Symbol: AZM.TSX Venture
LONGUEUIL, QC, Sept. 5 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut")
and Majescor Resources Inc. ("Majescor") announce that reconnaissance
exploration on the South Rae property in Nunavik, northern Quebec, has
uncovered significant indications for extensive uranium mineralization.
At least 96 separate radioactive outcrops, with scintillation readings
ranging from 5,000 to 47,000 counts per second (Radiation Solution (R) RS-120)
that were confirmed by spectrometer readings (SAIC (R) Exploranium GR-135G
Plus), have been identified and sampled along a 35-km prospective trend that
includes two better defined zones of 8 km each. Yellow minerals, likely the
result of surficial alteration of primary uranium-bearing minerals, were
observed at 38 different locations along this trend. Spectrometric measures
indicate that U/Th ratios are generally (greater than)1. A total of 130 grab
rock samples were collected during a three-week prospecting phase and sent for
analysis. Results are pending.
These radioactive outcrops correlate well with a strong and continuous
regional-scale uranium anomaly in lake bottom sediments. This large uranium
anomaly falls within the main block of the South Rae property, which is 65 km
long. The high radioactive readings are mainly related to pegmatitic dykes and
granitic gneisses that are generally conformable to the regional foliation.
Azimut and Majescor consider these preliminary results to be very
encouraging since this prospecting phase occurred prior to the
helicopter-borne geophysical survey. The survey, which is currently in
progress, will total about 5,200 line-km. To date, only a small portion of
South Rae (less than 10% of its surface area) has been covered by field
prospecting traverses. The target type on the property is mainly large-scale
intrusion-related deposits and structurally-related mineralization potentially
amenable to open pit mining.
Majescor is the operator of the project. IOS Services Géoscientifiques
Inc. ("IOS") of Chicoutimi, Quebec, an experienced group of professionals, has
been contracted to manage the field exploration program under the supervision
of Mr. Réjean Girard, geologist.
Azimut considers that the Ungava Bay region is an emerging uranium
district. The uranium potential modeling performed by Azimut in 2005, which
covered most of the province of Quebec and Labrador, identified several large
and well-defined targets in the Ungava Bay region. The initial modeling
appears to be confirmed by exploration results obtained since 2006 with NWT
Uranium Corp. at North Rae, approximately 100 km north of the South Rae
property, in addition to the above-mentioned first results for South Rae.
Azimut believes it controls most of the significant uranium targets
existing in the region, broadly forming an area of 80 by 220 km. Four major
properties in this region have been optioned from Azimut to partners and are
subject to exploration programs totaling $2.8 million in 2007. These
- South Rae (2,080 claims, 959 km2) optioned to Majescor;
- North Rae (1,845 claims, 831 km2) and Daniel Lake (862 claims
and 390 km2) optioned to NWT Uranium Corp.; and
- Kangiq (1,602 claims, 725 km2) optioned to Central Uranium
This press release was prepared by geologist Jean-Marc Lulin, the
company's Qualified Person as defined by NI 43-101.
In 2007, exploration programs on 20 uranium and gold properties in Quebec
will total a minimum of $13 million, including $7.6 million for uranium
exploration alone. Azimut has 19 active option agreements or strategic
alliances on uranium, gold and nickel properties representing a cumulative
work commitment from partners of nearly $60 million over the next five years.
Azimut is a mineral exploration company using cutting-edge targeting
methodologies with the objective of discovering major ore deposits. Azimut has
16.7 million shares outstanding.
The TSX Venture Exchange (TSX Venture) does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Jean-Marc Lulin, President and CEO; Normand
Champigny, Executive Vice President, (450) 646-3015, Fax: (450) 646-3045,