Azimut announces Hecla will commence a $756,000 exploration program on the Opinaca B gold property in the Eleonore mining camp (CNW Group/Azimut Exploration Inc.)
Symbol: AZM.TSX Venture
LONGUEUIL, QC, April 21, 2016 /CNW Telbec/ - Azimut Exploration Inc ("Azimut" or the "Company") (TSXV: AZM) announces that Hecla Mining Company ("Hecla") (NYSE-HL) will invest $756,000 in an exploration program on the Opinaca B gold property, presently held by Azimut and its partner Everton Resources Inc (TSXV: EVR).
The Opinaca B Property, which comprises 235 claims covering 122.9 km2, is located in a highly prospective part of the Eleonore mining camp (see appended figures). It is adjacent to the east side of the Cheechoo Property held by Sirios Resources Inc. and Golden Valley Mines Ltd, and is located 1 to 4 km to the east of the Eleonore South Property (Azimut / Goldcorp / Eastmain JV), comprising 282 claims covering 147.6 km2. Azimut has recently disclosed its analysis highlighting the exploration potential of the Eleonore South Property (see press releases dated March 3 and March 30, 2016).
Starting in June 2016, Hecla will fund a comprehensive exploration program at Opinaca B, which will consist of prospecting and extensive mechanized trenching with the planned collection of about 2,000 rock samples in three target zones. This program is supported by encouraging gold results from previous diamond drilling and till sampling campaigns.
Hecla has the option to acquire a 50% interest on the Opinaca B Property by incurring $6 million in exploration work. During a second option phase, Hecla may earn an additional 10% interest, for a total of 60%, by incurring at least $3 million in exploration work and by delivering an independent pre-feasibility study. If mineral resources containing at least 2 million ounces of gold at a grade of at least 6 g/t Au are discovered before the end of the eighth year of the initial option agreement, Hecla shall make a payment of $1.5 million in Hecla common shares. Azimut will receive 50% of these issued shares (see press release dated September 16, 2010).
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 with the objective of discovering major ore deposits. The Company's core business is target generation using advanced data processing methodologies, concurrently with partnership development. Azimut maintains a rigorous financial discipline, has 37.6 million shares outstanding, no debt and $1.1 million in working capital.
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.
PDF available at: http://stream1.newswire.ca/media/2016/04/21/20160421_C1904_PDF_EN_671403.pdf
For further information: Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045, firstname.lastname@example.org, www.azimut-exploration.com