Azimut and SOQUEM discover Multiple Gold and Copper Mineralized Zones (up to 141 g/t Au and 13.65% Cu) on the Rex Property,
Azimut and SOQUEM discover Multiple Gold
and Copper Mineralized Zones (up to 141 g/t
Au and 13.65% Cu) on the Rex Property,
Nunavik Region, Quebec
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 70
o
to 80
o
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 km
2
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 km
2
. The projects were staked following the Company's copper-gold predictive
modelling using its proprietary
AZtechMine
TM
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
AZtechMine
TM
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
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.
View original content:
http://www.newswire.ca/en/releases/archive/November2019/06/c0035.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450)
646-3045, [email protected]
CO: Azimut Exploration Inc.
CNW 07:00e 06-NOV-19