper-bismuth superimposed on a sheared greenstone
belt.
The 2019 work program consists of systematic prospecting on
target areas defined by integrating all previous data from
heliborne EM-Mag surveys, remote sensing, LBS geochemical
modelling, and prospecting.
The key result to date is the discovery of a largely outcropping
mineralized corridor 3 kilometres long by 200 metres wide.
Mineralization is hosted within a steeply dipping north-trending
unit of mafic and felsic volcanic rocks.
Previously reported results from reconnaissance programs
returned mineralized grab samples in gold (up to
26.1 g/t Au), silver (up to 99.3 g/t Ag),
zinc (up to 2.26% Zn), lead (up to
1.29% Pb) and copper (up to 0.86%).
Electromagnetic anomalies on the property have a cumulative
length of 18.4 kilometres and correspond to 23 distinct
conductors. Several anomalies coincide with the mineralized
corridor (press releases of August 27 and
September 29, 2014).
CGG Multi-Physics of Mississauga (Ontario) is carrying out the Helitem
time-domain EM survey on the Rex-Duquet and Rex South properties. The geophysical survey
will total 8,390 line-kilometres with 200-metre line spacing. The
results will be combined with other data to identify and rank
drilling targets on both properties.
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut's
qualified person under National Instrument 43-101.
About SOQUEM
SOQUEM, a subsidiary of Ressources Québec, has a mission to
encourage the exploration, discovery and development of mining
properties in Quebec. SOQUEM also
contributes to maintaining strong local economies. Proud partner
and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on
innovation, research and strategic minerals to be well positioned
for the future.
About Azimut
Azimut is a mineral exploration company whose core business is
centred on target generation and partnership development. The
Company uses a pioneering approach to big data analytics (the
proprietary AZtechMineTM expert system)
enhanced by extensive exploration know-how. Azimut maintains
rigorous financial discipline and has 53.3 million shares
outstanding.
Azimut holds the largest mineral exploration portfolio in
Quebec. The Company's edge against
exploration risk is founded on regional-scale data analysis and
multiple concurrently active projects.
www.azimut-exploration.com
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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.