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.
For further information:
Jean-Marc Lulin, President and Chief Executive Officer
Tel.: (450) 646-3015 - Fax: (450) 646-3045
info@azimut-exploration.com
www.azimut-exploration.com
