Symbol: AZM.TSX Venture
LONGUEUIL, QC, Feb. 24 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut")
and its partner Abitex Resources Inc. ("Abitex") report encouraging results
following a first reconnaissance program performed in 2008 on the Kangiq
property in Nunavik, Quebec. Several uranium prospects, with grades up to
0.94% U3O8, have been identified, including the on-property extension of the
Puqila Zone that had been previously identified on the adjacent Daniel Lake
property (<a href="http://www.azimut-exploration.com/en/Fig_AZM_PR_20090224.pdf">see appended map</a>). These results further confirm the region's
large-scale uranium mineralized system discovered in 2006. Results obtained
concurrently by AREVA on their Cage project independently validate the uranium
potential of this 80 x 200 km region.
Work performed in 2008 comprised:
- Surface rock sampling and prospecting of the western half of the
property: 149 grab samples;
- Mapping of the Puqila Zone;
- 3,048 line-km of helicopter-borne spectrometric and magnetic surveying.
The 2008 program led to an improved understanding of the regional-scale
geological features controlling the distribution of the uranium
mineralization. On the property, many unexplored uranium targets identified by
airborne surveys in the three geological settings defined below indicate a
considerable exploration upside:
(a) The geological contact between the Archean basement and Proterozoic
metasedimentary rocks. This type of setting is considered highly
prospective for uranium on a worldwide basis. In the eastern Ungava
region, four Azimut properties (Kangiq, North Rae, Daniel Lake and
Tasirlaq) cover this favourable geological contact along a 70 km
continuous strike length.
(b) Regional-scale late northwest-trending faults hosted in Archean
(c) Favourable lithologies within the Proterozoic metasedimentary package
of the Lake Harbour Group. Reduced facies and carbonates represent
high priority targets that have been subject to very limited
exploration to date. The eastern part of the Kangiq property is
mostly underlain by Lake Harbour metasedimentary rocks.
The 149 grab rock samples collected to date at Kangiq indicate an average
uranium value of 460 ppm U3O8 (or 0.046%) for all samples, including 78
unmineralized or weakly mineralized samples, 927 ppm U3O8 (or 0.093%) for the
71 samples grading at least 100 ppm U3O8, and 1,350 ppm U3O8 (or 0.13%) for
the 45 samples grading at least 200 ppm U3O8. Corresponding U/Th ratios are
1.6, 2.3, and 2.9 respectively. In general, higher uranium values are
associated with an enrichment of uranium relative to thorium. The reported
average uranium values and U/Th ratios, determined through surface grab
sampling, are preliminary and of an indicative nature only. These results
appear comparable to those previously reported on the adjacent North Rae and
Daniel Lake properties from a total of 2,096 samples (press release dated
February 19, 2009).
Uranium mineralization is spatially correlated with multi-kilometre
helicopter-borne radiometric anomalies and uranium lake-bottom sediment
anomalies. Uranium results are as follows:
- 24 samples with values above 0.05% U3O8, including: 0.94% U3O8, 0.51%
U3O8; 0.49% U3O8, 0.44% U3O8, 0.42% U3O8, 0.39% U3O8, 0.36% U3O8, 0.24%
U3O8, 0.20% U3O8, 0.20% U3O8, 0.18% U3O8, and 0.15% U3O8.
- 53 samples with values between 0.01% and 0.05% U3O8;
- 72 samples with values less than 0.01% U3O8.
The U/Th ratios for 12 samples above 0.1% U3O8 range from 2 to 10. Most
mineralized facies are hosted in biotite-rich pegmatitic dykes.
Data interpretation for both properties is nearly complete and will be
used to define the 2009 field program. Fieldwork was conducted by IOS Services
Géoscientifiques Inc. of Saguenay, Quebec. All rock samples were assayed at
the Saskatchewan Research Council laboratory in Saskatoon, an ISO-IEC 17025
accredited facility. The helicopter-borne geophysical survey was performed by
Géophysique GPR International Inc. based in Longueuil, Quebec.
Azimut was the operator of the 2008 exploration program. Azimut has
granted Abitex the option to earn a 50% interest on the property and an
additional 15% interest upon the delivery of a bankable feasibility study. The
Kangiq property consists of a total of 1,743 claims covering 788 km2. Azimut
holds a total of six (6) properties for uranium in the Ungava Bay region,
comprising 8,395 claims covering 3,811 km2.
This press release was prepared by geologist Jean-Marc Lulin acting as
Azimut's Qualified Person under NI 43-101. Azimut is a mineral exploration
company using a proprietary targeting methodology combined with considerable
exploration know-how to discover major ore deposits.
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.
For further information:
For further information: Jean-Marc Lulin, President and Chief Executive
Officer, (450) 646-3015, Fax: (450) 646-3045, firstname.lastname@example.org;