Symbol: AZM.TSX Venture
LONGUEUIL, QC, July 13, 2017 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) announces that seven (7) additional gold properties will be subject to an exploration program under the Strategic Alliance ("the Alliance") with SOQUEM in the James Bay region. This represents a significant addition to the recently announced program, which already covers four (4) other properties held by the Alliance (see press release of July 11, 2017).
The James Bay–Eeyou Istchee Territory is one of the most active regions for gold exploration in Canada. Azimut is among the leading exploration companies in the region with a portfolio of 20 properties covering 3,965 claims over 2,059 km2 (see figure attached).
The seven properties subject to this new field program include a total of 794 claims covering 409.5 km2, as follows: Galinée (349 claims), Sauvolles (150 claims), Dalmas (77 claims), Orsigny (46 claims), Synclinal North (46 claims), Synclinal South (54 claims) and Corvet (72 claims). They were acquired by map designation based on the results of systematic regional-scale mineral potential modelling completed by Azimut within the framework of the Alliance.
Azimut currently owns a 100% interest in these properties. The program is 100% funded by our partner with a budget of $247,000. The acquired data will be used by SOQUEM to decide which properties it will retain for additional investment under the terms of the Alliance (see press release of September 26, 2016).
This phase of work will consist of a detailed lake-bottom sediment survey comprising about 605 samples on six of the properties (Galinée, Sauvolles, Dalmas, Orsigny, Synclinal North and Synclinal South) and reconnaissance prospecting on the seventh (Corvet). Azimut is manager of the program.
SOQUEM, a subsidiary of Investissement Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
Azimut is a mineral exploration company with a 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.
SOURCE Azimut Exploration Inc.
For further information: Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045, [email protected]