Symbol: AZM.TSX Venture
LONGUEUIL, QC, Nov. 6, 2019 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to announce the first results
from its 2019 partner-funded $4
million exploration program executed on the Rex-Duquet
Property (the "Property") under the Azimut–SOQUEM Strategic
Alliance in the Nunavik region (the "Alliance") (see press
release of September 4, 2019).
Results from the Rex South and Nantais properties, also part of the
Alliance, will be reported later. Azimut is the operator of the
Alliance (see Figure 1).
On the Rex Property, field work led to the discovery of multiple
mineralized zones, further establishing Rex as a district-scale
polymetallic project for gold, copper, silver, tellurium,
molybdenum and tungsten.
The upcoming 2020 exploration program, funded with an additional
$4 million Alliance budget, will
accelerate the assessment of the best mineralized zones by diamond
drilling. It will also include additional heliborne geophysics and
prospecting.
HIGHLIGHTS (see Figures 2 to 6, and Photos 1 to 12)
1) Discovery of two major mineralized zones:
- The Mousquetaires Zone corresponds to a copper-bearing
brittle fault crosscutting a foliated iron formation, returning
grades of up to 13.65% Cu, 0.12% Mo and 25.9 g/t
Te. This zone may represent the strike extension of the
3-kilometre-long fault-controlled copper-bearing RBL Zone
located 10 kilometres to the NNW on the Property, which returned
grades of up to 11.6% Cu.
- The Subtle Zone is a shear-hosted high-grade gold system
with silver and zinc, returning grades of up to 580 g/t Au
(found in 2012) and 141 g/t Au, 915 g/t Ag and
7.87% Zn. This zone appears on strike with a group of 10
prospects located 5 to 12 kilometres further south on the
Property, returning up to 133.5 g/t Au, 851 g/t Ag,
9.09% Zn, >500 g/t Te, 1.6% Cu and 0.87%
W.
2) The preliminary definition of the Mousquetaires
Zone is as follows:
- The zone is recognized over a 1,050-metre-long by 80-metre-wide
area, striking NNW-SSE with a 70o to 80o NE
dip, crosscutting a strongly magnetic iron formation, and largely
open along strike.
- Host rocks are variable: iron formation, gabbro, diorite, mafic
and felsic volcanics, and paragneiss.
- Mineralization is dominated by semi-massive to disseminated
chalcopyrite, with pyrite, pyrrhotite, magnetite and some bornite,
associated with quartz veins and veinlets in a brittle tectonic
context.
- Alteration is characterized by chlorite, hematite as well as
magnetite veinlets proximal to mineralization; by epidote, silica
and felspar more distal to mineralization.
- The main control on mineralization is a brittle fault with
possible significant down-dip extensions.
3) The preliminary definition of the Subtle Zone is
as follows:
- The zone is recognized over a 500-metre-long by 150-metre-wide
area, striking NNW-SSE with a subvertical dip and largely open
along strike.
- Host rocks are paragneiss, orthogneiss and amphibolite.
- Mineralization is dominated by pyrite associated with
centimetric to decimetric quartz veins generally subparallel to
foliation, with some sphalerite, galena, chalcopyrite, pyrrhotite
and arsenopyrite.
- The zone is marked by high gold grades (up to 580 g/t
Au) associated with silver (up to 915 g/t Ag), zinc (up
to 7.87% Zn) and, more locally, tellurium (up to 11.7 g/t
Te), tungsten (up to 0.5% W) and molybdenum (up to
0.25% Mo).
- Alteration is characterized by silica, chlorite, sericite and
hematite.
- The main control on mineralization is foliation. Isoclinal
folding, as suggested by the magnetic pattern, may increase the
width of the prospective zone.
4) A magnetic, electromagnetic and spectrometric
heliborne survey of 1,720.7 line-kilometres with 200-metre line
spacing was flown over Rex by CGG Multi-Physics of Mississauga (Ontario) as part of the 2019 program. A
Helitem time-domain system was used for the electromagnetic survey.
The results are still being processed and will be merged with other
exploration results to identify and rank drilling targets.
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 2019 program focused on the
western claim block. A total of 1,052 grab samples were collected
over a period of 29 days, primarily from outcrops. Grab samples
are selective by nature and unlikely to represent average
grades. Results of Azimut's previous Rex programs have been
reported in the press releases of October 13 and
20, 2010, and February 9, 2012.
About the Rex Trend
In 2009, Azimut acquired a controlling land position over a vast
underexplored region of Northern
Quebec (the "Rex Trend") through its Rex and Rex South properties, together covering
1,247,900 km2. The projects were staked following
the Company's copper-gold predictive modelling using its
proprietary AZtechMineTM expert system. The
primary objective was to identify world-class exploration targets
in the Government of Quebec's
Plan Nord territory.
The Rex Trend is defined as a strong 300-kilometre-long copper
anomaly in lake-bottom sediments coupled with a strong
100-kilometre-long rare earth 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).
About the Azimut – SOQUEM Nunavik Alliance
The 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").
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut's
qualified person under National Instrument 43-101. The field
program is under the direction of François Bissonnette, P.Geo.,
Operations Manager, and Dr. Martin
Tuchscherer, P.Geo., Chief Geologist, both from Azimut.
SOQUEM's geologists were also part of the exploration team.
About SOQUEM
SOQUEM, a subsidiary of Ressources Québec, is dedicated to
promoting 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 57.4 million shares
outstanding. Azimut's tight share structure is seen as a key asset
for value creation. Since its founding in 1986, there is no share
consolidation.
Azimut holds the largest mineral exploration portfolio in
Quebec. The Company's edge against
exploration risk is founded on systematic regional-scale data
analysis and multiple concurrently active projects. This includes
two regional strategic alliances with SOQUEM for six (6) gold
properties in the James Bay region
and three (3) major gold-copper properties in the Nunavik
region.
Azimut's other high-potential properties in the James Bay region comprise:
- 4 gold properties in the Eleonore camp (Eleonore South JV,
Opinaca A, Opinaca B, Opinaca D);
- 2 gold properties in the Lower Eastmain greenstone belt (Elmer,
Duxbury); and
- 6 copper and copper-gold properties with strong regional-scale
footprints (Kukamas, Masta, Corvet, Kaanaayaa, Corne,
Mercator).
www.azimut-exploration.com
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SOURCE Azimut Exploration Inc.