Azimut and SOQUEM Enhance the Nantais Property (Gold-Silver-Copper-Zinc) in Nunavik, Northern Quebec Symbol: AZM.TSX Venture
Azimut and SOQUEM Enhance the Nantais
Property (Gold-Silver-Copper-Zinc) in Nunavik,
Northern Quebec
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Dec. 3, 2019
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (
TSXV: AZM
) is pleased to report the results from its 2019 exploration program on the
Nantais Property
(the "Property") under the
Azimut–SOQUEM Strategic Alliance
in the Nunavik
region (the "Alliance") (
Figure 1
). The $4 million program, funded by SOQUEM, also covered the
Rex
and
Rex South
properties (
see press releases of
November 6
and
November 25, 2019
).
The upcoming 2020 exploration program, funded with an additional $4 million Alliance budget, will
assess the best targets by diamond drilling and prospecting. Azimut is the operator of the Alliance.
The highlights of the field program are described below (
see Figures 2 to 4
):
Discovery of a 1.6-km-long gold-bearing area with grades up to
6.91 g/t Au, 16.4 g/t Ag
and 0.22% Cu
(sample
Y90610
), spatially associated with a 1.1-km-long electromagnetic
conductor; grab samples collected in this area, mostly from angular boulders, are
composed of sheared mafic volcanics with quartz veins and pyrite;
Improved definition, through infill prospecting, of a previously recognized polymetallic
corridor, 3.1 km long by up to
500 m
wide, in the central part of the Property (see press
releases of
April 19, 2012
and
September 18, 2012
). The most significant new grab
sample results are presented below from north to south:
•
245 g/t Ag, 1.62% Pb, 6.45% Zn
(sample Y090060)
•
121 g/t Ag, 3.43% Zn
(sample Y090165)
•
0.26 g/t Au, 182 g/t Ag, 0.31% Cu
(sample Y090129)
•
1.27 g/t Au, 249 g/t Ag, 0.11% Cu, 1.29% Pb, 4.56% Zn
(sample Y090145)
•
17.4 g/t Au, 8.82 g/t Ag, 0.2% Cu
(sample Y090136)
•
4.13 g/t Au, 64.2 g/t Ag, 0.3% Cu
(sample Y090256)
Mineralization (pyrrhotite, pyrite, chalcopyrite, arsenopyrite, sphalerite, galena) is hosted within a
steeply dipping north-trending unit of mafic and felsic volcanic rocks. This mineralized corridor
correlates well with electromagnetic conductors (see press release of
August 27, 2014
and
September 29, 2014
).
The Nantais Property (541 claims) is composed of one (1) claim block (227 km
2
) 32 kilometres long.
The target types are gold-rich volcanogenic massive sulphides (Au-Ag-Cu-Zn) and gold-copper
shear zones. The property covers a strong regional-scale lake-bottom sediment ("LBS") footprint of
arsenic-copper-bismuth superimposed on a sheared greenstone belt. The Property was acquired in
2011 following systematic copper-gold predictive modelling over
Northern Quebec
(1,247,900 km
2
surface area), using the Company's
AZtechMine
TM
expert system.
The 2019 work program has consisted of systematic prospecting on target areas defined by
integrating all previous data from heliborne electromagnetic-magnetic surveys, remote sensing, LBS
geochemical modelling, and prospecting. A total of 518 grab samples has been collected primarily
from outcrops.
Grab samples are selective by nature and unlikely to represent average grades
.
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 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. A 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 a key asset for value creation. Since its founding in 1986, there have been no share
consolidations.
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/December2019/03/c6420.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 03-DEC-19