Azimut and Partners Accelerate Exploration at Eleonore South with a $3.9 Million Program, including 8,000 Metres of Drilling Symbol: AZM.TSX Venture
Azimut and Partners Accelerate Exploration at Eleonore South with a $3.9 Million
Program, including 8,000 Metres of Drilling
Symbol: AZM.TSX Venture
LONGUEUIL, QC, July 20, 2017 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company" )
(TSXV: AZM ) is pleased to announce the 2017-2018 exploration program on the Eléonore South JV
Property. Managed by Azimut, the program includes 8 ,000 metres of drilling for a total budget of
$3.9 million, wherein each JV partner contributes pro rata. The Eleonore South Property is adjacent to
Goldcorp's Eleonore mine property in the James Bay region of Quebec.
This program represents a 90% budget increase from the 2016-2017 exploration program, which made
substantial progress on the Property. The most significant results included a drill intersection of 4.9 g/t Au
over 45.0 metres and a channel sample composite of 49.2 g/t Au over 4.0 metres (see press releases
of November 3 and 21, 2016; May 2 and 30, 2017; and appended figures ).
The three main objectives of the 2017-2018 exploration program are:
1. Follow-up drilling to assess the grade and geome tric continuity of the best drill intercepts;
2. Continued drill testing of the prospective corri dor from the JT Prospect to the boundary of
the Cheechoo Property (Sirios Resources); and
3. The completion of a property-wide geochemical su rvey followed by focused prospecting to
identify additional drill targets.
The comprehensive program includes the following planned work:
• 8,000 metres of diamond drilling : Phase 1 totalling 4,400 metres from August to Oct ober, Phase 2
totalling 3,600 metres from January to March;
• Heliborne high-definition magnetic survey : 980 line-km at 25-m line spacing over the prospec tive
corridor and its surroundings;
• Stripping of the Moni Prospect : to better assess the geometry and grade continuit y of high-grade
gold-bearing pegmatites and the mineralized host tonalite intrusion;
• Property-scale lake-bottom sediment geochemical sur vey : collection of about 130 samples to
better identify and rank new targets;
• Property-scale prospecting .
The last program performed on Eleonore South (July 2016 to April 2017) demonstrated the presence of a
4 kilometre long by 500 metre wide gold-bearing corridor related to a hydrothermally altered tonalite
intrusion and its contact with metasediments.
Further west, at the JT Prospect, this corridor may extend another 4 kilometre northward along the
tonalite/metasediment contact to the FD Prospect, potentially doubling its length on the Property. Several
other under-explored targets are present on the Property and will be subject to systematic field
assessment, which may lead to new drill targets.
The main target types on the Property include:
• Tonalite-hosted shallow to subcropping kilometre-s cale zones of considerable width characterized
by stockwork or disseminated mineralization; and
• Tonalite-hosted high-grade gold-bearing pegmatite dykes, or pegmatite dyke swarms.
About the Eleonore South Joint Venture Property
The Eleonore South Property is a three-way joint venture between Azimut Exploration Inc. , Eastmain
Resources Inc. (TSX: ER ) and Les Mines Opinaca Ltée ("Opinaca" ), a wholly-owned subsidiary of
Goldcorp Inc. (TSX: G; NYSE: GG ). Ownership in the Property is as follows: Azimut 26.6%, Eastmain
36.7% and Goldcorp 36.7%. Azimut is the operator of the current program.
About Azimut
Azimut is one of the leading exploration companies in the James Bay region with a portfolio of
20 properties covering 3,965 claims (2,059 km 2). In 2017, the exploration budget amounts to $6 million,
76% of which is funded by partners.
In addition to the Eleonore South Property , Azimut is developing major exploration activities, directly or
through its partnerships, that include the following projects:
• Azimut-SOQUEM Strategic Alliance : an alliance covering 176,300 km 2 in the James Bay region
with eleven (11) gold properties subject to prospecting and/or geochemical surveys (see press
releases of July 11 and 13, 2017). Azimut is the operator.
• Opinaca A Property (Azimut-Everton Resources JV): a gold property in the Eléonore mining camp
that is the subject of reassessment and preparation for a drilling program (see press release of July
6, 2017). Azimut is the operator.
• Opinaca B Property (Hecla Mining option): a gold property in the Eléo nore mining camp with an
active drilling program (see press release of June 19, 2017).
• Eastmain West Property (100% Azimut): a chromium-PGE-nickel property on w hich a significant
gravity anomaly indicates strong exploration potential for massive chromite mineralization. Plans are
being made for a potential drilling program (see pr ess release of May 8, 2017).
Azimut is a mineral exploration company with its core business centred on target generation and
concurrent partnership development. Targets are identified using advanced processing of large
geoscientific databases enhanced by extensive exploration know-how. Azimut holds a strategic position
for gold and base metals in Quebec. The Company has 45.4 million shares outstanding.
This press release was prepared by geologist Jean-M arc Lulin, acting as Azimut's qualified person under
National Instrument 43-101.
Neither TSX Venture Exchange nor its Regulation Ser vices 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.
View original content with multimedia:
http://www.newswire.ca/en/releases/archive/July2017 /20/c3520.html
%SEDAR: 00003284E
For further information: Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-
3045, [email protected]; www.azimut-explo ration.com
CO: Azimut Exploration Inc.
CNW 06:30e 20-JUL-17