Symbol: AZM.TSX Venture
LONGUEUIL, QC, June 27, 2019 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to announce it has started the 2019 exploration program on the Munischiwan Property (the "Property") in the James Bay region of Quebec (see Figure 1). This phase of work mainly consists of detailed surface sampling on the InSight Discovery to prepare for the first diamond drilling program later this year.
The Property is jointly owned with SOQUEM Inc. ("SOQUEM"), under a Strategic Alliance covering the James Bay region. Major new developments of the alliance were disclosed in the Company's press release of May 15, 2019.
The InSight Discovery is currently defined as a 600-metre by 150-metre envelope based on outcropping mineralization. Grab samples yielded up to 100.5 g/t Au, 435 g/t Ag, 156 g/t Te and 1.67% Cu. Grab samples are selective by nature and unlikely to represent average grades. Mineralization is mostly composed of disseminated chalcopyrite, quartz veins and quartz veinlets hosted in foliated metasediments with strong biotite alteration (see press releases of October 25, 2018 and December 5, 2018) (see Figure 2).
The results of an induced polarization ("IP") survey recently completed over this area (see press release of April 30, 2019) indicate a 300-metre by at least 1,000-metre coincident IP anomaly striking NNW-SSE (the "InSight Target Zone"). Other IP anomalies, subparallel to and/or on strike with the InSight discovery, constitute highly prospective targets within a trend at least 3 kilometres long by 1 kilometre wide.
Other prospects discovered during the 2018 prospecting program, including the Soga Prospect (up to 2.53% Cu, 9.0 g/t Ag in grab samples) hosted in mafic intrusives, will be subject to additional work.
The Property (167 claims, 87.5 km2) is located about 85 kilometres east of the Cree community of Eastmain in an area serviced by excellent infrastructure including permanent roads, power grids and airport facilities. Azimut is the operator of the current program.
This press release was prepared by Jean-Marc Lulin, P.Geo., acting as Azimut's qualified person under National Instrument 43-101.
SOQUEM, a subsidiary of Ressources Québec, has a mission to encourage the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well positioned for the future.
About Azimut Exploration
Azimut is a mineral exploration company whose core business is centred on target generation and partnership development. The Company uses a proprietary pioneering approach to big data analytics (the AZtechMineTM expert system) enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline and has 53.3 million shares outstanding.
Azimut holds the largest mineral exploration portfolio in Quebec. Azimut's edge against exploration risk is founded on systematic regional data analysis and multiple concurrently active projects.
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]