Azimut Exploration (AZM-V) partner, Goldcorp (G-T) Feb 20, '14 has begun a targeting phase on the Wabamisk property, with the objective of defining a new exploration program for 2014. This follows the discovery in 2013 of a new prospective area in the western part of the project where grab samples returned up to 12.45 grams per tonne gold.
The Wabamisk property hosts numerous gold prospects in a geologic setting comparable with Goldcorp's world-class Eleonore gold deposit located 70 kilometres to the north (see map appended to the Oct. 18, 2011, press release). In 2012 and 2013, the work performed by Goldcorp at Wabamisk included mapping and prospecting (456 grab samples), soil geochemistry (3,890 samples) and a high-resolution helicopter-borne magnetic survey (3,502 line kilometres). These programs led to the discovery of a new prospective area in the western part of the property, where prospecting returned 12.45 grams per tonne gold in a quartz vein grab sample and a soil survey yielded several significant gold anomalies. These results led to the addition of 36 new claims to the property.
The project is 44 kilometres long and comprises 680 claims covering a surface area of 360 square kilometres. It is held 51 per cent by Goldcorp and 49 per cent by Azimut. Goldcorp has a maximum of 10 years to complete a feasibility study and earn an additional 19-per-cent interest on the property.
Azimut has built a strategic position for gold in the James Bay region with Wabamisk and four other properties: Eleonore South (Azimut-Goldcorp-Eastmain joint venture), Opinaca A and Opinaca B (Azimut-Everton joint venture, Hecla option), and Opinaca D (100 per cent Azimut). The latter four projects, all in the vicinity of the Eleonore mine, comprise 1,147 claims covering a collective surface area of 599 square kilometres. Goldcorp recently announced a significant increase in reserves at Eleonore (see press release of Feb. 13, 2014, on the Goldcorp website). Production at the Eleonore mine is scheduled for late 2014.
This press release was prepared by Jean-Marc Lulin, PGeo, acting as Azimut's qualified person under National Instrument 43-101.
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Jan 28, '14 - NR
Azimut Exploration Inc. has provided an update on the company's advancement and has highlighted its core strategy. Azimut holds the largest mineral exploration portfolio in Quebec.
Azimut is a leading project generation company in the province of Quebec, recognized as one of the most favourable mining jurisdictions worldwide. Azimut uses a rigorous technical approach and consistent financial discipline to overcome the systemic risk faced by mineral exploration companies. Azimut, with 36.4 million shares issued of which 45 per cent are held by insiders and institutional shareholders, has no debt and $2.3-million in working capital.
In the past 10 years, Azimut has concluded 30 option agreements on its properties with junior and major partners, including deals with Rio Tinto, Goldcorp, Iamgold and Hecla Mining. Azimut firmly maintains its business strategy of developing new partnerships on its key properties.
Azimut has developed province-scale modelling of Quebec's mineral potential with a focus on gold, copper and strategic metals. Strategic landholdings have been established in several regions, most notably in the Eleonore gold camp in the James Bay region and along a 330-kilometre polymetallic copper-gold-tungsten mineral belt in Nunavik.
Eleonore gold camp, James Bay region
Azimut owns interests in five gold properties in the James Bay region, four of which are located in the vicinity of Goldcorp's Eleonore gold property with the fifth being farther to the south (see press release on Nov. 7, 2013). Production at the Eleonore mine is scheduled to begin in 2014 with an estimated average annual output of more than 600,000 ounces of gold over an approximate 15-year mine life. Azimut's James Bay property portfolio includes:
- Eleonore South (Au): 26.4 per cent Azimut, 36.8 per cent Goldcorp and 36.8 per cent Eastmain joint venture;
- Opinaca A and Opinaca B (Au): 50 per cent Azimut, 50 per cent Everton JV, Hecla option;
- Wabamisk (Au): 51 per cent Goldcorp, 49 per cent Azimut;
- Opinaca D (Au): 100 per cent Azimut;
- Eastmain West (chromium, platinum group elements, nickel): 100 per cent Azimut.
All the properties under JV and option will be subject to partner-financed exploration programs in 2014. Program specifications will be provided as soon as they are finalized.
Nunavik copper-gold trend
Azimut acquired key properties in Northern Quebec to establish a commanding position over a strong copper anomaly identified by the provincial government's regional lake-bottom sediment survey data (see press releases on Jan. 17, 2013, and June 12, 2012). This 330 km long copper anomaly is coincident with a strong 100 km long rare earth anomaly. This region appears to be a new mineral belt of major importance. Azimut's management believes the belt has the potential to host large-scale iron oxide copper gold (IOCG) deposits, intrusion-related polymetallic deposits and sediment-hosted gold deposits.
Azimut's salient properties in Nunavik include:
- Rex (Cu, Au, REE);
- Rex South (Cu, tungsten, Au, silver, tellurium);
- Nantais (Au, Ag, Cu, zinc);
- Diana (Ni, Cu, cobalt, PGE);
- Qassituq (PGE, Ni, Cu).
All these properties are 100 per cent owned by Azimut. During the past few years, extensive exploration work, performed most notably on the Rex, Rex South and Nantais properties, has led to the discovery of numerous outcropping mineralized zones. Future programs are designed to rapidly advance these properties to the drilling stage and will depend on the conclusion of new partnerships.
This press release was prepared by geologist Jean-Marc Lulin acting as Azimut's qualified person under NI 43-101. |
