Symbol: AZM.TSX Venture
LONGUEUIL, QC, June 16, 2016 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to announce that a $2 million work program, including 5,000 metres of diamond drilling, will be launched with JV partners Les Mines Opinaca Ltée ("Opinaca"), a wholly-owned subsidiary of Goldcorp Inc. (TSX: G; NYSE: GG), and Eastmain Resources Ltd (TSX: ER) on the Eleonore South Property in the James Bay region of Quebec. Azimut will be the operator.
The planned program, designed to test high-priority gold targets, will include:
- Detailed surface prospecting starting early July to increase the sampling density of 7 target areas;
- 2,500 m of core drilling starting in August to test geochemical and geological targets; and
- 2,500 m of core drilling during a second phase later in the year, as follow-up to the first phase.
The Eleonore South Property, comprising 282 claims over 147.6 km2, is a three-way Joint Venture for which the ownership is Azimut 26.57%, Opinaca 36.71% and Eastmain 36.72%. The Property is located in a highly prospective part of the Eleonore mining camp (see appended figures) positioned between the Eleonore Property, which hosts the Eleonore Mine owned by Goldcorp, and the Cheechoo Property explored by Sirios Resources Inc.
The 2016 work program will test the following targets:
- A tonalite-metasediment contact directly on strike with the Cheechoo discovery;
- Strong Gold-Arsenic soil anomalies over the main tonalite body; and
- Strong Gold-Arsenic soil anomalies along the contact between an iron formation and a linear tonalite body.
This program follows up on an in-depth analysis conducted by Azimut on data from the Eleonore South Property, and a comparison with the available data from the adjacent Eleonore and Cheechoo properties. One salient result is the identification on Eleonore South of a major soil geochemistry anomaly, still largely untested, which appears comparable in composition, size and intensity to the soil footprint directly superimposed on the Eleonore Deposit. This soil anomaly at Eleonore South may similarly reflect an underlying gold-bearing mineralized system in bedrock (see press releases dated March 3 and March 30, 2016).
This press release was prepared by geologist Jean-Marc Lulin, acting as Azimut's Qualified Person under National Instrument 43-101.
Azimut is a mineral exploration company with the objective of discovering major ore deposits. The Company's core business is target generation and concurrent partnership development. Targets are generated using advanced processing of large geoscientific databases ("Big Data" approach).
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.
For further information: Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 - Fax: (450) 646-3045, [email protected]