Symbol: AZM.TSX Venture
Longueuil, QC, Sept 9, 2014 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV : AZM) is pleased to report significant progress on the mineral potential assessment of its Rex South property following further analysis of the database acquired during the Company's exploration programs. Rex South is a major 100%-owned property at the heart of the Quebec government's Plan Nord project. The geologic context of the property and associated mineralization type are, so far, unique in Northern Quebec and open considerable exploration perspectives for the region.
Eighteen (18) mineralized zones and prospects delineate a cumulative 57-km length of prospective sectors within a 30 km by 10 km area centered on the Qalluviartuuq Intrusive Complex ("QIC"), an ovoid-shaped fluorite-topaz-bearing granitic intrusion. Key results are summarized on the appended figures:
- Figure 1: Location of targets and prospective sectors
- Figure 2: Gold and Silver mineralization
- Figure 3: Tellurium and Bismuth mineralization
- Figure 4: Tungsten and Tin mineralization
- Figure 5: Copper and Fluorite mineralization
- Figure 6: Drilling and channel results
The core area of the Rex South property, as shown on Figure 1, represents 382 km2 or 53% of the project's surface area. The significant mineral endowment of this area appears spatially linked with the QIC, which played a controlling role in the regional mineralization process. This context presents strong analogies with the characteristic features of the Reduced Intrusion-related gold deposit type (i.e., metallic assemblage, mineral zoning, alteration, nature of host rocks). Examples of this deposit type notably include the world-class Donlin Creek and Fort Knox gold deposits in Alaska .
Data was acquired during five months of field work from 2010 to 2012, which included a preliminary rotary drilling program in 2011 for a total of 4,934 m. Well-identified targets, including intrusion-related and IOCG targets, can now be concurrently advanced through a program of surface prospecting, airborne geophysics and diamond drilling. Azimut's management considers Rex South a key asset for the Company.
The Rex South property comprises 1,661 claims with a surface area of 723.3 km2. It is located 140 km east of the shore of Hudson Bay , 130 km southeast of the Inuit coastal village of Puvirnituq , and 225 km southwest of Glencore's world-class Raglan nickel-PGE mine.
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 holding the largest exploration portfolio in Nunavik. Azimut's core business is project generation using cutting-edge targeting methodologies to discover major ore deposits, 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 $2.0 million in working capital.
SOURCE Azimut Exploration Inc.