Eleonore Gold Mine Area, James Bay Region, Quebec, Canada (CNW Group/Azimut Exploration Inc.)
Symbol: AZM.TSX Venture
LONGUEUIL, QC, July 20, 2017 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to announce the 2017-2018 exploration program on the Eléonore South JV Property. Managed by Azimut, the program includes 8,000 metres of drilling for a total budget of $3.9 million, wherein each JV partner contributes pro rata. The Eleonore South Property is adjacent to Goldcorp's Eleonore mine property in the James Bay region of Quebec.
This program represents a 90% budget increase from the 2016-2017 exploration program, which made substantial progress on the Property. The most significant results included a drill intersection of 4.9 g/t Au over 45.0 metres and a channel sample composite of 49.2 g/t Au over 4.0 metres (see press releases of November 3 and 21, 2016; May 2 and 30, 2017; and appended figures).
The three main objectives of the 2017-2018 exploration program are:
- Follow-up drilling to assess the grade and geometric continuity of the best drill intercepts;
- Continued drill testing of the prospective corridor from the JT Prospect to the boundary of the Cheechoo Property (Sirios Resources); and
- The completion of a property-wide geochemical survey followed by focused prospecting to identify additional drill targets.
The comprehensive program includes the following planned work:
- 8,000 metres of diamond drilling: Phase 1 totalling 4,400 metres from August to October, Phase 2 totalling 3,600 metres from January to March;
- Heliborne high-definition magnetic survey: 980 line-km at 25-m line spacing over the prospective corridor and its surroundings;
- Stripping of the Moni Prospect: to better assess the geometry and grade continuity of high-grade gold-bearing pegmatites and the mineralized host tonalite intrusion;
- Property-scale lake-bottom sediment geochemical survey: collection of about 130 samples to better identify and rank new targets;
- Property-scale prospecting.
The last program performed on Eleonore South (July 2016 to April 2017) demonstrated the presence of a 4 kilometre long by 500 metre wide gold-bearing corridor related to a hydrothermally altered tonalite intrusion and its contact with metasediments.
Further west, at the JT Prospect, this corridor may extend another 4 kilometre northward along the tonalite/metasediment contact to the FD Prospect, potentially doubling its length on the Property. Several other under-explored targets are present on the Property and will be subject to systematic field assessment, which may lead to new drill targets.
The main target types on the Property include:
- Tonalite-hosted shallow to subcropping kilometre-scale zones of considerable width characterized by stockwork or disseminated mineralization; and
- Tonalite-hosted high-grade gold-bearing pegmatite dykes, or pegmatite dyke swarms.
About the Eleonore South Joint Venture Property
The Eleonore South Property is a three-way joint venture between Azimut Exploration Inc., Eastmain Resources Inc. (TSX: ER) and Les Mines Opinaca Ltée ("Opinaca"), a wholly-owned subsidiary of Goldcorp Inc. (TSX: G; NYSE: GG). Ownership in the Property is as follows: Azimut 26.6%, Eastmain 36.7% and Goldcorp 36.7%. Azimut is the operator of the current program.
Azimut is one of the leading exploration companies in the James Bay region with a portfolio of 20 properties covering 3,965 claims (2,059 km2). In 2017, the exploration budget amounts to $6 million, 76% of which is funded by partners.
In addition to the Eleonore South Property, Azimut is developing major exploration activities, directly or through its partnerships, that include the following projects:
- Azimut-SOQUEM Strategic Alliance: an alliance covering 176,300 km2 in the James Bay region with eleven (11) gold properties subject to prospecting and/or geochemical surveys (see press releases of July 11 and 13, 2017). Azimut is the operator.
- Opinaca A Property (Azimut-Everton Resources JV): a gold property in the Eléonore mining camp that is the subject of reassessment and preparation for a drilling program (see press release of July 6, 2017). Azimut is the operator.
- Opinaca B Property (Hecla Mining option): a gold property in the Eléonore mining camp with an active drilling program (see press release of June 19, 2017).
- Eastmain West Property (100% Azimut): a chromium-PGE-nickel property on which a significant gravity anomaly indicates strong exploration potential for massive chromite mineralization. Plans are being made for a potential drilling program (see press release of May 8, 2017).
Azimut is a mineral exploration company with its core business centred on target generation and concurrent partnership development. Targets are identified using advanced processing of large geoscientific databases enhanced by extensive exploration know-how. Azimut holds a strategic position for gold and base metals in Quebec. The Company has 45.4 million shares outstanding.
This press release was prepared by geologist Jean-Marc Lulin, acting as Azimut's qualified person under National Instrument 43-101.
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@example.com; www.azimut-exploration.com