Azimut's gold and uranium 2008 exploration highlights for three emerging districts in Quebec
Wed Apr 9, 8:31 AM
ca.news.finance.yahoo.com
Symbol: AZM.TSX Venture
LONGUEUIL, QC, April 9 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or "the Company") reports on its substantial exploration activities planned for three mineral-rich emerging districts in Quebec. At least 18 gold and uranium properties (see appended map: files.newswire.ca will be the subject of major exploration programs for an aggregate minimum partner-funded budget of $12 million, including $4 million for gold and $8 million for uranium.
A significant number of results are expected for 2008, generated by more than 17,500 line-km of helicopter-borne geophysical surveys, about 2,000 lake-bottom sediment samples, 17 concurrent ground-based prospecting programs, and at least 9,000 m of drilling.
Azimut has acquired one of the largest mineral exploration portfolios in three emerging districts in Quebec: the James Bay region (14 properties; 5,182 claims), the Ungava Bay region (5 properties; 7,946 claims), and the Central Quebec region (9 properties; 10,613 claims). Azimut has a controlling land position in the last two. With additional properties in the North Shore region, Azimut's portfolio accounts for about 10% of the active mineral claims in the province. Quebec is known around the world for its exceptional mineral potential and is recognized as one of the most attractive mining jurisdictions.
Azimut's progress can be followed by visiting its updated website at: www.azimut-exploration.com.
James Bay region - Gold
Exploration in the James Bay region experienced rapid and dynamic growth after the discovery of the Eleonore gold deposit in 2004. Azimut believes this under-explored region may host other sediment-hosted gold deposits, and the Company's targeting work focuses on this deposit type.
Eleonore South property (282 claims, Azimut-Goldcorp-Eastmain JV)
The Eleonore South property lies to the immediate south of the Eleonore gold deposit where Les Mines Opinaca Ltée, a wholly owned subsidiary of Goldcorp Inc., continues its advanced exploration and pre-feasibility work. Goldcorp recently exercised its right to increase its interest in the Eleonore South property by 6.67% to a total of 40%. Goldcorp is funding an ongoing 3,250-m drilling program, which is designed to test a number of priority targets (press release dated March 19, 2008). A $1 million exploration budget has been allocated for exploration work on the property in 2008.
Opinaca A and B properties (717 claims optioned to Everton Resources
Inc.)
A 2,000-m drilling program is underway at Opinaca A. This project is adjacent to the northern boundary of Goldcorp's Eleonore property. Other work in 2008 will include ground geophysics and prospecting.
Opinaca D property (188 claims optioned to Eastmain Resources Inc.)
A prospecting and trenching program will start this summer on the Opinaca D property, which hosts a number of strong gold-arsenic-antimony soil anomalies. The planned budget is $500,000.
Wabamisk property (755 claims optioned to Goldcorp Inc.)
Goldcorp will fund 100 km of ground geophysical surveying (Induced Polarization) and will drill 2,500 m this summer. The minimum exploration budget is $1 million for 2008. Results acquired to date for the property are encouraging and indicate a good exploration potential for sediment-hosted gold deposits.
Ungava Bay region - Uranium
More than 150 new uranium showings were discovered during two field seasons on the North and South Rae properties, which are located in a 200 by 80 km region where uranium mineralization has never been previously reported. The discovery potential of the properties is further strengthened by the presence of numerous high-quality helicopter-borne uranium anomalies that still require prospecting. The other important explorer in the region is AREVA Quebec Inc. with its large Cage property.
North Rae property (1,853 claims optioned to NWT Uranium Corporation)
Seven (7) mineralized zones with a cumulative length of 10 km have been identified to date on the North Rae property. All zones were subject to extensive surface sampling, and five were covered by ground radiometric surveys. Grades above 0.1% U3O8 were frequently obtained, with particularly encouraging results from the Jonas (up to 3.3% U3O8) and Aqpiq zones (up to 1.75% U3O8). A review of the results from the surface rock sampling and ground-based radiometric surveys, as well as the geological and structural data, suggests significant lateral and depth continuity for the mineralized zones.
Last September's limited drilling program (8 holes totalling 562 m) was completed before the surface rock sample results were received. Based on these surface rock results, Azimut believes that the significant surface targets remain untested by drilling. Drilling results from September included intersections of 220 ppm U3O8 over 6.0 m (hole NR 07-02), 170 ppm U3O8 over 6.5 m (hole NR 07-03), and 410 ppm U3O8 over 2.5 m (hole NR 07-05).
NWT, as operator, is in the process of preparing a work program for the 2008 campaign. Based on its overall assessment of the project, Azimut considers the next logical step to be a significant drilling program to test the shallow-depth potential of the most attractive mineralized zones.
Daniel Lake property (972 claims optioned to NWT Uranium Corporation)
The Daniel Lake property, adjacent to North Rae, was flown over its entirety by a 2,620 line-km helicopter-borne geophysical survey. Results indicate several quality radioactive targets. Last year's short field reconnaissance program already confirmed the presence of uranium mineralization with the discovery of a first showing grading up to 0.65% U3O8. The 2008 work program will mainly include comprehensive prospecting.
Kangiq property (1,743 claims optioned to Central Uranium Corporation)
A 1,988 line-km helicopter-borne survey performed last year over part of the Kangiq property delineated five strong uranium targets. An additional 2,569 line-km will be flown to complete the survey. A large prospecting program will be performed this summer to assess the identified targets.
South Rae property (2,702 claims optioned to Majescor Resources Inc.)
Numerous targets forming 52 distinct clusters of uranium anomalies were identified on the South Rae property following last year's 5,195 line-km helicopter-borne survey. Most of these targets have yet to be prospected on the ground. Based on the initial success of last year's program, which discovered a 30-km-long prospective trend yielding grades up to 0.65% U3O8, significant additional results are expected for the upcoming field program. Drilling will also start this summer to test the best ground targets (press release dated February 27, 2008).
Central Quebec region - Uranium
The Central Quebec region, which is focused along a 350-km uranium lineament associated with granitic intrusions and deep-seated faults, remains largely under-explored. Azimut considers this region to have one of the highest exploration potentials for uranium in Quebec. Work undertaken in 2007 on seven properties included more than 15,400 line-km of helicopter-borne radiometric surveys and 3,617 lake-bottom sediment samples. The results obtained are very encouraging and validate the initial targeting.
North Minto and South Minto properties (3,821 claims optioned to Rukwa
Uranium Ltd.)
On the North and South Minto properties, six distinct uranium anomalous clusters have been identified over a cumulative length of 87 km. Exploration work in 2008 will include 6,543 line-km of helicopter-borne geophysics, ground prospecting, and possibly drilling on one or more targets (press release dated April 2, 2008).
Central Minto and South Bienville properties (3,075 claims optioned to
Central Uranium Corporation)
On these two properties, major uranium targets have been identified following the lake-bottom sediment surveys that covered the properties. A 3,095 line-km helicopter-borne survey will be flown early this summer, followed by a comprehensive ground prospecting program (press release dated April 3, 2008).
West Minto property (952 claims optioned to Majescor Resources Inc.)
Last year's 4,610-line-km helicopter-borne survey over West Minto identified 17 uranium target areas on the property. A large prospecting program will be performed this summer to assess these targets (press release dated October 11, 2007).
West Bienville property (288 claims optioned to Channel Resources Ltd.)
A 500-line-km helicopter-borne survey confirmed the initial targeting results for West Bienville. An additional 110 line-km survey will cover the remaining part of the property. The identified radiometric targets correlate well with a strong uranium anomaly in lake-bottom sediments and with a regional-scale fault. Ground prospecting is scheduled for this summer (press release dated December 13, 2007).
Hudson Bay property (537 claims optioned to Silver Spruce Inc.)
The results of a 1,489 line-km helicopter-borne geophysical survey and a lake-bottom sediment survey have been received and are under review. A follow-up program is being prepared to assess several targets identified on this property.
Kativik property (1,861 claims optioned to Kativik Resources Inc.)
A comprehensive exploration program will be performed to cover the entire Kativik property. It will consist of lake-bottom sediment sampling and 5,200 line-km of helicopter-borne geophysical surveying. Reconnaissance prospecting will also be conducted on the various claim blocks of the property.
This press release was prepared by geologist Jean-Marc Lulin, the Company's Qualified Person as defined by NI 43-101.
Azimut is a Canadian mineral exploration company trading on the TSX-Venture Exchange. Its objective is to discover major ore deposits using an innovative targeting methodology combined with considerable exploration know-how.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Contacts
Jean-Marc Lulin
President and Chief Executive Officer
Normand Champigny
Executive Vice President
(450) 646-3015
Fax: (450) 646-3045
info@azimut-exploration.com
www.azimut-exploration.com |
