Symbol: AZM.TSX Venture
LONGUEUIL, QC , July 3, 2014 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to announce the start of a helicopter-borne geophysical
survey on the Nantais Property (Au, Ag, Cu, Zn). The property covers an under-explored 20-km-long greenstone belt where
Azimut had previously reported the discovery of a 3-km-long mineralized
corridor, open in all directions. Azimut holds the largest exploration
portfolio in Nunavik and is one of the leading mineral exploration
companies in this region.
The work will consist of a VTEM plus time-domain electromagnetic survey and high-resolution magnetic survey
totalling 750 linear kilometres, with a line spacing of 200 metres. The
survey will be performed by Geotech Ltd of Aurora, Ontario . The
objective is to advance the project to the drilling stage by
delineating high-quality conductors superimposed on, or on strike with,
known mineralized prospects and structures.
The Nantais Property comprises 383 claims with a surface area of 101 km2. Mineralization is hosted within a steeply dipping, north-trending unit
of mafic and felsic volcanic rocks belonging to the Nantais Complex of
the Minto Block, a geological division of the Archean Superior
Province. The property is located about 80 km south of Glencore's
world-class Raglan nickel-PGE mine and 115 km southwest of the Inuit
village of Kangiqsujuaq .
The best grades reported for rock grab samples from Nantais are
presented below (see press releases of April 19 and September 18,
2012 ):
Gold (g/t)
|
|
Silver (g/t)
|
|
Copper (%)
|
|
Sample #
|
16.70
|
|
19.50
|
|
0.32
|
|
L253160
|
26.10
|
|
6.28
|
|
0.20
|
|
L253161
|
15.15
|
|
31.30
|
|
0.86
|
|
J351726
|
15.50
|
|
4.53
|
|
0.10
|
|
J351722
|
9.98
|
|
9.26
|
|
0.06
|
|
J351723
|
2.21
|
|
66.10
|
|
0.80
|
|
J351728
|
1.83
|
|
41.50
|
|
0.45
|
|
J351717
|
In addition to Nantais, main Azimut's properties in Nunavik are:
-
Rex (Cu, Au, REE) and Rex South (Cu, Au, Ag, W, Sn). These properties are part of the Rex Trend, an emerging 330-km-long polymetallic mineral province controlled by
Azimut. The region hosts intrusion-related polymetallic mineralization
and Iron Oxide Copper Gold ("IOCG") systems. A strong 100-km-long rare
earth anomaly in lake-bottom sediments may be related to undiscovered
IOCG zones or carbonatites. The next step in assessing the Rex Trend
will be to drill several already identified multi-kilometre-long
targets (RBL, CM, Copperton, Jemima and Augossan).
-
Qassituq (Platinum-palladium). Located 140 km west from the Raglan mine, this property is a quality,
drill-ready, regional PGE target related to an extensive ultramafic
layered intrusion.
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 the objective of
discovering major ore deposits. The Company's core business is project
generation using cutting-edge targeting methodologies, along with
partnership development. Azimut has 37.6 million shares issued, of
which 48% are held by insiders and institutional shareholders. The
Company has no debt and $2.2 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.