Azimut and SOQUEM initiate a Prospecting Program on Four Gold Properties in the James Bay Region, Quebec Symbol: AZM.TSX Venture
Azimut and SOQUEM initiate a Prospecting Program on Four
Gold Properties in the James Bay Region, Quebec
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
July 11, 2017
/CNW Telbec/ -
Azimut Exploration Inc.
(
"Azimut"
or the
"Company"
) (
TSXV: AZM
) announces the
start of an extensive prospecting program on four (4) gold properties acquired through a Strategic Alliance (
"the Alliance"
) with
SOQUEM
in
the James Bay–Eeyou Istchee Territory of
Quebec
. Recent surveys conducted under the Alliance identified 18 target areas on the four properties,
consisting of 13 geochemical targets and 5 geophysical targets.
The
James Bay
territory is one of the most active regions for gold exploration in
Canada
. Azimut is among the leading exploration companies in the
region, with a portfolio of 20 highly prospective properties covering 3,965 claims over 2,059 km
2
.
The current program involves the field follow-up of targets that were defined during the initial preparatory phase (see press releases of
December
5, 2016
and
March 14, 2017
). Managed by Azimut, the prospecting program is 100%-partner-funded with a budget of
$523,000
.
The four properties comprise a total of 1,321 claims covering 679.6 km
2
, as follows:
Pikwa
(420 claims),
Pontois
(418 claims),
Desceliers
(363
claims) and
Munischiwan
(120 claims). Each partner owns a 50% interest in these projects (see press releases of
September 26, 2016
and
October 3, 2016
). These properties have seen little or no historical exploration for gold. They were acquired based on the results of systematic
regional-scale mineral potential modelling completed by Azimut within the framework of the Alliance.
Preliminary target definition surveys, conducted between
November 2016
and
March 2017
, consisted of the following:
A detailed lake-bottom sediment survey totalling 635 samples over approximately 600 km
2
on the Pikwa (211 samples), Pontois (237
samples) and Desceliers (187 samples) properties.
A helicopter-borne magnetic and VTEM
TM
Plus electromagnetic survey covering 838 kilometres of lines with 100-metre spacing on the
Munischiwan property.
On the
Pikwa
property, the lake-bottom sediment survey identified seven (7) kilometre-scale targets, including three priority targets. These targets
are generally marked by a distinct footprint in arsenic and bismuth, among other parameters. The targets are well positioned with respect to
favourable geological and structural criteria for gold mineralization.
On the
Pontois
property, three (3) kilometre-scale targets were delineated. They are highlighted by a polymetallic footprint that always includes
arsenic. Similar to Pikwa, the targets are well positioned with respect to favourable structural and lithological criteria for gold mineralization.
On the
Desceliers
property, another three (3) kilometre-scale targets were identified, including one priority target, and all are linked to
polymetallic footprints. One of the targets displays a strong copper anomaly (up to 332 ppm Cu). The geological context of the surrounding region
is poorly known. The geochemical footprint of the property may be indicative of several mineralization types, including base metal mineralization.
On the
Munischiwan
property, five (5) magnetic and/or electromagnetic target areas have been identified, covering 17 distinct VTEM
TM
Plus
electromagnetic conductors. The results point to two main target types:
a)
structurally-hosted gold mineralization related to shear zones and folding
in a favourable lithological context (intrusion, metavolcanics, iron formation); and
b)
volcanogenic massive sulphide mineralization supported by
electromagnetic conductors with a cumulative strike length of 8.5 km. Additional processing of these electromagnetic anomalies will be conducted
after the initial field evaluation of the targets. The property is also marked by an arsenic-silver-bismuth-copper-antimony anomaly in lake-bottom
sediments.
Preparatory surveys involved the following parties:
Geo Data Solutions Inc., based in
Laval, Quebec
, carried out the lake-bottom sediment survey. Sediment samples were sent for analysis at
Activation Laboratories in
Ancaster, Ontario
. Advanced data processing and target ranking were conducted by Azimut.
Geotech Ltd, a firm specializing in airborne geophysical surveys based in
Aurora, Ontario
, completed the geophysical survey. Modelling and
interpretation was conducted by
Jeremy S. Brett
, Senior Geophysical Consultant at MPH Consulting Limited of
Toronto
.
SOQUEM
, a subsidiary of Investissement Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and
develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of
gold, diamonds, lithium and other minerals.
Azimut
is a mineral exploration company with a core business centred on target generation and concurrent partnership development. Targets are
identified by 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-Marc Lulin
, acting as Azimut's Qualified Person under National Instrument 43-101.
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/July2017/11/c5535.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045, [email protected];
www.azimut-exploration.com
CO: Azimut Exploration Inc.
CNW 07:00e 11-JUL-17