Symbol: AZM.TSX Venture
LONGUEUIL, QC, Jan. 23, 2017 /CNW Telbec/ - Azimut Exploration Inc ("Azimut" or "the Company") (TSXV: AZM) is pleased to announce that Hecla Mining Company ("Hecla") (NYSE-HL) will invest $925,000 in new exploration on the Opinaca B gold property, held by Azimut and its partner Everton Resources Inc. (TSXV: EVR).
The 2017 program will consist of a ground magnetic and electro-magnetic survey, followed by 2,500 metres of diamond drilling that will focus on two targets with strong potential for gold discoveries: the Dominic area and the Fishhook structure (see attached figures). Hecla greatly improved the definition of these targets during the 2016 program, which included a detailed interpretation of previous magnetic data and comprehensive field work. The Opinaca B property, comprising 248 claims covering 129.7 km2, is located in a highly prospective part of the Eleonore mining camp.
Field work conducted in 2016 consisted of the following: prospecting and the collection of 548 rock grab samples; mechanized stripping in 6 different areas; and channel sampling along 10 distinct channels for a total length of 202.2 metres.
A total of 12 grab samples returned values higher than 0.1 g/t Au, including 1.4 g/t Au and 1.1 g/t Au from outcrops (Dominic Prospect), and 1.4 g/t Au from a block (Fishhook Prospect). These anomalous values are generally associated with metasediments and paragneisses carrying sulphides and/or magnetite.
A total of 9 channel samples returned values higher than 0.1 g/t Au in metasediments, including 1.8 g/t Au over 0.75 m and 1.2 g/t Au over 1.0 m from the Dominic Prospect.
Hecla has the option to acquire a 50% interest in the Opinaca B property by incurring $6 million in exploration work. The Company anticipates this expenditure should be completed by November 2017. Following this first option, Hecla has been granted a second option which terms have been described in Azimut's press releases dated September 16, 2010 and April 21, 2016.
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 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, including 15 exploration properties for gold in the James Bay region.
SOURCE Azimut Exploration Inc.
For further information: Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045, [email protected]; www.azimut-exploration.com