Azimut reports on Work Progress at Eleven Gold Projects under its Strategic Alliance with SOQUEM, James Bay Region, Quebec Symbol: AZM.TSX Venture
Azimut reports on Work Progress at Eleven Gold Projects under its Strategic
Alliance with SOQUEM, James Bay Region, Quebec
Symbol: AZM.TSX Venture
LONGUEUIL, QC, Nov. 2, 2017 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company")
(TSXV: AZM) is pleased to provide an update regarding the exploration work conducted in the framework
of its Strategic Alliance ("the Alliance") with SOQUEM. The Alliance, which covers 176,300 km2 in the
Eeyou Istchee James Bay Territory of Quebec (see attached figure), allows the partners to conduct
systematic exploration of high potential gold targets identified by advanced numerical data processing.
Azimut is manager of the Alliance.
The following work has been completed over the course of the Alliance, which started one year ago and
was expanded last summer (see press releases of September 26, 2016 and July 13, 2017):
A detailed lake-bottom sediment geochemical survey totalling 635 samples on three properties
(Pikwa, Pontois and Desceliers).
A helicopter-borne magnetic and VTEMTMPlus electromagnetic survey totalling 838 kilometres of
lines with 100-metre spacing on the Munischiwan Property.
These geochemical and geophysical surveys identified 18 target areas on four properties: 13
geochemical targets on Pikwa, Pontois and Desceliers, and 5 geophysical targets on Munischiwan (see
press release of July 11, 2017).
A reconnaissance prospecting phase conducted this summer on five (5) properties, yielding 953 rock
samples as follows: 232 samples from Pikwa, 54 from Corvet, 225 from Pontois, 193 from
Desceliers, and 249 from Munischiwan.
An additional detailed lake-bottom sediment geochemical survey of 614 samples on six other
properties (Galinée, Sauvolles, Orsigny, Dalmas, Synclinal North and Synclinal South).
The compilation and interpretation of the results from the prospecting program and additional
geochemical survey are underway and will be reported as soon as they are finalized.
The status of the properties subject to these work programs are as follows:
Properties jointly owned by SOQUEM and Azimut: Pikwa (420 claims), Pontois (418 claims),
Desceliers (363 claims) and Munischiwan (120 claims). SOQUEM has the option to earn a 100%
interest in these properties by investing $3 million in exploration work over four (4) years, at which
point Azimut will retain a 2% Net Smelter Return royalty of which 0.8% is purchasable for $800,000
per project. Claim acquisition costs have been paid by SOQUEM.
Properties owned 100% by Azimut: Corvet (72 claims), Galinée (349 claims), Sauvolles (150
claims), Orsigny (46 claims), Dalmas (77 claims), Synclinal North (46 claims) and Synclinal
South (54 claims). SOQUEM is funding initial exploration work on these properties before deciding
which properties it will retain for additional investment under the terms of the Alliance.
This press release was prepared by Jean-Marc Lulin, professional geologist, acting as Azimut's qualified
person under National Instrument 43-101.
About SOQUEM
SOQUEM, a subsidiary of Ressources 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.
About Azimut Exploration
Azimut is a mineral exploration company with its core business centred on target generation and
concurrent partnership development. Targets are identified by Big Data Analytics (advanced processing
of large geoscientific databases) enhanced by extensive exploration know-how. The Company has
45.4 million shares outstanding.
Azimut holds a strategic position for gold and base metals in Quebec, including one of the largest
exploration portfolios in the James Bay region (20 properties covering 3,966 claims or 2,059 km2).
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.
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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 02-NOV-17