Symbol: AZM.TSX Venture
LONGUEUIL, QC, Sept. 1 /CNW Telbec/ - Azimut Exploration Inc. announces
that a 3,500-metre drill program is underway at its Eleonore South property.
Les Mines Opinaca Ltée (a wholly-owned subsidiary of Goldcorp Inc.;
"Goldcorp") and Eastmain Resources Inc. ("Eastmain") are funding this
$1.6-million exploration program, which is designed to drill-test a
sedimentary-hosted discovery at the JT gold zone as well as other priority
targets on the property. Azimut has reviewed and approved the current drill
program. While it has decided not to contribute at this time, the Company may
decide to participate in future work, depending on the results.
The results of the first 3,129-m drilling program conducted at Eleonore
South in 2008 were reported in a press release dated January 21, 2009. These
results notably included:
- 10.8 g/t Au over 0.5 m and 1.54 g/t Au over 5.7 m in hole ES08-08;
- 7.06 g/t Au over 0.5 m in hole ES08-12; and
- 10.4 g/t Au over 0.5 m in hole ES08-13.
The Eleonore South property is adjacent to the Eleonore property, which
hosts the Roberto gold deposit owned by Goldcorp and for which gold resources
and grade have risen dramatically. The gold resources at Roberto are currently
estimated as 2.3 million measured and indicated ounces at a grade of 10.05 g/t
Au, and 3.0 million inferred ounces at a grade of 12.75 g/t Au. The JT Target
on the Eleonore South property shows several of the key characteristics
observed at Roberto.
Ownership of the Eleonore South property is currently Azimut 33.33%,
Goldcorp 33.33%, and Eastmain 33.34%. Upon completion of the 2009 exploration
program, Azimut's interest will be about 29.4%. If a partner's interest is
diluted to less than 10%, this interest is then converted to a 2% net smelter
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 cutting-edge targeting methodologies with the objective of
discovering 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 CEO, (450)
646-3015, Fax: (450) 646-3045, firstname.lastname@example.org;